January 7, 2020 / 8:47 AM / 21 days ago

CARE ratings for Indian debt instruments-Jan 7

    Jan 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 6, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aavas Financiers Ltd                  Proposed CP        CARE A1+       1000    Reaffirmed
Agrawal Sponge Pvt. Ltd.              ST Bk Fac          CARE A4+       100     Revised
                                                                                from CARE A3
(Issuer Not Cooperating)
Akash Ganga Rice Mills Pvt Ltd        ST BkFac           CARE A4        13
(Issuer Not Cooperating)
Banco Products (India) Ltd            ST Bk Fac          CARE A1+       15      Reaffirmed
Best It World (India) Pvt Ltd         ST Bk Fac          CARE A4        1170    Revised from
                                                                                CARE A4+
Birla Cable Ltd                       ST Bk Fac          CARE A1+ (CE)  1530*   Reaffirmed
* the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Vindhya Telelinks Limited (VTL, rated CARE A+; Stable/ CARE A1+)
Ceat Ltd                              ST Bk Fac          CARE A1+       11500   Reaffirmed
Ceat Ltd                              CP                 CARE A1+       3500    Reaffirmed
Chakdah Rice Mill Pvt Ltd             ST Bk Fac          CARE A4        2
(Issuer Not Cooperating)
Chetak Enterprises Ltd                ST BkFac           CARE A1        20      Reaffirmed
Chetak Jainco Tollways Ltd            ST BkFac           CARE A1 (CE)   19.4    Reaffirmed
Chetak Mitra Tollways Ltd             ST BkFac           CARE A1 (CE)   35.3    Reaffirmed
Coimbatore Capital Ltd                ST Bk Fac          CARE A4+       370     Revised from
                                                                                CARE A3
Conffi Sanitaryware Pvt Ltd           ST Bk Fac          CARE A2        10      Reaffirmed
(reduced from Rs. 1.08 crore* Crore)/*Credit exposure limit of Rs.0.08 crore is withdrawn as the
same is surrendered by the company.
Daga Strips Pvt Ltd                   ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
(Issuer Not Cooperating)

Daga Poly Laminators Pvt Ltd          ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
(Issuer Not Cooperating)
Dbl Tikamgarh Nowgaon Tollways Ltd    ST BkFac           CARE A1 (CE)   51.3    Reaffirmed
Devi Iron & Power Pvt Ltd             ST Bk Fac          CARE A3        175
(Issuer Not Cooperating)
Essel Finance Amc Ltd                 Essel ST Fund      -              -       Withdrawn
Edgetech Air Systems Pvt Ltd          ST BkFac           CARE A4+       100     Reaffirmed
Fiorenza Granito Pvt Ltd              ST Bk Fac          CARE A3        81.2    Reaffirmed
Fullerton India Credit Co. Ltd        CP (CP)            CARE A1+       45000   Reaffirmed
Geecy Engineering Pvt Ltd             ST Bk Fac          CARE A3+       210     Reaffirmed
Gujarat Metal Cast Industries Pvt Ltd ST Bk Fac          CARE A3        2.5     Reaffirmed
Gypsy Exports                         ST Bk Fac          CARE A4        27
(Issuer Not Cooperating)
Hdfc Bank Ltd                         CDs                CARE A1+       400000
Honour Lab Ltd                        ST Bk Fac          CARE A2        1700    Reaffirmed
India Carbon Ltd                      ST Bk Fac          CARE A2+       794.7   Reaffirmed
Jai Mata Di Enterprises               Short- Term Bk Fac CARE A4        90      Assigned
K. D Singh                            ST Bk Fac          CARE A4        70
(Issuer Not Cooperating)
Kpc Projects Ltd                      ST Bk Fac          CARE A2        50      Reaffirmed
M G Threads                           ST Bk Fac          CARE A4        7       Reaffirmed
Maheshwari Technocast Ltd             ST Bk Fac          CARE A4        25
(Issuer Not Cooperating)
Mcpi Pvt Ltd                          ST Bk Fac          CARE A1        18300
                                      (Non-Fund
                                      Based-LC/BG)
(reduced from Rs.1850 crore Crore)/Placed on credit watch with developing implications
Mcpi Pvt Ltd                          ST Bk Fac          CARE A1        650
                                      (Non-Fund Based –
                                      Derivative Limit)
Placed on credit watch with developing implications
Mehali Papers Pvt Ltd                 ST Bk Fac          CARE A2+       75      Revised from
                                                                                CARE A2
Pil Italica Lifestyle Ltd             ST Bk Fac          CARE A4        20      Assigned
Pravesha Industries Pvt Ltd           ST Bk Fac - ST Loan-              0       Withdrawn
Pravesha Industries Pvt Ltd           ST Bk Fac          CARE A2+       550     Reaffirmed
(reduced from Rs.73.33 crore Crore)
Prime Star                            ST Fac             CARE A4        100     Reaffirmed
Ram Ratna Electricals Ltd             ST BkFac           CARE A3        10
Placed on Credit watch with developing implications
Rashmi Sponge Iron & Power Industries ST Bk Fac          CARE A4+       100     Revised from
Ltd.                                                                            CARE A3
(Issuer Not Cooperating)
Raychem Rpg Pvt Ltd                   CP (CP) Issue      CARE A1+       600     Reaffirmed
Rimjhim Ispat Ltd                     ST Bk Fac          CARE A2        1850    Reaffirmed
Shivpuja Constructions Pvt Ltd        ST Bk Fac          -              -       Withdrawn
Shiva Pharmachem Ltd                  ST Bk Fac          CARE A2        1950    Revised from
                                                                                CARE A3+
(enhanced from 165.00 Crore)
Solaris Ceramics Pvt Ltd              ST Bk Fac          CARE A2+       63      Reaffirmed
Spc Chetak Tollways Pvt Ltd           ST BkFac           CARE A1 (CE)   20.3    Reaffirmed
Sperry International Pvt Ltd          ST Bk Fac          CARE D         168
(Issuer Not Cooperating)
Sperry Plast Ltd                      ST Bk Fac          CARE D         265
(Issuer Not Cooperating)
Srm Construction                      ST Bk Fac          CARE A4+       70      Assigned
Terram Geosynthetics Pvt Ltd          ST Bk Fac          CARE A3+       80      Reaffirmed
Time Mauser Industries Pvt Ltd        ST Bk Fac          CARE A1 (CE)*  500     Reaffirmed
*The bank facilities of Time Mauser Industries Pvt. Ltd. (TMIPL) are backed by Letter of Comfort
extended by Time Technoplast Limited (TTL, Flagship Company
Tocco Ceramics Pvt Ltd                ST Bk Fac          CARE A2+       50.5    Reaffirmed
Ucal Fuel Systems Ltd                 ST BkFac           CARE A3+       850     Reaffirmed
Varmora Granito Pvt Ltd               ST Bk Fac          CARE A2+       98      Reaffirmed
Varmora International                 ST Bk Fac          CARE A2+       10      Reaffirmed
Vikran Engineering & Exim Pvt Limtied ST Bk Fac          CARE A3        100     Reaffirmed
Vindhya Telelinks Ltd                 ST Bk Fac          CARE A1+       20905   Reaffirmed
Welways Engineers (India)             ST BkFac           CARE A4        40
(Issuer Not Cooperating)
  
MEDIUM TERM RATINGS:
-------------------
Hdfc Bank Ltd                         Fixed Deposits     CARE AAA (FD)  -
                                                         Stable
LONG TERM RATINGS:
-------------------
