January 8, 2018 / 11:35 AM / 16 days ago

CARE ratings for Indian debt instruments-Jan 8

   Jan 8 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 5, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ace Tyres Ltd                         ST Bk Fac          CARE A1        69.1    Reaffirmed
Adani Enterprises Ltd.                ST Bk Fac          CARE A1                Reaffirmed
Angan Textile Pvt Ltd                 ST Bk Fac          -                      Withdrawn
Anjani Portland Cement Ltd            (v)Short- term     -                      Withdrawn
                                       BkFac
Amko Exports                          ST Bk Fac          CARE A4+       23.6    Reaffirmed
Anjani Portland Cement Ltd            (iii)ST BkFac      CARE A1        100     Assigned
Anuspaa Heritage Products Pvt Ltd     ST BkFac           CARE A4        15      -
ISSUER NOT COOPERATING
Aries Agro Ltd                        ST Bk Fac          CARE A3+       494     Revised from
                                      (non-fund based)                          CARE A2
Associated Alcohols And Breweries Ltd ST Bk Fac*         CARE A2+       50      Revised from
                                                                                CARE A2
(reduced from Rs.26.00 crore Crore)*Bank facilities of Rs.21.00 crore reclassified from Short
term to Long term
Axiscades Engineering Technologies LtdST Bk Fac          CARE A3+       63      Assigned
Ayushman Medical Diagnostics Pvt Ltd  ST Bk Fac          CARE A3+       6.4     Revised from
                                                                                CARE A3
B.R. Goyal Infrastructure Pvt Ltd     ST Bk Fac          CARE A3        42.8    Reaffirmed
Banashankari Engineers                ST Bk Fac          CARE A4        25      Assigned
Beri Udyog Pvt Ltd                    ST Bk Fac          CARE A2+       44      Reaffirmed
Bharat Insecticides Ltd               ST Bk Fac          CARE A1+       200     Reaffirmed
Bharat Insecticides Ltd               CP (CP) Issue*     CARE A1+       200     Reaffirmed
*carved out of sanctioned working capital limits of the company
Bharat Rasayan Ltd                    ST Bk Fac          CARE A1+       400     Reaffirmed
Bharat Rasayan Ltd                    CP (CP) Issue      CARE A1+       200     Reaffirmed
Bharat Rasayan Ltd                    CP (CP) Issue*     CARE A1+       600     Reaffirmed
*carved out of sanctioned working capital limits of the company
Bhumi Procon Pvt Ltd                  ST BkFac           CARE A4+       210     Assigned
Br Agrotech Ltd                       ST Bk Fac          CARE A1+       70      Reaffirmed
Br Agrotech Ltd                       CP (CP) Issue*     CARE A1+       100     Reaffirmed
*carved out of sanctioned working capital limits of the company
Brahmaputra Carbon Ltd                ST BkFac           CARE A3+       50      Reaffirmed
Caliber Mercantile Pvt Ltd            ST Bk Fac          CARE A4        20      Assigned
Cargo Motors (Rajasthan) Pvt Ltd      ST Bk Fac          CARE A3        100     Reaffirmed
C. J. Corporation                     ST Bk Fac (Non     CARE D         110     -
                                      Fund Based)
ISSUER NOT COOPERATING
D. Jamnadas And Company               ST Bk Fac          CARE A4        45      Assigned
Davangere Sugar Co. Ltd               ST Bk Fac- Non-FB  CARE A4+       877.2   Revised from
                                                                                CARE A3
Deep Industries Ltd                   ST Bk Fac          CARE A1        21.7    Reaffirmed
Deepak Fertilisers And Petrochemicals CP issue           CARE A1+       10000   Reaffirmed
Corporation Ltd
Dnh Spinners Pvt Ltd                  ST Bk Fac          CARE A3+       917.5   Reaffirmed
Electropneumatics & Hydraulics India  ST Bk Fac          CARE A2        280     Revised from
Pvt Ltd                                                                         CARE A3+
Elkosta Security Systems India        ST Bk Fac          CARE A4        30      Reaffirmed
Emt Megatherm Pvt. Ltd                ST Bk Fac          CARE A4+       270     Reaffirmed
Exel Rubber Ltd                       ST Bk Fac          CARE A1+       551.5   Reaffirmed
Fitech Equipments (India) Pvt Ltd     ST BkFac           CARE A4+       30      Reaffirmed
Harsha Engineers Ltd                  CP                 CARE A1+       200     Reaffirmed
Harsha Liners Pvt Ltd                 ST Bk Fac@         CARE A3+ (SO)  5       Reaffirmed
backed by the unconditional and irrevocable corporate guarantee provided by Kusalava
International Limited (rated CARE BBB; Stable/CARE A3+)
Hk Ispat Pvt Ltd                      ST Bk Fac          CARE A3 (SO)   55      Reaffirmed
(enhanced from Rs.2.50 crore Crore)
Ifgl Refractories Ltd (Formerly Known ST Bk Fac          CARE A1+       40      Assigned
As Ifgl Exports Ltd)
Ifgl Refractories Ltd (Formerly Known ST Bk Fac#         CARE A1+       80      Assigned
As Ifgl Exports Ltd)
 #Pursuant to the scheme of Amalgamation approved by the National Company Law Tribunal (NCLT),
erstwhile IFGL Refractories Ltd (erstwhile IFGL) has been merged with IFGL Exports Ltd. with
effect from 1st April 2016, and accordingly the entire rated facilities of erstwhile IFGL has
been transferred to IFGL Exports Ltd. (subsequently renamed as IFGL Refractories Ltd.)     
