January 9, 2018 / 10:52 AM / 9 days ago

CARE ratings for Indian debt instruments-Jan 9

   Jan 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 8, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.K. Capital Finance Pvt Ltd          CP                 CARE A1+       3500    Reaffirmed
Abilities India Pistons And Rings Pvt ST Bk Fac          CARE A4+       130.5   Revised from
Ltd                                                                             CARE A4
Adage Automation Pvt Ltd              ST Bk Fac          CARE A3        54.7    Reaffirmed

Adithya Automotive Applications Pvt Ltd Short term Bk    CARE A2        150     Revised from
                                      Fac                                       CARE A1
Aditya Timpack Pvt Ltd                ST Bk Fac          CARE A4        20      Assigned
Airox Technologies Pvt Ltd            ST Bk Fac          CARE A4        2.5     Assigned
Amjey Chem Trade Pvt Ltd              ST Bk Fac          CARE A4+       215     Reaffirmed
Anand Impex                           ST Bk Fac          CARE A4        42.5    Reaffirmed
Aspee Sons                            ST Bk Fac          CARE A3*       0.5     Reaffirmed
*The combined business and financial risk profiles of Aspee Springs Limited (ASL),
 Aspee Precision Components Private Limited (APC) and Aspee Sons (AS) have been 
 considered as all three entities (together referred to as ‘Group’) have common 
 management and have operational linkages 
Aspee Springs Ltd                     ST Bk Fac          CARE A3*       10      Reaffirmed
*The combined business and financial risk profiles of Aspee Springs Limited (ASL),
 Aspee Precision Components Private Limited (APC) and Aspee Sons (AS) have been 
 considered as all three entities (together referred to as ‘Group’) have common 
 management and have operational linkages 
Atibir Industries Co. Ltd             ST Bk Fac          CARE A3+       4410    Assigned
Bajaj Processpack Ltd                 ST Bk Fac          CARE A4        20      Reaffirmed
Bannari Amman Spinning Mills Ltd      STFac              CARE A3+       750     Revised
                                                                                from
CARE A2
Bindlas Duplux Ltd                    ST Bk Fac          CARE A3        155.5   Reaffirmed
Boxco Logistics India Pvt Ltd         ST non FB Fac (BG) CARE A3        300     Reaffirmed
Bright Power Project (India) Pvt Ltd  ST Bk Fac          CARE A1 (SO)   2500    Reaffirmed
Ceat Ltd                              ST Bk Fac          CARE A1+       9000    Reaffirmed
Ceat Ltd                              CP (CP) issue@     CARE A1+       3500    Reaffirmed
Chemical Process Equipments Pvt Ltd   ST Non Fund Based  CARE A3        330     Reaffirmed
                                      Bk Fac
Drashti Cotspin Pvt Ltd               ST Bk Fac          CARE A4        16.5    Reaffirmed
Gardex                                ST Bk Fac          CARE A3        541     Reaffirmed
Goraya Straw Board Mills Pvt Ltd      ST Bk Fac          CARE D         1       -
ISSUER NOT COOPERATING
Gillanders Arbuthnot & Co. Ltd        ST BkFac           CARE A3+       2364.9  Reaffirmed
H K Lumbers Llp                       ST Bk Fac          CARE A4        45      Revised from
                                                                                CARE D
H K Timbers Pvt Ltd                   ST BkFac           CARE A4        75      Revised from
                                                                                CARE D
Hema Engineering Industries Ltd       ST Fac             CARE A3        680     Reaffirmed
Ikf Finance Ltd                       ST Bk Fac          CARE A2+       140     Reaffirmed
Ikf Finance Ltd                       CP                 CARE A2+       500     Reaffirmed
India Carbon Ltd                      ST Bk Fac*         CARE A3+               Revised from
                                                                                (CARE A3)
India Files Manufacturing Company     ST Bk Fac          CARE A4+       87.5    Reaffirmed
Jade Blue Lifestyle India Ltd         ST Bk Fac          CARE A2        70      Reaffirmed
Joyville Shapoorji Housing Pvt Ltd    CP Issue*          CARE A1+ (SO)  400     Reaffirmed
* Instrument is backed by credit enhancement in the form of an unconditional and 
  irrevocable Standby letter of Credit (SBLC) provided by RBL Bank Limited
  [RBL, rated CARE AA- (Stable)] 
Jsiw Infrastructure Pvt Ltd           ST Bk Fac          CARE A1        970     Reaffirmed