Aarish Solar Power Pvt Ltd            NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable
(reduced from 295.50 crs)
Aashman Energy Pvt Ltd                NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable
(reduced from 295.50 crs)
Aatulya Lifecare Pvt Ltd              LT Bk Fac          CARE D         46.4    Reaffirmed
Aavas Financiers Ltd                  LT Bk Fac          CARE AA- Stable26620   Reaffirmed
Aavas Financiers Ltd                  LT sub-ordinated   CARE AA- Stable1000    Reaffirmed
                                      debt
Aavas Financiers Ltd                  LT NCDs            CARE AA- Stable7950*   Reaffirmed
Acme Pv Powertech Pvt Ltd             LT Bk Fac – TL     CARE BBB       2952.1  Reaffirmed
                                                         Negative
Acme Pv Powertech Pvt Ltd             LT Bk Fac –        CARE BBB       210     Reaffirmed
                                      Working Capital    Negative
                                      Loan
Adani Agri Logistics (Dewas) Ltd      LT BkFac*          -              -       Withdrawn
*CARE has withdrawn the rating assigned to the term debt, as there is no outstanding against the
said facility and no due certificate is received from the lender. 
Adani Agri Logistics (Dewas) Ltd      LT/ST Bk Fac       CARE A-        21.5    Revised from
                                                         Stable/CARE A2+        CARE BBB+
                                                                                Stable/ CARE A3+
*CARE has withdrawn the rating assigned to the term debt, as there is no outstanding against the
said facility and no due certificate is received from the lender. 
 Adani Agri Logistics (Harda) Ltd      LT BkFac*          -              -       Withdrawn
*CARE has withdrawn the rating assigned to the term debt, as there is no outstanding against the
said facility and no due certificate is received from the lender. 
Adani Agri Logistics (Harda) Ltd      LT/ST Bk Fac       CARE A-        21.5    Revised from
                                                         Stable/CARE A2+        CARE BBB+
                                                                                Stable/ CARE A3+
Adani Agri Logistics (Hoshangabad) LtdLT Bk Fac*         -              -       Withdrawn
*CARE has withdrawn the rating assigned to the term debt, as there is no outstanding against the
said facility and no due certificate is received from the lender. 
Adani Agri Logistics (Hoshangabad) LtdLT/ST Bk Fac       CARE A-        21.5    Revised from
                                                         Stable/CARE A2+        CARE BBB+
                                                                                Stable/ CARE A3+
Adani Agri Logistics (Mp) Ltd         LT Bk Fac*         -              -       Withdrawn
*CARE has withdrawn the rating assigned to the term debt, as there is no outstanding against the
said facility and no due certificate is received from the lender. 
Adani Agri Logistics (Mp) Ltd         LT/ST Bk Fac       CARE A-        21.5    Revised from
                                                         Stable/CARE A2+        CARE BBB+
                                                                                Stable/ CARE A3+
Adani Agri Logistics (Satna) Ltd      LT Bk Fac*         -              -       Withdrawn
*CARE has withdrawn the rating assigned to the term debt, as there is no outstanding against the
said facility and no due certificate is received from the lender. 
Adani Agri Logistics (Satna) Ltd      LT/ST Bk Fac       CARE A-        21.5    Revised from
                                                         Stable/CARE A2+        CARE BBB+
                                                                                Stable/ CARE A3+
Adani Agri Logistics (Ujjain) Ltd     LT BkFac*          -              -       Withdrawn
*CARE has withdrawn the rating assigned to the term debt, as there is no outstanding against the
said facility and no due certificate is received from the lender. 
Adani Agri Logistics (Ujjain) Ltd     LT/ST Bk Fac       CARE A-        21.5    Revised from
                                                         Stable/CARE A2+        CARE BBB+
                                                                                Stable/ CARE A3+
Agra Gwalior Pathways Pvt Ltd         LT BkFac           CARE BBB+ (CE) 2176.3
Placed on credit watch with developing implications
Agrawal Channel Mills Pvt Ltd         LT Bk Fac          CARE BBB-      285.5   Revised from
                                                         Stable                 CARE BBB
                                                                                Stable
(Issuer Not Cooperating)
Agrawal Sponge Pvt. Ltd.              LT Bk Fac          CARE BB+;      200     Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
(Issuer Not Cooperating)
Ajanta Shoes (India) Pvt Ltd          CP (CP) Issue *    -              -       Withdrawn
*by carving out of CC Limit of SBI of Rs.21 crore/Drawing Power whichever is lower
Akash Ganga Rice Mills Pvt Ltd        LT BkFac           CARE B+ Stable 62      Revised from
                                                                                CARE BB-
                                                                                Stable
(Issuer Not Cooperating)
Allahabad Bypass Pathways Pvt Ltd     LT BkFac           CARE BBB+ (CE) 939.8
Placed on Credit watch with Developing Implications
A-One Tex Tech Pvt Ltd                LT Bk Fac          CARE BB Stable 69.2    Revised from
                                                                                CARE BB-
                                                                                Stable
Assam Air Products Pvt Ltd            LT Bk Fac          CARE BBB+      266.1   Reaffirmed
                                                         Stable
(reduced from 33.00 crs)
Assam Air Products Pvt Ltd            LT/ST Bk Fac       CARE BBB+      70      Reaffirmed
                                                         Stable /CARE
                                                         A3+
Bala Industries And Entertainment Pvt LT Bk Fac          -              -       Withdrawn
Ltd
Balotra Water Pollution Control       LT/ST BkFac        CARE BBB-      150     Assigned
Treatment & Research Foundation Trust                    Stable/CARE A3
Banco Products (India) Ltd            LT / ST BkFac      CARE AA Stable 235     Reaffirmed
                                                         /CARE A1+
Bandhan Bank Ltd                      Unsecured          CARE AA- Stable1600    Reaffirmed
                                      Subordinated
                                      Nonconvertible Debenture
Removed from credit watch
Bank Of Maharashtra                   Infrastructure     CARE A+        10000   Reaffirmed
                                      Bonds^             Positive
outlook revised from Stable to Positive/^The long-term infrastructure bonds are unsecured and
would rank pari-passu along with other uninsured, unsecured creditors. These bonds are senior to
the subordinated bonds of the bank. RBI vide its circular dated July 15, 2014, has allowed banks
to raise these bonds to finance their long-term loans to infrastructure as well as affordable
housing with minimum regulatory pre-emption such as CRR, SLR and priority sector lending.