Ifgl Refractories Ltd (Formerly Known ST Instrument -    CARE A1+       100     Assigned
As Ifgl Exports Ltd)                  CP
J.K. Fenner (India) Ltd               CP (Carved out)*   CARE A1+       600     Reaffirmed
 *carved out of sanctioned working capital limits of the company  
J.K. Fenner (India) Ltd               ST Bk Fac          CARE A1+       392     Reaffirmed
(enhanced from 27.90 Crore)
Kalinga Calciner Ltd                  ST Bk Fac          CARE A3+       300     Reaffirmed
Kalpana Struct-Con Pvt Ltd            ST BkFac           CARE A3        162.5   Reaffirmed
Kishan Agro Product                   ST Bk Fac          CARE A4        2.3     Reaffirmed
Kothi Steel Ltd                       ST Bk Fac          CARE A3        80      Reaffirmed
(reduced from Rs.9.00 crore Crore)
Kusalava Batteries Pvt Ltd            ST Bk Fac@         CARE A3+ (SO)  4       Reaffirmed
(reduced from Rs. 0.50 Crore) /@ backed by the unconditional and irrevocable corporate guarantee
provided by Kusalava International Limited (ratedCARE BBB; Stable/CARE A3+)
Kusalava International Ltd            ST Bk Fac          CARE A3+       90      Reaffirmed
Lkp Infra Projects                    ST Bk Fac          CARE A4        20      Assigned
Manaksia Aluminium Co. Ltd            ST Bk Fac          CARE A3+       1070    Reaffirmed
(reduced from Rs.111.00 cr Crore)
Mangalam Ventures Ltd                 ST Bk Fac          CARE A4+       37      Reaffirmed
Matsya Automobiles Ltd                ST Bk Fac          CARE A4        618     Reaffirmed
Megha Fibre Glass Industries Ltd      ST Bk Fac          CARE A3+       100     Reaffirmed
Menon Pistons Ltd                     ST Bk Fac-Fund     CARE A2        20      Reaffirmed
                                      Based
Menon Pistons Ltd                     ST Bk Fac-Non      CARE A2        10      Reaffirmed
                                      Fund Based
Nand Trading Pvt Ltd                  ST Bk Fac          CARE A4        35      Reaffirmed
Nand Trading Pvt Ltd                  ST Bk Fac          CARE A4        35      Reaffirmed
Neo Carbons Pvt Ltd                   ST Bk Fac          -                      Withdrawn
Neo Carbons Pvt Ltd                   ST Bk Fac          -                      Withdrawn
Park Hospitals                        ST Bk Fac          CARE A2+       85      Reaffirmed
(enhanced from 5.00 Crore)
Premco Rail Engineers Ltd             ST Bk Fac          CARE A3        267.4   Reaffirmed
(reduced from 46.74 Crore)
Priya Blue Industries Pvt Ltd         ST Bk Fac          CARE A3        2500    Reaffirmed
Purti Vanaspati Pvt Ltd               ST Bk Fac          CARE A3        1100    Reaffirmed
Reliance Big Entertainment Pvt Ltd    ST Bk Fac          CARE A1+(SO)   50      #
$ backed by unconditional and irrevocable corporate guarantee provided by Reliance Capital
Limited (RCL)
Remi Electrotechnik Ltd               ST Bk Fac-Non      CARE A3+       29.4    Reaffirmed
                                      Fund Based-Bk
                                      Guarantee 
Remi Process Plant And Machinery Ltd. ST Bk Fac (Non-FB, CARE A3        72.5    Reaffirmed
                                      BG/LC limits)
(reduced from 8.00crs)
Remi Sales And Engineering Ltd        ST Bk Fac (Non-FB) CARE A3        16.5    Reaffirmed
Rishi Shipping                        ST Bk Fac          CARE A2        57      Reaffirmed
(reduced from Rs.8.70 crore Crore)
Riwasa Tiles Ltd                      ST Bk Fac          CARE A3        52.5    Reaffirmed
Russaka Ply India Ltd                 ST Bk Fac          CARE A4        154.3   Reaffirmed
Sanathan Textiles Pvt Ltd             ST Bk Fac          CARE A3+       200     Revised from
                                                                                CARE A3
Sbee Cables (India) Ltd               ST Bk Fac          CARE A3        175     Reaffirmed
(enhanced from 8.00 Crore)
Shambhu Textile Mills Pvt Ltd         ST Bk Fac          CARE A4        12.5    Reaffirmed
(enhanced from 0.15crs)
Shivalik Bimetal Controls Ltd         ST Bk Fac (Non-FB) CARE A2        400     Revised from
                                                                                CARE A3+
Shyam Indus Power Solutions Pvt Ltd   ST Bk Fac – non    CARE A3        1995    Reaffirmed
(Sips)                                fund
Sky Spintex Pvt Ltd                   ST Bk Fac          CARE A4        45      Reaffirmed
Sml Finance Ltd                       ST Bk Fac          CARE A4+       325     Reaffirmed
Soccer International Pvt Ltd          ST Bk Fac          CARE A3+       190     Reaffirmed
Srei Infrastructure Finance Ltd       ST Bk Fac          CARE A1+       6950    Reaffirmed
Sri Kumaran Mills Pvt Ltd             ST Bk Fac          CARE A4        9       Assigned
Tirupati Iron Impex Pvt Ltd           LOC                CARE A4+       210     -
ISSUER NOT COOPERATING
Tirupati Iron Impex Pvt Ltd           BG                 CARE A4+       20      -
ISSUER NOT COOPERATING
Toyo Springs Ltd                      ST Bk Fac          CARE A3+       230     Reaffirmed
(Reduced from Rs.27.25 Crore)
Tvs Motor Co. Ltd                     ST BkFac           CARE A1+       3700    Reaffirmed
(enhanced from Rs.266 crore Crore)
Tvs Motor Co. Ltd                     CP                 CARE A1+       2000    Reaffirmed
Universal Biomass Energy Pvt Ltd      ST Bk Fac          CARE A3        5       Reaffirmed
Virgo Laminates Ltd                   ST Bk Fac          CARE A2+       115     Reaffirmed
(enhanced from 4.75 Crore)
Vivimed Labs Ltd                      ST Bk Fac          CARE A3+       1245    Revised from
                                                                                CARE A3
(reduced from 177.60 Crore)
    
LONG TERM RATINGS:
-------------------
Ace Tyres Ltd                         LT Bk Fac          CARE A+        100     Reaffirmed
Adani Enterprises Ltd.                LT Bk Fac          CARE A         0       Reaffirmed
Adani Enterprises Ltd.                LT Instrument- NCD CARE A         0       Reaffirmed
Adani Enterprises Ltd.                LT / ST Bk Fac     CARE A /CARE A10       Reaffirmed
Adani Enterprises Ltd.                LT Bk Fac *        CARE A+ (SO)   0       Reaffirmed

 * rating is based on the Credit Enhancement which is available in the form of a ring-fenced
cash flow structure as per Trust and Retention Account (TRA) agreement for priority in debt
servicing of loans availed for funding the implementation & operations of Parsa East & Kente
Basin coal block project within Adani Enterprises Ltd.(AEL). 