Kinshuk Enterprise                    ST Bk Fac          CARE A4        3       -
ISSUER NOT COOPERATING
Kissandhan Agri Financial Services PvtFB - ST-TL         CARE A2+       600     Assigned
Ltd
Kissandhan Agri Financial Services PvtCP (Proposed)      CARE A2+       500     Assigned
Ltd
Kunal Structure (India) Pvt Ltd       CP (CP) (carved    CARE A1        500     Assigned
                                      out of fund based
                                      working capital limits)
Newage Fire Protection Engineers Pvt Ltd  ST Bk Fac      -                      Withdrawn
M.M. Patel Public Charitable Trust    ST Bk Fac          CARE A4        70      Reaffirmed
M.P.K Ispat (I) Pvt Ltd               ST Bk Fac          CARE D         74
ISSUER NOT COOPERATING
Manika Moulds Pvt Ltd                 ST Bk Fac          CARE A3+       10      Reaffirmed
Mojj Engineering Systems Ltd          ST Bk Fac          CARE A4        180     Revised from
                                                                                CARE A4+
Naresh Singhal And Company            ST Bk Fac          CARE A4        55      Reaffirmed
Nava Bharat Energy India Ltd          ST BkFac           CARE A3+       625     Placed on
                                                                                credit watch
                                                                                with developing
                                                                                implications
Nemi Chem                             ST Bk Fac          CARE A4        120     Assigned
Nice Projects Pvt Ltd                 ST Bk Fac          CARE A3        440     Reaffirmed
Nocil Ltd                             CP*                CARE A1+       500     Reaffirmed
Nocil Ltd                             ST Bk              CARE A1+       800     Reaffirmed
                                      Fac(non-FBL)
Overseas Polymers Pvt Ltd             ST Bk Fac- NonFB   CARE A1        2200    Reaffirmed
Panama Petrochem Ltd                  ST Bk Fac          CARE A1        4440    Reaffirmed
Polymer Technologies International    ST Bk Fac          -                      Withdrawn
Pennar Engineered Building Systems Ltdii. ST Bk Fac @    CARE A1 (SO)   5       Reaffirmed
@backed by unconditional and irrevocable corporate guarantee provided by Pennar 
Industries Limited (rated CARE A; Positive / CARE A1)
Pennar Industries Ltd                 ST Bk Fac          CARE A1        1750    Reaffirmed
Piccolo Mosaic Ltd                    ST Bk Fac          CARE A3        5       Reaffirmed
Pooja Cotspin Ltd                     ST Bk Fac          CARE A3        10.7    Reaffirmed
Preeti Buildcon Pvt Ltd               ST Bk Fac          CARE A4+       25      Assigned
Progility Technologies Pvt Ltd        ST Bk Fac          CARE A2        455     Revised from
                                                                                CARE A1
(enhanced from 40.00crs)
Sharon Bio-Medicine Ltd               ST Bk Fac          CARE D         2999.9  -
ISSUER NOT COOPERATING
M.P.K. Metals Pvt Ltd                 ST Bk Fac          CARE D         7.2
ISSUER NOT COOPERATING
R.K. Exports (Karur) Pvt Ltd          ST Bk Fac          CARE A4+       70      Reaffirmed
(enhanced from 4.00crs)
Rajvir And Company                    ST Bk Fac          CARE A4        70      Assigned
Ronch Polymers Pvt. Ltd.              ST Bk Fac –BG/LC   CARE A2+       176.5   Re-affirmed
(reduced from 19.64crs)
Roop Polymers Ltd                     ST Bk Fac          CARE A2+       209.7   Revised from
                                                                                CARE A3+
(Reduced from 22.97crs)
Sadbhav Engineering Ltd               ST Bk Fac          CARE A1+       200     Reaffirmed
Sadbhav Engineering Ltd               CP (carved out of  CARE A1+       1500    Reaffirmed
                                      working capital
                                      limits)
Sadbhav Engineering Ltd               CP (standalone)^   CARE A1+       500     Reaffirmed
^Sadbhav Engineering Limited (SEL) has given an undertaking to keep the sanctioned 
 fund-based working capital limits unutilized to the extent of the standalone 
 CP issue of Rs.50 crore. SEL has confirmed that the total of utilisation of 
 fund-based working capital limits (within consortium) and outstanding of CP 
 issued shall not exceed ‘the sanctioned fund-based working capital limits 
 under consortium or drawing power’, whichever is lower. 