Bank Of Maharashtra                   Tier II            CARE A+        10000   Reaffirmed
                                      Subordinated       Positive
                                      BondSeries (Basel III)
outlook revised from Stable to Positive
Best It World (India) Pvt Ltd         LT Bk Fac          CARE BB        800     Revised from
                                                         Negative               CARE BB+
                                                                                Stable
Beta Wind Farm Pvt Ltd                LT Bk Fac          CARE D         8969.1  Reaffirmed
Birla Cable Ltd                       LT Bk Fac          CARE A+ (CE)   -       Revised from
                                                         Stable                 CARE AA-(CE)
                                                                                Stable
* the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Vindhya Telelinks Limited (VTL, rated CARE A+; Stable/ CARE A1+)
Ceat Ltd                              LT Bk Fac          CARE AA Stable 10000   Reaffirmed
Chakdah Rice Mill Pvt Ltd             LT Bk Fac          CARE BB- Stable65.5
(Issuer Not Cooperating)
Chandigarh Distillers & Bottlers Ltd  LT Bk Fac          CARE BBB+      597.8   Reaffirmed
                                                         Stable
(reduced from 67.09 Crore)
Chetak Enterprises Ltd                LT BkFac (TL)      CARE A;        $^      Reaffirmed
                                                         Negative
Outlook revised from Stable to Negative  /$ This term loan is backed by first charge on escrow
of toll receivable from Pune-Ahmednagar (P-A) road project
^ This term loan is backed by first charge on escrow of toll receivable from
Ferozpur-Jalalbad-Fazilka (F-J-F) road project
Chetak Enterprises Ltd                LT BkFac (Fund     CARE A;        1600    Reaffirmed
                                      based –Working     Negative
                                      Capital Limits)
revised from Stable to Negative
Chetak Enterprises Ltd                LT/STBk Fac        CARE A;        8400    Reaffirmed
                                                         Negative/CARE
                                                         A1
Outlook revised from Stable to Negative
Chetak Jainco Tollways Ltd            LT BkFac           CARE A (CE);   281.8   Reaffirmed
                                                         Negative
Outlook revised from Stable to Negative
Chetak Mitra Tollways Ltd             LT BkFac           CARE A (CE);   347.1   Reaffirmed
                                                         Negative
Outlook revised from Stable to Negative /(reduced from Rs.34.80 crore)
Conffi Sanitaryware Pvt Ltd           LT Bk Fac          CARE BBB+      178.8   Reaffirmed
                                                         Stable
(enhanced from Rs.15.86 Crore)
Daga Poly Laminators Pvt Ltd          LT/ST BkFac        -              -       Reaffirmed at
                                                                                CARE BB
                                                                                Stable/CARE A4
                                                                                and Withdrawn
(Issuer Not Cooperating)
Daga Poly Laminators Pvt Ltd          LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB
                                                                                Stable and 
                                                                                Withdrawn
(Issuer Not Cooperating)
Daga Polypack Pvt Ltd                 LT/ST BkFac        -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable/CARE A4
                                                                                and Withdrawn
(Issuer Not Cooperating)
Daga Polypack Pvt Ltd                 LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable and
                                                                                Withdrawn
(Issuer Not Cooperating)
Daga Strips Pvt Ltd                   LT/ST BkFac        -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable/CARE A4
                                                                                and Withdrawn
(Issuer Not Cooperating)
Daga Strips Pvt Ltd                   LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable and
                                                                                Withdrawn
(Issuer Not Cooperating)
Daga Udhyog                           LT/ST BkFac        -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable/CARE A4
                                                                                and Withdrawn
(Issuer Not Cooperating)
Daga Udhyog                           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable and
                                                                                Withdrawn
(Issuer Not Cooperating)
Dbl Betul-Sarni Tollways Ltd          LT Bk Fac          CARE A (CE);   1853.2  Reaffirmed
                                                         Stable
Dbl Hata Dargawon Tollways Ltd        LT BkFac           CARE A (CE);   659.1   Reaffirmed
                                                         Stable
Dbl Hata Dargawon Tollways Ltd        LT / Shortterm     CARE A (CE);   37.1    Reaffirmed
                                      BkFac              Stable/CARE A1
                                                         (CE)
Dbl Patan Rehli Tollways Ltd          LT BkFac           CARE A (CE);   1669.7  Reaffirmed
                                                         Stable
(reduced from Rs.177.2 Crore)
Dbl Patan Rehli Tollways Ltd          LT/ Shortterm BkFacCARE A(CE);    104.3   Reaffirmed
                                                         Stable/CARE A1
                                                         (CE)
Dbl Tikamgarh Nowgaon Tollways Ltd    LT BkFac           CARE A (CE);   778.3   Reaffirmed
                                                         Stable
Delhi Integrated Multi-Modal Transit  LT Bk Fac          CARE A Stable  50      Reaffirmed
System Ltd
Delhi Integrated Multi-Modal Transit  LT/ ST Bk Fac      CARE A         200     Reaffirmed
System Ltd                                               Stable/CARE A1
Devi Iron & Power Pvt Ltd             LT Bk Fac          CARE BBB-      355     Revised from
                                                         Stable                 CARE BBB
                                                                                Stable
(Issuer Not Cooperating)
Dilip Buildcon Ltd                    LT / ST BkFac      -              -       Withdrawn
                                      (Non-Fund Based) –
                                      BG^
^backed by unconditional and irrevocable counter guarantee from LTIFCL. The ratings were to be
confirmed upon issuance of bank guarantee by the lender and submission of other relevant
documents to the satisfaction of CARE. However, the bank guarantee has not been issued yet and
company has no plan to issue the same in the medium term. Hence, CARE has withdrawn  Provisional
CARE AAA (CE); Stable/ CARE A1+(CE)  ratings assigned to the proposed bank guarantee of Dilip
Buildcon Ltd with immediate effect in line with CARE s policy on assignment of provisional
rating and CARE s policy on withdrawal of the ratings.