Adani Welspun Exploration Ltd.        LT Bk Fac          CARE A- (SO)   949.6   Reaffirmed
(reduced from 141.44crs)
Adilabad Expressway Pvt Ltd           LT BkFac           CARE BB+       2688.8  Revised from
                                                                                CARE BB-
Ahan Add Chem Pvt Ltd                 LT Bk Fac          CARE B+        182     Assigned
Ajanta Gartex Processors Pvt Ltd      LT Bk Fac          CARE B+        59.9    Assigned
Akash Pet Containers Pvt Ltd          LT Bk Fac          CARE B+        68      Reaffirmed
(reduced from 10.11 Crore)
Alpha Founders Pvt Ltd                LT Bk Facility     CARE BB        80.7    Reaffirmed
Amko Exports                          LT Bk Fac          CARE BB+       123.5   Reaffirmed
Amtrak Technologies Pvt Ltd           LT Bk Fac          CARE BB+       8       Revised from
                                                                                CARE BB
Amtrak Technologies Pvt Ltd           LT /ST Bk Fac      CARE BB+/CARE  180     Revised from
                                                         A4+                    CARE BB/CARE
                                                                                A4
Angan Textile Pvt Ltd                 LT Bk Fac          -                      Withdrawn
Animala Wind Power Pvt Ltd            LT Bk Fac^         CARE A+ (SO)   5000    Reaffirmed
^Backed by corporate guarantee of Greenko Energies Private Limited (GEPL; rated ‘CARE A+;
Stable/CARE A1+’). The
corporate guarantee shall secure the facility till the final settlement date. The lenders may
consider release of Corporate Guarantee after 2 years of satisfactory operational performance
after Commercial Operations Date (COD).
Anjani Portland Cement Ltd            (iv)LT BkFac       -                      Withdrawn
Anjani Portland Cement Ltd            (ii)LT BkFac       CARE A         300     Assigned
Anjani Portland Cement Ltd            (i)                CARE AA+ (SO)  300     Reaffirmed
                                      Non-Convertible
                                      Deb issue @
@ backed by unconditional and irrevocable corporate guarantee from Chettinad Cement Corporation
Private Limited
Anuspaa Heritage Products Pvt Ltd     LT BkFac           CARE BB        77.7    -
ISSUER NOT COOPERATING
Aries Agro Ltd                        LT Bk Fac (fund    CARE BBB+      1266    Reaffirmed
                                      based)
Asa International India Microfinance  LT Bk Fac          CARE BBB-      150     Reaffirmed
Ltd.
Associated Alcohols And Breweries Ltd LT Bk Fac*         CARE A-        490.9   Revised from
                                                                                CARE BBB+
(enhanced from Rs.32.42 crore Crore)/*Bank facilities of Rs.21.00 crore reclassified from Short
term to Long term
Axis Wind Farms (Mpr Dam) Pvt Ltd     LT Bk Fac^         CARE A+ (SO)   6525    Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
of Greenko EnergiesPrivate Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’).