Sai Fertilizers Pvt Ltd               ST Bk Fac          CARE A2+       200     Assigned
Satluj Spintex Ltd                    ST Bk Fac          CARE A3        1300    Reaffirmed
Shree Shivam Attires Pvt. Ltd.        ST Bk Fac (Non     CARE A3        16.5    Assigned
                                      Fund Based)
Shrine Engineering Pvt Ltd            ST Bk Fac          CARE A4        35      -
ISSUER NOT COOPERATING
Softel Overseas Pvt Ltd               ST Bk Fac          CARE A4        100     Reaffirmed
Sohum Shoppe Pvt. Ltd.                ST Bk Fac (Non     CARE A3        2.5     Reaffirmed
                                      Fund Based)
Spykar Lifestyles Pvt Ltd             ST Bk              CARE A3        100     Reaffirmed
                                      Fac-NFB-LC/BG
Suncity Projects Pvt Ltd              ST Bk Fac          CARE A3)       1220    Reaffirmed
Svasca Industries (India) Ltd         ST Bk Fac          CARE A4        60      Assigned
Swarnalatha Spintex Pvt Ltd           ST Bk Fac          CARE A4        19.5    Assigned
Tanla Solutions Ltd                   ST Bk Fac          CARE A2+       799     Reaffirmed
(enhanced from Rs.20.00 crore)
Tata Communications Ltd               ST Bk Fac          CARE A1+       15110   Reaffirmed
Tata Communications Payment Solutions CP-2               CARE A1+ (SO)          Reaffirmed
Ltd
#backed by credit enhancement in the form of letter of comfort from Tata 
 Communications Ltd. (TCL), rated CARE AA+/CARE A1+
Tata Communications Payment Solutions ST Bk Fac          CARE A1+ (SO)          Reaffirmed
Ltd
@ Includes Rs.0.50 crore backed by credit enhancement in the form of unconditional 
 and irrevocable corporate guarantee extended by TCL; Rs.4 crore backed by credit
 enhancement in the form of debit letter authority from TCL and Rs.210 crore backed by credit. 
Tata Communications Payment Solutions CP (CP) -1         CARE A1+ (SO)          Reaffirmed
Ltd
#backed by credit enhancement in the form of letter of comfort from Tata 
 Communications Ltd. (TCL), rated CARE AA+/CARE A1+
Tata Communications Payment Solutions Proposed CP        Provisional            Reaffirmed
Ltd                                                      CARE A1+ (SO)
^backed by credit enhancement in the form of letter of comfort proposed to be 
extended by TCL.