Dilip Buildcon Ltd                    LT Bk Fac          CARE A Stable  19400   Reaffirmed
Dilip Buildcon Ltd                    LT / ST BkFac      CARE A Stable  45000   Reaffirmed
                                                         /CARE A1
Dilip Buildcon Ltd                    LT / STBk Fac      CARE AAA (CE)  550     Reaffirmed
                                      (Non-FundBased) –  Stable /CARE
                                      BG#                A1+ (CE)
# backed by unconditional and irrevocable counter guarantee from L&T Infrastructure Finance
Company Ltd (LTIFCL, rated CARE AAA; Stable / CARE A1+). 
Divyesh Power Pvt Ltd                 NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable
(reduced from 295.50 Crore)
Eca Infrastructure India Pvt Ltd      LT BkFac           CARE A (CE);   508.9   Reaffirmed
                                                         Negative
outlook revised from Stable to Negative
Eca Infrastructure India Pvt Ltd      LT/ Shortterm BkFacCARE A (CE);   76.4    Reaffirmed
                                                         Negative/CARE
                                                         A1 (CE)
outlook revised from Stable to Negative
Edgetech Air Systems Pvt Ltd          LT BkFac           CARE BB+ Stable310.7   Reaffirmed
Elena Renewable Energy Pvt Ltd        NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable
(reduced from 295.50 Crore)
Epsilon Advance Material Pvt Limied   LT Bk Fac*         CARE A- (CE*); 232.7   Assigned
                                                         Negative
*Backed for unconditional and irrevocable Corporate Guarantee of Epsilon Carbon Private Limited
(ECPL) (rated CARE A-; Negative/ CARE A2)
Fiorenza Granito Pvt Ltd              LT Bk Fac          CARE BBB-      273.3   Reaffirmed
                                                         Stable
Fullerton India Credit Co. Ltd        LT Bk Fac          CARE AAA;      10000   Reaffirmed
                                                         Stable
Fullerton India Credit Co. Ltd        NCDs (NCD)         CARE AAA;      34350   Reaffirmed
                                                         Stable
Fullerton India Credit Co. Ltd        Subordinated Debt  CARE AAA;      11000   Reaffirmed
                                                         Stable
Geecy Engineering Pvt Ltd             Long/ST BkFac      CARE BBB;      90      Reaffirmed
                                                         Stable/CARE A3+
Gemini Edibles And Fats Pvt Ltd       LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE A- and
                                                                                Withdrawn
outlook Stable and withdrawn
Gemini Edibles And Fats Pvt Ltd       ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A2+ and
                                                                                withdrawn
Goex Freight Solutions Pvt Ltd        LT BkFac           CARE A+ (CE)*  75      Reaffirmed
                                                         Stable
*The bank facilities of Goex Freight Solutions Pvt. Ltd. ( GFSPL) are backed by and undertaking
extended by Time Technoplast Limited (TTL, Flagship Company of Time group; rated  CRISIL AA-
stable/ CRISIL A1+  to the lenders of GFSPL.
Goswami Infratech Pvt Ltd             NCDs (NCDs) Issue  CARE AA (CE)   2000    Reaffirmed
                                      – Tranche-III (1)^ Stable
^The above NCD s are backed by the credit enhancement in the form of Credit Support Undertaking
(CSU) issued jointly and severally from investments companies of the Shapoorji Pallonji (SP)
group namely SC Finance & Investment Private Limited (SC Finance), SP Finance Private Limited
(SP Finance), Cyrus Investment Private Limited (CYRUS) and Sterling Investment Corporation
Private Limited (STERLING) together known as “Credit Support Providers” (CSPs) ensuring timely
servicing of rated obligations.
Goswami Infratech Pvt Ltd             NCDs (NCDs) Issue  CARE AA (CE)   1750    Reaffirmed
                                      – Tranche-III (2)^ Stable
^The above NCD s are backed by the credit enhancement in the form of Credit Support Undertaking
(CSU) issued jointly and severally from investments companies of the Shapoorji Pallonji (SP)
group namely SC Finance & Investment Private Limited (SC Finance), SP Finance Private Limited
(SP Finance), Cyrus Investment Private Limited (CYRUS) and Sterling Investment Corporation
Private Limited (STERLING) together known as “Credit Support Providers” (CSPs) ensuring timely
servicing of rated obligations.
Goswami Infratech Pvt Ltd             NCDs (NCDs) Issue  CARE AA(CE)    6000    Reaffirmed
                                      – Tranche-I^       Stable
^The above NCD s are backed by the credit enhancement in the form of Credit Support Undertaking
(CSU) issued jointly and severally from investments companies of the Shapoorji Pallonji (SP)
group namely SC Finance & Investment Private Limited (SC Finance), SP Finance Private Limited
(SP Finance), Cyrus Investment Private Limited (CYRUS) and Sterling Investment Corporation
Private Limited (STERLING) together known as “Credit Support Providers” (CSPs) ensuring timely
servicing of rated obligations.
Goswami Infratech Pvt Ltd             NCDs (NCDs) Issue  ProvCARE       1819    Reaffirmed
                                      – Tranche-II^      AA(CE) Stable
^The above NCD s are backed by the credit enhancement in the form of Credit Support Undertaking
(CSU) issued jointly and severally from investments companies of the Shapoorji Pallonji (SP)
group namely SC Finance & Investment Private Limited (SC Finance), SP Finance Private Limited
(SP Finance), Cyrus Investment Private Limited (CYRUS) and Sterling Investment Corporation
Private Limited (STERLING) together known as “Credit Support Providers” (CSPs) ensuring timely
servicing of rated obligations.