Axiscades Engineering Technologies LtdLT Bk Fac          CARE BBB+      404.5   Reaffirmed
Removed from credit watch with developing implications (enhanced from 1.87 Crore)
Axiscades Engineering Technologies LtdLong/ST Bk Fac     CARE BBB+      400     Reaffirmed
Removed from credit watch with developing implications
Ayushman Medical Diagnostics Pvt Ltd  LT Bk Fac          CARE BBB       713.7   Revised from
                                                                                CARE BBB-
(Reduced from 73.83 Crore)
B.R. Goyal Infrastructure Pvt Ltd     LT Bk Fac          CARE BBB       318     Reaffirmed
(enhanced from Rs.31.61 crore Crore)
B.R. Goyal Infrastructure Pvt Ltd     LT/ST Bk Fac       CARE BBB       1220    Reaffirmed
Banashankari Engineers                LT Bk Fac          CARE B+        20      Assigned
Bansal Pathways (Guna-Sironj) Pvt Ltd LT Bk Fac          CARE BBB+      1580    Revised from
                                                                                CARE BBB-
Bansal Pathways (Guna-Sironj) Pvt Ltd TL                 CARE BBB+      200     Revised from
                                                                                CARE BBB-
Beri Udyog Pvt Ltd                    LT Bk Fac          CARE A-        1189.2  Reaffirmed
(enhanced from 117.47 Crore)
Bharat Insecticides Ltd               LT Bk Fac          CARE AA-       400     Reaffirmed
Bharat Rasayan Ltd                    LT Bk Fac          CARE AA-       1063.2  Reaffirmed
Bhumi Procon Pvt Ltd                  LT BkFac           CARE BB+       40      Assigned
Borkhedi Wardner Pathways Pvt Ltd     LT Bk Fac          CARE BBB-      86.5    Reaffirmed
(reduced from 18.32 Crore)
Borkhedi Wardner Pathways Pvt Ltd     Long/Short Term    CARE BBB-/A3   91      Reaffirmed
                                      BkFac
Br Agrotech Ltd                       LT Bk Fac          CARE AA-       300     Reaffirmed
Brahmaputra Carbon Ltd                LT BkFac           CARE BBB       723.1   Reaffirmed
(enhanced from 65.01 Crore)
Bridge And Roof Co. (India) Ltd       LT Bk Fac          CARE A+        14650   Reaffirmed
Bridge And Roof Co. (India) Ltd       Long/ST Bk Fac     CARE A+/A1+    350     Reaffirmed
Business Broadcast News Holdings Ltd  NCD issue -1       CARE AA+(SO)           #
@backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited
Business Broadcast News Holdings Ltd  NCD issue -2       CARE AA+(SO)           #
@backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited
Business Broadcast News Holdings Ltd  NCD issue -3       CARE AA+(SO)           #
@backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited
C. J. Corporation                     LT Bk Fac (Fund    CARE D         120     -
                                      Based)
ISSUER NOT COOPERATING
Caliber Mercantile Pvt Ltd            LT Bk Fac          CARE BB        150     Assigned
Chhattisgarh Wr Transmission Ltd      LT Bk Fac          CARE A-        7550    Reaffirmed
Clear Water Ltd                       LT Bk Fac          CARE BB-       15      Revised from
                                                                                CARE BB
Clear Water Ltd                       LT/ST Bk Fac       CARE BB- /CARE 75      Revised from
                                                         A4                     CARE BB /
                                                                                CARE A4
D. Jamnadas And Company               LT Bk Fac          CARE BB-       11      Assigned
D. Jamnadas And Company               Long- term /Short- CARE BB-       14      Assigned
                                      term Bk Fac
Davangere Sugar Co. Ltd               LT Bk Fac- TL      CARE BB-       367.3   Revised from
                                                                                CARE BBB-
Davangere Sugar Co. Ltd               LT Bk Fac- FB      CARE BB+       990     Revised from
                                                                                CARE BBB-
Deccan Jewellers Pvt Ltd              LT Bk Fac          CARE B+        290     Revised from
                                                                                CARE BB-
Deep Industries Ltd                   LT Bk Fac          CARE A         2824.3  Revised
                                                                                fromCARE A
(reduced from 305.02 Crore)
Deep Industries Ltd                   LT / STBk Fac      CARE A/A1      900     Revised
                                                                                fromCARE A
Deepak Fertilisers And Petrochemicals LT Instruments-    CARE AA-       2500    Reaffirmed
Corporation Ltd                       Non Convertible
                                      Debentures
Devarahipparigi Wind Power Pvt Ltd    LT Bk Fac^         CARE A+ (SO)   6360    Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+’).
Digboi Carbon Pvt Ltd                 LT BkFac           CARE BBB       100     Reaffirmed
Dnh Spinners Pvt Ltd                  LT Bk Fac          CARE BBB+      3767.3  Reaffirmed
(enhanced from 342.05 Crore)
Dufresne Ifmr Capital 2016-(OriginatorSeries A PTCs      -              -       Withdrawn
Asirvad Microfinance Ltd)
Dynamic Cg Equipments Pvt. Ltd        LT Bk Fac          CARE D         490     -
ISSUER NOT COOPERATING
Electropneumatics & Hydraulics India  LT Bk Fac *        -              -       Withdrawal
Pvt Ltd
*Repaid fully
Electropneumatics & Hydraulics India  LT/ ST Bk Fac      CARE A-/CARE A2260     Revised from
Pvt Ltd                                                                         CARE BBB+
                                                                                / CARE A3+
Elkosta Security Systems India        LT Bk Fac          CARE B         70      Reaffirmed
Elkosta Security Systems India        LT/ST Bk           CARE B /CARE A450      Reaffirmed
                                      Facilitates
Emt Megatherm Pvt. Ltd                LT Bk Fac          CARE BB+       140     Reaffirmed
(reduced from 15.78 Crore)
Emt Megatherm Pvt. Ltd                Long/ST BkFac      CARE BB+ /A4+  250     Reaffirmed
Exel Rubber Ltd                       LT Bk Fac          CARE A+        70      Reaffirmed
Fedbank Financial Services Ltd        LT Bk Fac          CARE AA-/      10000   Reaffirmed
Fedbank Financial Services Ltd        NCDs               CARE AA-/      2000    Reaffirmed
Fitech Equipments (India) Pvt Ltd     LT BkFac           CARE BB+/      110     Reaffirmed
Flexpack Fibc                         LT Bk Fac          CARE B         90      -
ISSUER NOT COOPERATING
Fortune Cars Pvt Ltd                  LT Bk Fac          CARE B         195     Revised from
                                                                                CARE B+
Friends Polypack                      LT Bk Fac          CARE B+        37.7    -
ISSUER NOT COOPERATING
G R Infraprojects Ltd                 LT Bk Fac          CARE AA-/      1645.8  Revised from
                                                                                CARE AA-
G R Infraprojects Ltd                 NCDIssue 1 (NCD –  CARE AA-/      500     Revised from
                                      I) – Tranche 1*                           CARE AA-
 *Outstanding as on June 30, 2017  
G R Infraprojects Ltd                 NCDIssue 2 (NCD –  CARE AA-/      100     Revised from
                                      II)*                                      CARE AA-

 *Outstanding as on June 30, 2017     
G R Infraprojects Ltd                 LT/ ST BkFac       CARE AA-/A1+   18000   Revised from
                                                                                CARE AA-
                                                                                / CARE A1+ 
Gorakhpur Kasia Tollways Pvt Ltd      LT Bk Fac          CARE A+        90      Revised from
                                                                                CARE A-
(Reduced from Rs.28.00 crore Crore)
Gorakhpur Kasia Tollways Pvt Ltd      Long/ ST Bk Fac    CARE A+/A1+    352.9   Revised from
                                                                                CARE A-/ CARE
                                                                                A2+
Greenko Energies Pvt Ltd              LT Bk Fac          -                      Withdrawn
Greenko Energies Pvt Ltd              LT/STBk Fac       CARE A+ /CARE  1000    Reaffirmed
                                                         A1+
Greenko Godavari Power Projects Pvt LtLT BkFac^          CARE A+ (SO)   950     Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+’).