Tata Motors Finance Ltd (Formerly KnowCP                 CARE A1+       60000   Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Solutions Ltd     CP                 CARE A1+       20000   Reaffirmed
Texmaco Rail & Engineering Ltd        ST Bk Fac          CARE A1+       50      Reaffirmed
(reduced from 1100crs)
Texmaco Rail & Engineering Ltd        CP (CP)*           CARE A1+       1000    Reaffirmed
*carved out of the sanctioned fund based working capital limits of the company
Texport Syndicate (India) Ltd         Bk Fac-Non-Fund    CARE A3        290     Reaffirmed
                                      Based - ST-BG/LC
Thriveni Earthmovers Pvt Ltd          ST Bk Fac          CARE A2        8289.6  Revised from
                                                                                CARE A2+
(enhanced from 603.96crs)
Tmf Holdings Ltd (Formerly Known As   CP                 CARE A1+       25000   Reaffirmed
Tata Motors Finance Ltd)
Vem Technologies Pvt Ltd              ST Bk Fac          CARE A3+       125.8   Reaffirmed
Vijai Marine Services                 ST Bk Fac          CARE A4+       350     Reaffirmed


LONG TERM RATINGS:
-------------------
A. K. Capital Services Ltd            LT Bk Fac          CARE A+        2000    Reaffirmed
A.K. Capital Finance Pvt Ltd          LT Bk Fac          CARE A+        1250    Reaffirmed
A.K. Capital Finance Pvt Ltd          LT Bk Fac*         CARE A+ (SO)   2750    Reaffirmed
*backed by unconditional and irrevocable corporate guarantee provided by A.K. 
 Capital Services Ltd. (AKCSL; rated CARE A+ )
A.R. Stanchem Pvt Ltd                 LT Bk Fac          CARE A-        11      Assigned
A.R. Stanchem Pvt Ltd                 LT/ST Bk Fac       CARE A-        310     Assigned
Abilities India Pistons And Rings Pvt LT Bk Fac          CARE BB+       70.6    Revised from
Ltd                                                                             CARE BB
Accord Watertech And Infrastructure PvLT Bk Fac          CARE BB        90      Assigned
Ltd
Adage Automation Pvt Ltd              LT Bk Fac          CARE BBB-      80      Reaffirmed
Adage Automation Pvt Ltd              LT/ST BkFac        CARE BBB-/CARE 80      Reaffirmed
                                                         A3
Adithya Automotive Applications Pvt Ltd Long term Bk Fac CARE BBB+      100     Revised from
                                                                                CARE A-
Removed from credit watch with Developing Implication
Aditya Timpack Pvt Ltd                LT Bk Fac          CARE BB-       167.9   Revised from
                                                                                CARE B+
Agarwal Toughened Glass India Pvt Ltd LT Bk Fac          CARE B+        65.5
ISSUER NOT COOPERATING
Airox Technologies Pvt Ltd            LT Bk Fac          CARE BB-       57.5    Assigned
Ali Enterprises                       CC                 CARE B+        92.5    Assigned
Amjey Chem Trade Pvt Ltd              LT Bk Fac          CARE BB+       50      Revised from
                                                                                CARE BB
Anand Impex                           LT Bk Fac          CARE BB-       17.5    Reaffirmed
Anushree Sarees Pvt Ltd               LT Bk Fac/ ST Bk   CARE BB /CARE  150     Long Term
                                      Fac                A4                     Rating
                                                                                Reaffirmed
                                                                                and Short 
                                                                                Term Rating 
                                                                                Assigned
Aspee Precision Components Pvt Ltd    LT Bk Fac          CARE BBB- *    22.5    Reaffirmed
*The combined business and financial risk profiles of Aspee Springs Limited (ASL),
 Aspee Precision Components Private Limited (APC) and Aspee Sons (AS) have been 
 considered as all three entities (together referred to as ‘Group’) have common
 management and have operational linkages 
Aspee Sons                            LT Bk Fac          CARE BBB- *    49.5    Reaffirmed
*The combined business and financial risk profiles of Aspee Springs Limited (ASL),
 Aspee Precision Components Private Limited (APC) and Aspee Sons (AS) have been 
 considered as all three entities (together referred to as ‘Group’) have common
 management and have operational linkages 
Aspee Springs Ltd                     LT Bk Fac          CARE BBB- *    95      Reaffirmed
*The combined business and financial risk profiles of Aspee Springs Limited (ASL),
 Aspee Precision Components Private Limited (APC) and Aspee Sons (AS) have been 
 considered as all three entities (together referred to as ‘Group’) have common
 management and have operational linkages 
Atibir Industries Co. Ltd             LT Bk Fac          CARE BBB       3560    Assigned