Greentech Power Pvt Ltd               LT Bk Fac          CARE A- Stable 83.6    Reaffirmed
Gujarat Metal Cast Industries Pvt Ltd LT/ST BkFac        CARE BBB-      100     Reaffirmed
                                                         Negative/CARE
                                                         A3
Outlook revised from Stable to Negative
Guna Sheopur Pathways Pvt Ltd         LT BkFac           CARE BBB+      499.2   Reaffirmed
                                                         Stable
Gvk Emergency Management & Research   LT Bk Fac          CARE BBB+:     436.5   Reaffirmed
Institute                                                Stable
Gvk Emergency Management & Research   Long/ST Bk Fac     CARE BBB+:     484.1   Reaffirmed
Institute                                                Stable /CARE
                                                         A3+
Gwalior Pathways Pvt Ltd              LT BkFac           CARE BBB+ (CE) 250
Placed on credit watch with developing implications
Gypsy Exports                         LT Bk Fac          CARE B Stable  34      Revised from
                                                                                CARE B+ Stable
(Issuer Not Cooperating)
Harak Chandra Flour Mills Ltd         Long- Term Bk Fac  -              -       Reaffirmed at
                                                                                CARE BB
                                                                                Stable and
                                                                                Withdrawn
Hdfc Bank Ltd                         Additional Tier I  CARE AA+;      150000
                                      bonds (Basel III)# Stable
#: CARE has rated the aforesaid Basel III Compliant Additional Tier I Bonds (Basel III) after
taking into consideration its key features as mentioned 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, i.e., payment of such coupon is likely to result in losses during the
current year, the balance of coupon payment may be made out of reserves representing
appropriation of net profits, including statutory reserves and excluding share premium,
revaluation reserve, foreign currency translation reserve, investment reserve and reserves
created on amalgamation provided the bank meets the minimum regulatory requirements for Common
Equity Tier I [CET I], Tier I and Total Capital Ratios and 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 March 31, 2019, or written-off / converted into
common equity shares on occurrence of the trigger event called point of non-viability (PONV).
The PONV trigger shall be determined by RBI. Any delay in 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
some-what sharper migration of the rating compared with other subordinated debt instruments.
Hdfc Bank Ltd                         Lower Tier II BondsCARE AAA;      71270   Reaffirmed
                                                         Stable
Hdfc Bank Ltd                         Upper Tier II      CARE AAA;      11050
                                      Bonds^             Stable
^ CARE has rated the aforesaid Upper Tier II Bonds after taking into consideration their
increased sensitivity to HDFC 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.
Hdfc Bank Ltd                         Infrastructure     CARE AAA;      300000
                                      Bonds              Stable
Hdfc Bank Ltd                         Tier II bond       CARE AAA;      100000
                                      (Basel III)        Stable
Hdfc Bank Ltd                         Lower Tier II      CARE AAA;      -       Withdrawn
                                      Bonds*             Stable
*rating assigned is withdrawn with immediate effect, as the bank has fully repaid the amount
under the said instrument and there is no amount outstanding under the issue.
Hdfc Bank Ltd                         Upper Tier II      CARE AAA;      -
                                      Bonds*             Stable
*rating assigned is withdrawn with immediate effect, as the bank has fully repaid the amount
under the said instrument and there is no amount outstanding under the issue.
Hdfc Credila Financial Services Pvt LtIssuer rating*     -              -       Withdrawn
*rating assigned is withdrawn with immediate effect, as the bank has fully repaid the amount
under the said instrument and there is no amount outstanding under the issue.
Hdfc Credila Financial Services Pvt LtPerpetual Debt     CARE AA+ Stable2750    Reaffirmed
Hdfc Credila Financial Services Pvt LtNon- Convertible   CARE AAA       5000    Reaffirmed
                                      Debenture          Stable
Hdfc Credila Financial Services Pvt LtSubordinate Debt   CARE AAA       1000    Reaffirmed
                                                         Stable
Hindustan Coils Ltd                   LT Bk Fac          CARE BBB-      565     Revised from
                                                         Stable                 CARE BBB
                                                                                Stable
(Issuer Not Cooperating)
Honour Lab Ltd                        LT Bk Fac          CARE A- Stable 2973.9  Reaffirmed
India Carbon Ltd                      LT Bk Fac          CARE A-        205.3   Reaffirmed
                                                         Negative
outlook revised fromStable
India Land Infrastructure Development LT Bk Fac          CARE A Stable  51.7    Reaffirmed
Pvt Ltd
Ispat India                           LT Bk Fac          CARE BBB-      255     Revised from
                                                         Stable                 CARE BBB
                                                                                Stable
(Issuer Not Cooperating)
Jai Mata Di Enterprises               Long -Term Bk Fac  CARE B+ Stable 51.8    Assigned
Jalpa Devi Tollways Ltd               LT BkFac           CARE A (CE);   6540    Reaffirmed
                                                         Stable
Jm Enviro Technologies Pvt Ltd        Long- Term/ ST Bk  -              -       Withdrawn
                                      Fac
Juhi Alloys Ltd                       LT BkFac           CARE BBB+      200     Reaffirmed
                                                         Stable
Jupiter Lifeline Hospitals Ltd        LT Bk Fac (TL)     CARE A- Stable 2637    Reaffirmed
Jupiter Lifeline Hospitals Ltd        LT Bk Fac (Fund    CARE A- Stable 250     Reaffirmed
                                      Based)
K. D Singh                            LT Bk Fac          CARE B+ Stable 10      Revised from
                                                                                CARE BB-
                                                                                Stable
(Issuer Not Cooperating)
Kanchanjunga Power Company Pvt Ltd    NCDs               CARE BBB+      1280    Reaffirmed
                                                         Stable
Kanchanjunga Power Company Pvt Ltd    LT/ ST Bk Fac (NFB)CARE BBB+      50      Reaffirmed
                                                         Stable/CARE A3+
Khandwa Agroh Pathways Pvt Ltd        LT BkFac @         CARE BBB+ (CE) 1360.8
Placed on  credit watch  with developing implications /@ The above rating is backed by credit
enhancement in the form of unconditional and irrevocable guarantee extended by Prakash
Asphalting Toll Highways (India) Limited (PATH; rated CARE BBB+/ CARE A2; Under credit
watch with developing implications) and Agroh Infrastructure Developers Private Limited (AIDPL;
rated CARE BBB; Stable / CARE A3+) for timely servicing of the said bank facility.