Greenko Godavari Power Projects Pvt LtLT BkFac*          CARE A+ (SO)   100     Reaffirmed
*Proposed to be backed by credit enhancement in the form of unconditional and irrevocable
corporate guarantee of
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’). The rating is
provisional and will be confirmed once the company submits copies of relevant executed guarantee
documents to the satisfaction of CARE.
Greenko Hatkoti Energy Pvt Ltd        LT Bk Fac^         CARE A+ (SO)   1470    Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+’).
Greenko Solar Energy Pvt Ltd          LT Instrument-NCD ^CARE A+ (SO)   6000    Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+’).
Greenko Wind Projects Pvt Ltd         LT Bk Fac –BGs^   CARE A+ (SO)   250     Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+’).
Greenko Wind Projects Pvt Ltd         LT Instrument      CARE A+ (SO)   3200    Reaffirmed
                                      NonConvertible
                                      Debe
^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+’).
Grow Ever Steel (India) Pvt. Ltd      LT Bk Fac          CARE A+        102.9   Reaffirmed
(reduced from 12.40 Crore)
Grow Ever Steel (India) Pvt. Ltd      Long/ST Bk Fac     CARE A+/A1+    35      Reaffirmed
Guna Sheopur Pathways Pvt Ltd         LT BkFac           CARE BBB+      648     Reaffirmed
(reduced from 69.38 Crore)
Guna Sheopur Pathways Pvt Ltd         Long/STBk Fac      CARE BBB+/A3+  50.8    Reaffirmed
Guwahati Carbon Ltd                   Long/ST Bk Fac     -                      Withdrawn
Guwahati Carbon Ltd                   LT Bk Fac          CARE BBB       200     Reaffirmed
Gwalior Bypass Project Ltd            NCD issue          CARE D         1612.6  Reaffirmed
Harsha Engineers Ltd                  LT Bk Fac          CARE A         644.1   Reaffirmed
Harsha Engineers Ltd                  Long- Term/STBk FacCARE A/A1+     2970.3  Reaffirmed
(enhanced from Rs.233.23 crore Crore)
Harsha Liners Pvt Ltd                 LT Bk Fac@         CARE BBB(SO)   45.4    Reaffirmed
(reduced from Rs.9.49 Crore)/@ backed by the unconditional and irrevocable corporate guarantee
provided by Kusalava International Limited (rated CARE BBB; Stable/CARE A3+)
Havmor Restaurants Pvt Ltd            LT Bk Fac          CARE BBB       60.9    Reaffirmed
(reduced from Rs.6.98 crore Crore)
Havmor Restaurants Pvt Ltd            LT/ ST Bk Fac      CARE BBB/A3+   60      Reaffirmed
Highness Cotton Industries            LT Bk Fac          CARE B+        65      -
ISSUER NOT COOPERATING
Hk Ispat Pvt Ltd                      LT Bk Fac          CARE BBB- (SO) 126.3   Reaffirmed
(reduced from Rs.14.42 crore Crore)
Hyderabad-Yadgiri Tollway Pvt Ltd     LT Bk Fac          CARE A-        1459.1  Reaffirmed
[Reduced from 156.85 crore]
Hyderabad-Yadgiri Tollway Pvt Ltd     LT Bk Fac          CARE A-        1097.7  Reaffirmed
[Reduced from Rs.111.59 crore]
Hyderabad-Yadgiri Tollway Pvt Ltd     Non-convertible    CARE A-        1193.7  Reaffirmed
                                      debenture issue
[Reduced from Rs.119.79 crore]
Ice Make Refrigeration Ltd (Erstwhile LT Bk Fac          CARE BBB+      15.3    Revised from
Ice Make Refrigeration Pvt Ltd)                                                 CARE BBB-
(reduced from Rs.2.27 crore Crore)
Ice Make Refrigeration Ltd (Erstwhile LT/STBk Fac        CARE BBB+/CARE 95      Revised from
Ice Make Refrigeration Pvt Ltd)                          A2                     CARE BBB- /
                                                                                CARE A3
Ice Touch Resorts Pvt Ltd             LT Bk Fac          CARE B+        70      Revised from
                                                                                CARE B
Ifgl Refractories Ltd (Formerly Known LT Bk Fac@         -                      Withdrawn
As Ifgl Exports Ltd)
 @based on the credit enhancement in the form of unconditional & irrevocable guarantee provided
by erstwhile IFGL Refractories Ltd. for the bank facilities of IFGL Exports Ltd (now renamed as
IFGL Refractories Ltd.) 