B. B. Banthia Jewellers               LT Bk Fac          CARE BB        84.5    Assigned
Bajaj Processpack Ltd                 LT Bk Fac          CARE B         30      Revised from
                                                                                CARE B+
Bajoria Entertainment Pvt. Ltd.       LT Bk Fac          CARE BBB       300     Reaffirmed
Bannari Amman Spinning Mills Ltd      LTFac              CARE BBB+      1783.9  Revised
                                                                                from
CARE A-
Bannari Amman Spinning Mills Ltd      LT/STBk Fac        CARE BBB+      3350    Revised
                                                                                from
CARE A-
                                                                                / CARE A2
Bindlas Duplux Ltd                    LT Bk Fac          CARE BBB-      335     Reaffirmed
Biostadt India Ltd                    LT/ST WC limits    CARE A /CARE A11000    Reaffirmed
                                      (Fund based/Non
                                      Fund based)
Boxco Logistics India Pvt Ltd         LT FB Fac (CC)     CARE BBB-      220     Reaffirmed
Boxco Logistics India Pvt Ltd         LT Bk Fac (TL)     CARE BBB-      155     Reaffirmed
Bright Power Project (India) Pvt Ltd  LT Bk Fac          CARE A+ (SO)   800     Reaffirmed
Bright Power Project (India) Pvt Ltd  LT/ST BkFac        CARE A+        499.9   Reaffirmed
                                                         (SO)/CARE A1
                                                         (SO)
Btm Fabrics Pvt Ltd                   LT Bk Fac          CARE B+        110     -
ISSUER NOT COOPERATING
Ceat Ltd                              LT Bk Fac          CARE AA        9550    Reaffirmed
Ceat Ltd                              NCD issue          CARE AA        2000    Reaffirmed
Chemical Process Equipments Pvt Ltd   LT Bk Facility     CARE BBB-      30      Assigned
                                      (Proposed TL)
Chemical Process Equipments Pvt Ltd   LT Fund Based Bk   CARE BBB-      90      Reaffirmed
                                      Fac
Chhattisgarh Investments Ltd          Bk Fac-TL-LT       CARE BBB       126     Revised from
                                                                                CARE BBB-
Devanshi Construction                 LT Bk Fac          CARE D         100     -
ISSUER NOT COOPERATING
Drashti Cotspin Pvt Ltd               LT Bk Fac          CARE B+        240.9   Reaffirmed
Essel Housing Projects Pvt Ltd        LT Bk Fac          -                      Withdrawn*
*withdrawn at the request of the company as the aforesaid corporate guarantee
  by Suncity Projects Private Limited (SPPL) has not been executed and now SPPL
Essel Housing Projects Pvt Ltd        LT Bk Fac@         CARE BBB (SO)  1700    Assigned
'@Backed by credit enhancement in the form of Suncity Projects Private Limited
 rated ‘CARE BBB; Stable / CARE A3’ revised from ‘CARE BBB-; Stable / 
 CARE A3’ in December-2017 acting as a co-borrower 
Gdr Educational Society               LT Bk Fac          CARE BBB       490.1   Reaffirmed
Gillanders Arbuthnot & Co. Ltd        LT BkFac           CARE BBB+      2693    Reaffirmed
Gillanders Arbuthnot & Co. Ltd        Fixed Deposit      CARE BBB+ (FD) 600     Reaffirmed
                                      program
Gillanders Arbuthnot & Co. Ltd        Long/ST BkFac      CARE BBB+      963     Reaffirmed
                                                         /CARE A3+
Goraya Straw Board Mills Pvt Ltd      LT Bk Fac          CARE D         118.9   -
ISSUER NOT COOPERATING
H K Lumbers Llp                       LT Bk Fac          CARE B         13.5    Revised from
                                                                                CARE D
H K Timbers Pvt Ltd                   LT BkFac           CARE B         60      Revised from
                                                                                CARE D
Harsh Gathani Enterprise Pvt Ltd      LT Bk Fac          CARE BBB-      306.6   Reaffirmed
Hema Engineering Industries Ltd       LT Fac             CARE BBB       1923.6  Revised from
                                                                                CARE BBB
Hind Unitrade Pvt Ltd                 LT Bk Fac          CARE BB        150     Revised from
                                                                                CARE BB-
Ikf Finance Ltd                       NCDs (NCD)@        -                      Withdrawn
Ikf Finance Ltd                       CP Backed by Stand -                      Withdrawn
                                      by LOC (SBLC) from
                                      Central Bk of India@#
@CARE has withdrawn the rating assigned to the NCD outstanding of Rs.3.50 crore 
of IKF with immediate effect, as the company has repaid the said NCD in full and 
there is no amount outstanding against the same as on date.