Knowledge Institute Of Technology TrusLong -term Bk Fac  CARE BB+       58.3    Reaffirmed
                                                         Stable
Kochas Power Pvt Ltd                  Long- Term Bk Fac  -              -
Reaffirmed at CARE D; (Issuer Not Cooperating); and Withdrawn
Kpc Projects Ltd                      LT Bk Fac          CARE A- Stable 1190    Reaffirmed
Kpc Projects Ltd                      LT/ST Bk Fac       CARE A-        2267.5  Reaffirmed
                                                         Stable/CARE A2
Lion Fabrics Pvt Ltd                  LT Bk Fac          CARE BB+       150     Assigned
                                                         Stable
M G Threads                           LT Bk Fac          CARE BB-       137.8   Revised from
                                                         Stable                 CARE B+ Stable
Maheshwari Technocast Ltd             LT Bk Fac          CARE B Stable  69      Revised from
                                                                                CARE B+ Stable
(Issuer Not Cooperating)
Mcpi Pvt Ltd                          LT Bk Fac (Fund    CARE A         3000
                                      Based)
(enhanced from Rs.150 Crore)/ Placed on credit watch with developing implications
Mcpi Pvt Ltd                          LT Bk Fac (TL)     CARE A         7200
Placed on credit watch with developing implications
Mehali Papers Pvt Ltd                 LT Bk Fac          CARE A- Stable 2180    Revised from
                                                                                CARE BBB+
                                                                                Stable
Metro Institute Of Medical Sciences PvLT Bk Fac          CARE BBB-      1127.5  Reaffirmed
Ltd                                                      Stable
Metro Mas Hospitals Pvt Ltd           LT BkFac (SCB)     CARE BB+       91      Revised from
                                                         Stable^                CARE BBB-(CE)
                                                                                Stable
^Corporate Guarantee for this facility does not exist.
Metro Mas Hospitals Pvt Ltd           LT BkFac(OBC)      CARE BBB-(CE)  50      Reaffirmed
                                                         Stable
Metro Medical Services Ltd            LT BkFac(Yes Bk)   CARE BB+       14      Revised from
                                                         Stable^                CARE BBB-(CE)
                                                                                Stable
^Corporate guarantee does not exist for the facility.
Metro Medical Services Ltd            LT BkFac(PNB &     CARE BBB-(CE)  203.8   Reaffirmed
                                      HDFC)
Mhow Agroh Pathways Pvt Ltd           LT BkFac @         CARE BBB+ (CE) 1367.4
Placed on  credit watch  with developing implications /@ The above rating is backed by credit
enhancement in the form of unconditional and irrevocable guarantee extended by Prakash
Asphalting Toll Highways (India) Limited (PATH; rated CARE BBB+/ CARE A2; Under credit
watch with developing implications) and Agroh Infrastructure Developers Private Limited (AIDPL;
rated CARE BBB; Stable / CARE A3+) for timely servicing of the said bank facility.
Muthoottu Mini Financiers Ltd         NCD Issue-I        -              -       Withdrawn
Muthoottu Mini Financiers Ltd         NCD Issue-II       CARE BBB-      558.6   Reaffirmed
                                                         Stable
Muthoottu Mini Financiers Ltd         NCD Issue-III      CARE BBB-      1320.3  Reaffirmed
                                                         Stable
Muthoottu Mini Financiers Ltd         NCD issue          CARE BBB-      2000    Reaffirmed
                                      (Proposed)         Stable
Naiknavare Buildcon Pvt Ltd           Non – Convertible  CARE D         800     Reaffirmed
                                      Debentures
Naiknavare Profile Constructions Pvt LNon – Convertible  CARE C Stable  650     Reaffirmed
                                      Debentures
Naiknavare Profile Constructions Pvt LNon – Convertible  CARE C Stable  100     Reaffirmed
                                      Debentures
National Housing Bank                 Market Borrowing   CARE AAA       52450   Reaffirmed
                                      Programme          Stable
National Housing Bank                 Deposits           CARE AAA       120000  Reaffirmed
                                      (Rs.10,000 crore   Stable
                                      under RHF and Rs.2000 crore under UHF)
National Housing Bank                 Deposits           CARE AAA       120000  Reaffirmed
                                      (Rs.8,000 crore    Stable
                                      under RHF andRs.4000 crore under UHF)
National Housing Bank                 Non- Convertible   CARE AAA       60000*  Reaffirmed
                                      Debentures         Stable
* Raised Rs.5987.1 crores till March 31, 2019
Netafim Agricultural Financing Agency LT Nonconvertible  CARE BBB+      280     Assigned
Pvt Ltd                               Debentures         Negative
Northern Arc 2018 Mfi                 Series A1 PTCs     -              -       Withdrawn
Soren
(Originator: Chaitanya India Fin
Credit Pvt Ltd)
Northern Arc 2018 Mfi                 Series A2 PTCs     -              -       Withdrawn
Soren
(Originator: Chaitanya India Fin
Credit Pvt Ltd)
Oriental Nagpur Betul Highway Ltd     LT Instruments -   CARE AAA;      20773   Reaffirmed
                                      NCDs - Series A    Stable*
(reduced from 2,235.16 Crore)/*The CARE AAA; Stable rating was earlier denoted as CARE AAA (SO)
(Stable). CARE has now discontinued the use of the (SO) suffix for the ratings of ONBHL in line
with SEBI Circular no. SEBI/HO/MIRSD/DOS3/CIR/P/2019/70 dated June 13, 2019, CARE s Press
Release on “Revision in suffix to ratings pursuant to SEBI Circular” is available at
www.careratings.com.
Oriental Nagpur Betul Highway Ltd     LT Instruments -   CARE AAA;      2284.2  Reaffirmed
                                      NCDs - Series B    Stable*
(reduced from 245.78 Crore)/*The CARE AAA; Stable rating was earlier denoted as CARE AAA (SO)
(Stable). CARE has now discontinued the use of the (SO) suffix for the ratings of ONBHL in line
with SEBI Circular no. SEBI/HO/MIRSD/DOS3/CIR/P/2019/70 dated June 13, 2019, CARE s Press
Release on “Revision in suffix to ratings pursuant to SEBI Circular” is available at
www.careratings.com.
Oriental Nagpur Betul Highway Ltd     LT Instruments -   CARE AAA;      1217.6  Reaffirmed
                                      NCDs - Series C    Stable*
(reduced from 131.06 Crore)/*The CARE AAA; Stable rating was earlier denoted as CARE AAA (SO)
(Stable). CARE has now discontinued the use of the (SO) suffix for the ratings of ONBHL in line
with SEBI Circular no. SEBI/HO/MIRSD/DOS3/CIR/P/2019/70 dated June 13, 2019, CARE s Press
Release on “Revision in suffix to ratings pursuant to SEBI Circular” is available at
www.careratings.com.