Ifgl Refractories Ltd (Formerly Known ST Bk Fac@         -                      Withdrawn
As Ifgl Exports Ltd)
 @based on the credit enhancement in the form of unconditional & irrevocable guarantee provided
by erstwhile IFGL Refractories Ltd. for the bank facilities of IFGL Exports Ltd (now renamed as
IFGL Refractories Ltd.) 
Ifgl Refractories Ltd (Formerly Known LT Bk Fac          CARE AA-/      301.3   Assigned
As Ifgl Exports Ltd)
Ifgl Refractories Ltd (Formerly Known Long / ST Bk Fac#  CARE AA-/A1+   650     Assigned
As Ifgl Exports Ltd)
 #Pursuant to the scheme of Amalgamation approved by the National Company Law Tribunal (NCLT),
erstwhile IFGL Refractories Ltd (erstwhile IFGL) has been merged with IFGL Exports Ltd. with
effect from 1st April 2016, and accordingly the entire rated facilities of erstwhile IFGL has
been transferred to IFGL Exports Ltd. (subsequently renamed as IFGL Refractories Ltd.)    
Ifgl Refractories Ltd.                LT Bk Fac          -                      Withdrawn
Ifgl Refractories Ltd.                Long/ ST Bk Fac    -                      Withdrawn
Ifgl Refractories Ltd.                CP-CP/STD          -                      Withdrawn
Indus Ferro Tech Ltd                  LT Bk Fac          CARE BB+(SO)   107.2   Reaffirmed
Infiniti Retail Ltd                   Long / ST BkFac    Care A+/A1     2850    Reaffirmed
(Enhanced from Rs. 125 crores Crore)
J.K. Fenner (India) Ltd               LT Bk Fac          CARE AA-       2032    Reaffirmed
(enhanced from 4.50 Crore)
Jr Toll Road Pvt. Ltd.                FB Fac (LT)^       CARE A-        3890    Revised from
                                                                                CARE A- 
 ^Backed by unconditional and irrevocable corporate guarantee of Reliance Infrastructure Limited
(R-Infra)    
Jsl Lifestyle Ltd                     LT Bk Fac (Fund    CARE BBB-      251.6   Reaffirmed
                                      Based)
Jsl Lifestyle Ltd                     LT / ST Bk Fac     CARE BBB-/A3   250     Reaffirmed
                                      (Non Fund Based
Kalinga Calciner Ltd                  LT Bk Fac          CARE BBB       300     Reaffirmed
Kalpana Struct-Con Pvt Ltd            LT BkFac           CARE BBB-      70      Reaffirmed
Khandaka Sons Jewellers               LT Bk Fac          CARE B         60      Assigned
Kishan Agro Product                   LT Bk Fac          CARE BB-       82.2    Reaffirmed
(enhanced from 6.72 Crore)
Kosamattam Finance Ltd                Sub-ordinated debt CARE BB        250     Reaffirmed
                                      – I
Kosamattam Finance Ltd                Sub-ordinated debt CARE BB        100     Reaffirmed
                                      - II
Kosamattam Finance Ltd                Sub-ordinated debt CARE BB        300     Reaffirmed
                                      – III
Kosamattam Finance Ltd                Sub-ordinated debt CARE BB        247.9   Reaffirmed
                                      -IV
Kosamattam Finance Ltd                LT Bk Fac          CARE BB+       2240    Reaffirmed
Kosamattam Finance Ltd                NCD Issue - I      CARE BB+       110.9   Reaffirmed
Kosamattam Finance Ltd                NCD Issue – II     CARE BB+       132.6   Reaffirmed
Kosamattam Finance Ltd                NCD Issue – III    CARE BB+       324     Reaffirmed
Kosamattam Finance Ltd                NCD Issue – IV     CARE BB+       1070.9  Reaffirmed
Kosamattam Finance Ltd                NCD Issue – V      CARE BB+       942.2   Reaffirmed
Kosamattam Finance Ltd                NCD Issue – VI     CARE BB+       1912.6  Reaffirmed
Kosamattam Finance Ltd                NCD Issue – VII    CARE BB+       1598.2  Reaffirmed
Kosamattam Finance Ltd                NCD Issue – VIII   CARE BB+       1575.1  Reaffirmed
Kothi Steel Ltd                       LT Bk Fac          CARE BBB-      241.1   Reaffirmed
(enhanced from Rs.20.33 crore Crore)
Kothi Steel Ltd                       LT/ST BkFac        CARE BBB-/CARE 15      Assigned
                                                         A3
Krishna Sai Educational Society       LT Bk Fac          CARE BBB-      108.1   Revised from
                                                                                CARE BB+
(reduced from 12.63 Crore)
Kusalava Batteries Pvt Ltd            LT Bk Fac@         CARE BBB(SO)   50      Reaffirmed
(reduced from Rs.8.00 Crore) /@ backed by the unconditional and irrevocable corporate guarantee
provided by Kusalava International Limited (rated CARE BBB;Stable/CARE A3+)
Kusalava International Ltd            LT Bk Fac          CARE BBB       380     Reaffirmed
(reduced from 42.50 Crore)
L&T Geostructure Llp                  LT Bk Fac          CARE A         350.4   Reaffirmed
L&T Geostructure Llp                  LT/ST Bk Fac       CARE A /CARE   700     Reaffirmed
                                                         A2+
Lkp Infra Projects                    LT Bk Fac          CARE BB-       70      Assigned
Lord Wheels Pvt Ltd                   LT Fac             CARE BB-       98.2    Assigned
Manaksia Aluminium Co. Ltd            LT Bk Fac          CARE BBB       470     Reaffirmed
(reduced from Rs.55.00 cr Crore)
Mangalam Ventures Ltd                 LT Bk Fac          CARE BB+       100     Reaffirmed
[Reduced from Rs.10.43 crore]