Parsa Kente Collieries Ltd            LT / ST Bk Fac     CARE BBB       3850    Revised from
                                                         Positive /CARE         CARE BBB
                                                         A3+                    Stable /CARE A3+
Pil Italica Lifestyle Ltd             LT Bk Fac          CARE BB Stable 50      Assigned
Power Build Pvt Ltd                   LT Bk Fac          CARE A- Stable 320.6   Reaffirmed
Power Build Pvt Ltd                   LT/ST Bk Fac       CARE A-        20      Reaffirmed
                                                         Stable/CARE A2+
Prakash Asphaltings And Toll Highways LT BkFac           CARE BBB+      3561.6
(India) Ltd
Placed on credit watch with developing implications
Prakash Asphaltings And Toll Highways LT / Shortterm Bk  CARE BBB+      5037.4
(India) Ltd                           Fac                /CARE A2
Placed on credit watch with developing implications
Pratyash Renewable Pvt Ltd            NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable
(reduced from 295.50 Crore)
Pravesha Industries Pvt Ltd           LT Bk Fac          CARE A- Stable 1766.5  Reaffirmed
(enhanced from Rs.162.94 crore Crore)
Premier Cryogenics Ltd                LT Bk Fac (TL)     CARE BBB+      243     Reaffirmed
                                                         Stable
(reduced from 27.64 Crore)
Premier Cryogenics Ltd                LT Bk Fac (Fund    CARE BBB+      40      Reaffirmed
                                      based)             Stable /CARE
                                                         A3+
Premium Harvest Ltd                   LT Bk Fac          CARE BB Stable 164     Reaffirmed
Ram Ratna Electricals Ltd             LT BkFac           CARE BBB-      178.8
Placed on Credit watch with developing implications
Ram Ratna Electricals Ltd             LT/ Shortterm Bk   CARE BBB-/CARE 70
                                      Fac                A3
Placed on Credit watch with developing implications
Ramco Extrusion Pvt Ltd               LT Bk Fac          CARE B+: Stable100     Reaffirmed
Ramco Extrusion Pvt Ltd               Proposed LT BkFac  CARE B+: Stable203.5   Reaffirmed
Rashmi Sponge Iron & Power Industries LT Bk Fac          CARE BB+;      392.5   Revised from
Ltd.                                                     Stable                 CARE BBB-;
                                                                                Stable
(Issuer Not Cooperating)
Raychem Rpg Pvt Ltd                   LT/ STBk Fac (FB   CARE AA        3250    Reaffirmed
                                      limits)            Stable/CARE A1+
Raychem Rpg Pvt Ltd                   LT/ STBk Fac       CARE AA        2500    Reaffirmed
                                      (Non-FBL)          Stable/CARE A1+
Remira Motors Pvt Ltd                 LT Bk Fac          CARE B+ Stable 171.1   Reaffirmed
(reduced from 18.00 Crore)
Rimjhim Ispat Ltd                     LT Bk Fac-TL       -              -       Withdrawn
Rimjhim Ispat Ltd                     LT Bk Fac –        CARE BBB+      2500    Reaffirmed
                                      Working capital    Stable
Rimjhim Stainless Ltd                 LT BkFac           CARE BBB+      742.3   Reaffirmed
                                                         Stable
(reduced from 121.48 Crore)
Sai Marine Exports Pvt Ltd.           LT/Shortterm Bk FacCARE A-        865     Reaffirmed
                                                         Stable/CARE A2
Sai Marine Exports Pvt Ltd.           LT BkFac           CARE A-Stable  250     Reaffirmed
Sanvira Industries Ltd                LT/Shortterm Bk FacCARE A-        1600    Reaffirmed
                                                         Stable/CARE A2
Sanvira Industries Ltd                LT BkFac           CARE A-Stable  2397.6  Reaffirmed
(reduced from 369.35 Crore)
Sei Baskara Power Pvt Ltd             NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable*
(reduced from 295.50 Crore) /*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs
Sei Enerstar Renewable Energy Pvt Ltd NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable*
(reduced from 295.50 Crore) /*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs.
Sei Mihir Energy Pvt Ltd              NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable*
(reduced from 295.50 Crore) /*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs
Sez Biotech Services Pvt Ltd          LT Bk Fac@         CARE AA+ (CE); 2035    Reaffirmed
                                                         Stable
(reduced from 220.00 Crore) /@ backed by short-fall undertaking from Serum Institute of India
Private Limited (SIIPL; rated CARE AAA/Stable/CARE A1+)
Shiva Pharmachem Ltd                  LT Bk Fac          CARE A- Stable 1060.4  Revised from
                                                                                CARE
                                                                                BBB+Stable
(reduced from 106.50 Crore)
Shivalay Ispat And Power Pvt Ltd      LT/ ST Bk Fac      CARE A+,       360     Reaffirmed
                                                         Stable/CARE A1
Shivpuja Constructions Pvt Ltd        LT Bk Fac          -              -       Withdrawn
Shree Daga Steel                      LT/ST BkFac        -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable/CARE A4
                                                                                and Withdrawn
(Issuer Not Cooperating)
Shree Daga Steel                      LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable and
                                                                                  Withdrawn
(Issuer Not Cooperating)
Shreyas Renewable Energy Pvt Ltd      NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable
(reduced from 295.50 Crore)
Shyamsree Food Processing Pvt Ltd     ST BkFac           -              0       Withdrawn
(reduced from 0.49 Crore)
Shyamsree Food Processing Pvt Ltd     LT BkFac           CARE A- Stable 40.1    Reaffirmed
(reduced from 13.46 Crore)
Simon India Ltd                       LT Bk Fac*         -              -       Reaffirmed
                                                                                and Withdrawn
*Backed by unconditional and irrevocable corporate guarantee of Zuari Global Ltd (ZGL)
Socrato Capital Pvt Ltd               LT Bk Fac          CARE BB Stable 120     Reaffirmed
Softel Solutions Pvt Ltd              LT Bk Fac          CARE BB Stable 1.6     Revised from
                                                                                CARE BB-
                                                                                Stable
Softel Solutions Pvt Ltd              LT/ STBk Fac       CARE BB        178.4   Revised from
                                                         Stable/CARE A4         CARE BB-
                                                                                Stable/ CARE A4
Solaris Ceramics Pvt Ltd              LT Bk Fac          CARE A- Stable 116.1   Reaffirmed
(reduced from Rs.13.66 Crore)
Solaris Ceramics Pvt Ltd              Long/ST BkFac      CARE A-        150     Reaffirmed
                                                         Stable/CARE A2+
Spc Chetak Tollways Pvt Ltd           LT BkFac           CARE A (CE);   78.6    Reaffirmed
                                                         Negative
outlook revised from Stable to Negative
Sperry Plast Ltd                      LT Bk Fac          CARE D         1410.7
(Issuer Not Cooperating)
Sprng Alt Energy Pvt Ltd              LT BkFac           CARE BBB+      9075    Revised from
                                                         Stable                 CARE BBB
                                                                                Stable
Sprng Renewable Energy Pvt Ltd        LT BkFac           CARE BBB       13838   Reaffirmed
                                                         Stable
Sri Venkateswara Aerospace Pvt Ltd    LT Bk Fac          CARE BB Stable 15      Reaffirmed
( Enhanced from Rs.0.60 Crore)
Sri Venkateswara Aerospace Pvt Ltd    LT/ ST BkFac       CARE BB        235     Reaffirmed
                                                         Stable/CARE A4
( Enhanced from Rs.18.04 Crore)
Srm Construction                      Long -term Bk Fac  CARE BB Stable 80      Assigned
Subhash Kabini Power Corporation Ltd  LT BkFac           CARE BB-       190     Revised from
                                                         Stable                 CARE D
(Issuer Not Cooperating)
Sunhill Hospitals Pvt Ltd             LT Bk Fac          CARE BBB-(CE)  108.9*  Reaffirmed
                                                         Stable
* backed by unconditional and irrevocable corporate guarantee provided by Metro Institutes of
Medical Sciences Private Limited rated CARE BBB-; Stable.