Mangalmay Foundation Trust            LT Bk Fac          CARE BB/       148.7   Reaffirmed
Matsya Automobiles Ltd                LT / ST Bk Fac     CARE BB-/A4    100     Reaffirmed
Megha Fibre Glass Industries Ltd      LT Bk Fac          CARE BBB+      20      Reaffirmed
Menon Pistons Ltd                     LT Bk Fac-Fund     CARE BBB+      250     Reaffirmed
                                      Based
Methra Industries India Pvt Ltd       LT Bk Fac          CARE D         56.4    Reaffirmed
reduced from 12.08)
Metro Institute Of Medical Sciences PvLT Bk Fac          CARE BBB-      1185.9  Reaffirmed
Ltd
(decreased from Rs.132.19 crore)
Metro Mas Hospitals Pvt Ltd           LT Bk Fac          CARE BBB- (SO) 77.3    Reaffirmed
(decreased from Rs.8.98 crore)
Metro Medical Services Ltd            LT Bk Fac          CARE BBB- (SO) 254.5   Reaffirmed
Midland Microfin Ltd                  LT Bk Fac          CARE BBB;      2100    Reaffirmed
(Enhanced from Rs. 110 crore Crore)
Mount Everest Breweries Ltd           LT BkFac           CARE A- (SO)   381.3   Revised from
                                                                                CARE BBB+
(reduced from Rs.41.09 crore Crore)
Mount Everest Breweries Ltd           LT / ST Bk Fac     CARE A-        20      Revised from
                                                         (SO)/A2+ (SO)          CARE BBB+
                                                                                (SO)/CARE A2(SO)
Nagpur Seoni Expressway Ltd           NCD Issue          CARE AAA (SO)  1868.7  Reaffirmed
Nand Trading Pvt Ltd                  LT Bk Fac          CARE BB-       20      Reaffirmed
Nand Trading Pvt Ltd                  LT Bk Fac          CARE BB-       20      Reaffirmed
Nand Trading Pvt Ltd                  LT/STBk Fac       CARE BB- /CARE 57      Reaffirmed
                                                         A4
(reduced from 9.20crs)
Nand Trading Pvt Ltd                  LT/STBk Fac        CARE BB-/A4    57      Reaffirmed
(reduced from 9.20 Crore)
Nashik Sinnar Tollways Ltd            LT Bk Fac          CARE BBB       1900    Revised from
                                                                                CARE BBB-
Nashik Sinnar Tollways Ltd            LT BkFac           CARE BBB       1900    Revised from
                                                                                CARE BBB-
Neo Carbons Pvt Ltd                   LT Bk Fac          CARE BBB       650     Reaffirmed
Neo Carbons Pvt Ltd                   LT Bk Fac          CARE BBB       650     Reaffirmed
Nlc India Ltd                         LT Bk Fac          CARE AAA       18870   Reaffirmed
(Enhanced from Rs.481 crore)
Om Cottex                             LT Bk Fac          CARE D         60      -
ISSUER NOT COOPERATING
Park Hospitals                        LT Bk Fac          CARE A-        450     Reaffirmed
Parry Enterprises India Ltd           LT Bk Fac          CARE A-        664.1   Reaffirmed
Phoenix Projects Pvt Ltd              LT Bk Fac          CARE BBB-      80      Reaffirmed
(reduced from Rs. 11 crore Crore)
Phoenix Projects Pvt Ltd              LT / ST BkFac      CARE BBB-      470     Reaffirmed
                                                         /CARE A3
(enhanced from Rs. 44 crore Crore)
Premco Rail Engineers Ltd             LT Bk Fac          CARE BBB-      39      Reaffirmed
(reduced from 11.40 Crore)
Prime Focus Ltd                       LT Bk Fac– Stand    -                     Withdrawn
                                      By Line of Credit@
 @backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited. The
rating is Provisional subject to the necessary documents being executed and the final rating
would be assigned on submission and verification of executed documents to the satisfaction of
CARE.     
Prime Focus World Creative Services PvLT Bk Fac – Post    -                     Withdrawn
Ltd                                   shipment foreign
                                      currency @
 @backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited. The
rating is Provisional subject to the necessary documents being executed and the final rating
would be assigned on submission and verification of executed documents to the satisfaction of
CARE.     
Priya Blue Industries Pvt Ltd         LT Bk Fac          CARE BBB-      270     Reaffirmed
Psp Projects Ltd                      LT BkFac           CARE A         450     Revised from
                                                                                CARE A
(Enhanced from 8.00 Crore)
Psp Projects Ltd                      LT/ STBk Fac       CARE A/A1      3650    Revised from
                                                                                CARE A
(Enhanced from 172.00 Crore)
Punjab State Power Corporation Ltd    Non- SLR Bonds^    CARE BBB (SO)  3316    Reaffirmed
^The facility is backed by unconditional and irrevocable guarantee of Govt. of Punjab for the
timely servicing of Bonds' interest and principal repayments
Purti Vanaspati Pvt Ltd               LT Bk Fac          CARE BBB-      100     Reaffirmed
Ramani Ice Cream Co. Ltd              LT Bk Fac          CARE BBB+      665     Reaffirmed
(enhanced from Rs.42.29 crore Crore)
Reliance Big Entertainment Pvt Ltd    LT Bk Fac          CARE A+(SO)            -
@Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
from Reliance Innoventures Pvt. Ltd. (RIPL).