Surya Construction Company            LT Bk Fac          CARE BB- Stable72.5    Revised from
                                                                                CARE BB Stable
(Issuer Not Cooperating)
Tata Capital Financial Services Ltd.  Perpetual debt     CARE AA+       6000    Reaffirmed
                                                         Stable
Tata Capital Financial Services Ltd.  NCD                CARE AAA       49640   Reaffirmed
                                                         Stable
Tata Capital Financial Services Ltd.  NCD/ Subordinated  CARE AAA       75000   Reaffirmed
                                      Debt (Public Issue)Stable
Tata Capital Financial Services Ltd.  Subordinated Debt  CARE AAA       20000   Reaffirmed
                                                         Stable
Tata Capital Financial Services Ltd.  LT Bk Fac          CARE AAA       10850   Reaffirmed
                                                         Stable
Tata Cleantech Capital Ltd.           Perpetual Debt     CARE AA+ Stable2500    Reaffirmed
Tata Cleantech Capital Ltd.           NCDs               CARE AAA       5000    Reaffirmed
                                                         Stable
Tata Cleantech Capital Ltd.           Subordinated debt  CARE AAA       2000    Reaffirmed
                                                         Stable
Techfab International Pvt Ltd         LT / STBk Fac      CARE BBB-      600     Revised from
                                                         Stable/CARE A3         CARE BBB
                                                                                Stable/ CARE A2
Terram Geosynthetics Pvt Ltd          LT / ST Bk Fac     CARE BBB       100     Reaffirmed
                                                         Stable /CARE
                                                         A3+
Time Mauser Industries Pvt Ltd        LT Bk Fac          CARE A (CE)*   250     Reaffirmed
                                                         Stable
*The bank facilities of Time Mauser Industries Pvt. Ltd. (TMIPL) are backed by Letter of Comfort
extended by Time Technoplast Limited (TTL, Flagship Company of Time group; rated  CRISIL AA-
stable/ CRISIL A1+  to the lenders of TMIPL.
Tocco Ceramics Pvt Ltd                LT Bk Fac          CARE A- Stable 76.2    Reaffirmed
(enhanced from Rs.5.48 Crore)
Tocco Ceramics Pvt Ltd                Long/ST BkFac      CARE A-        160     Reaffirmed
                                                         Stable/CARE A2+
(reduced from Rs.18.00 Crore)
Translite Energy Ltd                  LT Bk Fac          CARE BB+ Stable135     Reaffirmed
Translite Energy Ltd                  LT/ST Bk Fac       CARE BB+       210     Reaffirmed
                                                         Stable/CARE A4+
Ucal Fuel Systems Ltd                 LT BkFac           CARE BBB+      906.3   Reaffirmed
                                                         Stable
(reduced from 117.20 Crore)
Varmora Granito Pvt Ltd               LT Bk Fac          CARE A- Stable 167.9   Reaffirmed
(enhanced from Rs.10.67 Crore)
Varmora Granito Pvt Ltd               Long/ST BkFac      CARE A-        500     Reaffirmed
                                                         Stable/CARE A2+
Varmora International                 Long/ST BkFac      CARE A-        90      Reaffirmed
                                                         Stable/CARE A2+
(Reduced from Rs.12.00 Crore)
Vena Energy Mh Wind Power Pvt Ltd     LT Bk Fac          CARE BBB+;     1017    Reaffirmed
                                                         Stable
(reduced from 120.09crs)
Vikran Engineering & Exim Pvt Limtied Proposed NCD (NCD) -              -       *Withdrawn
                                      Issue
*The ratings of the proposed NCD issue was withdrawn on the request of the company as it was not
placed and as such there was no amount outstanding against this instrument
Vikran Engineering & Exim Pvt Limtied LT Bk Fac          CARE BBB;      500     Revised from
                                                         Positive               CARE BBB;
                                                                                Stable
Vikran Engineering & Exim Pvt Limtied LT/ STBk Fac       CARE BBB;      1400    Revised from
                                                         Positive /CARE         CARE BBB;
                                                         A3                     Stable / CARE A3
Vindhya Telelinks Ltd                 LT Bk Fac          CARE A+; Stable11075   Revised from
                                                                                CARE AA-;
                                                                                Stable
Vindhya Telelinks Ltd                 NCDs Issue         CARE A+;       1000    Revised from
                                                         Stable                 CARE AA-;
                                                                                Stable
Welways Engineers (India)             LT BkFac           CARE B Stable  29
(Issuer Not Cooperating)
Zuvan Energy Pvt Ltd                  NCDs               CARE AA- (CE)  2700    Reaffirmed
                                                         Stable
--------------------------------------------------------------------------------------------
$: 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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