Reliance Big Entertainment Pvt Ltd    LT Bk Fac          CARE BBB-      400     -
Reliance Mediaworks Ltd               NCD issue          CARE AA+(SO)           #
@backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited
Remi Electrotechnik Ltd               LT Bk Fac-Fund     CARE BBB       110     Reaffirmed
                                      Based- CC
Remi Process Plant And Machinery Ltd. LT Bk Fac (FB - CC CARE BBB-      50      Reaffirmed
                                      limits)
Remi Sales And Engineering Ltd        LT Bk Fac (FB)     CARE BBB-      67.5    Reaffirmed
Rishi Shipping                        LT Bk Fac          CARE BBB+      512.4   Reaffirmed
Rishi Shipping                        LT/ ST Bk Fac      CARE BBB+/A2   110     Reaffirmed
(enhanced from Rs.8.00 crore Crore)
Riwasa Tiles Ltd                      LT Bk Fac          CARE BBB-      136.4   Reaffirmed
(reduced from Rs.13.99 crore Crore)
Rohtak Hissar Tollway Pvt Ltd         LT Bk Fac          CARE BB+       9524    Revised from
                                                                                CARE BBB-
Russaka Ply India Ltd                 LT Bk Fac          CARE BB-       35      Reaffirmed
S K Mohapatra                         LT Bk Fac          CARE BB-       100     Reaffirmed
Sanathan Textiles Pvt Ltd             LT Bk Fac          CARE BBB       2041.3  Revised from
                                                                                CARE BBB-
Sbee Cables (India) Ltd               LT Bk Fac          CARE BBB-      550     Reaffirmed
(enhanced from 15.00 Crore)
Sez Biotech Services Pvt Ltd          LT Bk Fac          CARE AA+(SO)   2200    Reaffirmed
Shambhu Textile Mills Pvt Ltd         LT Bk Fac          CARE BB-       187.5   Reaffirmed
(enhanced from 6.25crs)
Shanti Spintex Pvt Ltd                LT Bk Fac          CARE BBB-      494     Revised from
                                                                                CARE BB+
(Enhanced from Rs.23.95 crore Crore)
Shantigram Estate Management Pvt. Ltd.LT Bk Fac          CARE BBB+      330     Reaffirmed
(reduced from 78.00crs)
Shantikrupa Estates Pvt. Ltd.         LT Bk Fac          CARE BBB-      548     Reaffirmed
Shivalik Bimetal Controls Ltd         LT Bk Fac (TL)     CARE BBB+      20      Revised from
                                                                                CARE BBB
(reduced from 2.44 Crore)
Shivalik Bimetal Controls Ltd         Long tem/ST Bk Fac CARE BBB+/A2   260     Revised from
                                      (FB)                                      CARE BBBCARE A3+
Shyam Indus Power Solutions Pvt Ltd   LT Bk Fac – fund   CARE BBB       625     Reaffirmed
(Sips)                                based
Sipat Transmission Ltd                LT Bk Fac          CARE A-        4610    Reaffirmed
Sky Spintex Pvt Ltd                   LT Bk Fac          CARE BB        706.2   Revised from
                                                                                CARE BB-
Sml Finance Ltd                       LT Bk Fac          CARE BB+       675     Revised from
                                                                                CARE BB
Soccer International Pvt Ltd          LT Bk Fac          CARE BBB       102.4   Reaffirmed
Soccer International Pvt Ltd          Long/ST Bk Fac     CARE BBB/A3+   510     Reaffirmed
Srei Infrastructure Finance Ltd       LT Bk Fac          CARE A+        118117.7Reaffirmed
(reduced from 11,930.31crs)
Sri Kumaran Mills Pvt Ltd             LT Bk Fac          CARE B         171     Assigned
Subhang Capsas Pvt Ltd                LT Bk Fac          CARE B+        54.6    -
ISSUER NOT COOPERATING
Sunhill Hospitals Pvt Ltd             LT Bk Fac          CARE BBB- (SO) 266.9   Reaffirmed
Super Cotton Industries               LT Bk Fac          CARE B+        75.5    -
ISSUER NOT COOPERATING
Technology House India Pvt Ltd        LT Bk Fac^         CARE A+ (SO)   600     Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+’).
Tirupati Iron Impex Pvt Ltd           CC                 CARE BB+       220     -
ISSUER NOT COOPERATING
Toyo Springs Ltd                      LT Bk Fac          CARE BBB+      1228.6  Reaffirmed
(Enhanced from Rs.97.75 Crore)
Travis Ifmr Capital 2016-(Originator: Series A PTCs      -                      Withdrawn
Asirvad Microfinance Ltd)
Tvs Motor Co. Ltd                     LT BkFac           CARE AA+       1500    Reaffirmed
Tvs Motor Co. Ltd                     LT/ STBk Fac       CARE AA+/A1+   3500    Reaffirmed
(enhanced from Rs.300 crore Crore)
Unicure India Ltd                     LT Bk Fac          CARE BBB-      90      Reaffirmed
Unicure India Ltd                     ST Bk Fac          CARE BBB-      150     Reaffirmed
                                                         /CARE A3
Universal Biomass Energy Pvt Ltd      LT Bk Fac          CARE BBB-      171.9   Reaffirmed
(reduced from 25.81 Crore)
Virgo Industries                      LT/ST Bk Fac       CARE A-/A2+    390     Reaffirmed
(enhanced from 38.00 Crore)
Virgo Laminates Ltd                   LT Bk Fac          CARE A-        115     Reaffirmed
(enhanced from 4.50 Crore)
Vivimed Labs Ltd                      LT Bk Fac          CARE BBB+      3121.4  Revised from
                                                                                CARE BBB-
(reduced from 314.42 Crore)
West Coast Paper Mills Ltd.           LT Bk Fac                                 Withdrawn
Yantra Esolar India Pvt Ltd           LT Bk Fac          CARE BBB+(SO)  216.5   Revised
                                                                                fromCARE
                                                                                BBB-(SO)
(reduced from 23.25crs)
--------------------------------------------------------------------------------------------
$: 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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