# CARE has withdrawn the rating assigned to the commercial paper issuance of IKF
 with immediate effect at the request of the company as IKF has not raised funds
 against the same and as such no amount is outstanding against the
 said commercial paper as on date.

Ikf Finance Ltd                       LT Bk Fac          CARE A-        8010    Reaffirmed
Ikf Finance Ltd                       Proposed NCDs      CARE A-        750     Reaffirmed
                                      (NCD)
Ikf Finance Ltd                       Principal          CARE PP MLD A- 250     Reaffirmed
                                      Protected Market
                                      Linked Debenture (PP-MLD)
India Carbon Ltd                      LT Bk Fac*         CARE BBB       205.3   Revised from
                                                                                (CARE BBB-)
J.C Brothers Jewellers                LT Bk Fac          CARE BBB-      300     Reaffirmed
J.C Brothers Retail Pvt Ltd           LT BkFac           CARE BBB-      743.6   Reaffirmed
Jade Blue Lifestyle India Ltd         LT Bk Fac          CARE A-        793.8   Reaffirmed
Jiya Eco Products Ltd                 LT Bk Fac          CARE BBB-      119     Reaffirmed
Joyville Shapoorji Housing Pvt Ltd    Long term- Non     CARE AA        898.4   Reaffirmed
                                      Convertible
                                      Debentures(NCDs)- Series- A^
^Series A subscribed by sponsor and Series B subscribed by Investors
Joyville Shapoorji Housing Pvt Ltd    LT- NCDs- Series-  CARE AA        2096.2  Reaffirmed
                                      B^
^ Series A subscribed by sponsor and Series B subscribed by Investors
Joyville Shapoorji Housing Pvt Ltd    LT-Proposed NCDs-  Provisional    2701.6  Reaffirmed
                                      Series- A^         CARE AA
^ Series A subscribed by sponsor and Series B subscribed by Investors
Joyville Shapoorji Housing Pvt Ltd    LT-Proposed NCDs-  Provisional    6303.8  Reaffirmed
                                      Series- B^         CARE AA
^ Series A subscribed by sponsor and Series B subscribed by Investors
Jsiw Infrastructure Pvt Ltd           LTBkFac            CARE A         700     Revised from
                                                                                CARE A-
Jsiw Infrastructure Pvt Ltd           Long/Shortterm     CARE A /CARE   3950    Revised from
                                      BkFac              A1                     CARE A- /
                                                                                CARE A1
Jupiter Petrochem                     LT BkFac           CARE BB-       150     -
ISSUER NOT COOPERATING
Kailash Infratech Pvt Ltd             LT Bk Fac          CARE BB-       155     Reaffirmed
Kinshuk Enterprise                    LT Bk Fac          CARE B+        4.6     -
ISSUER NOT COOPERATING
Kinshuk Enterprise                    LT/ST Bk Fac       CARE B+ /CARE  65      -
                                                         A4
ISSUER NOT COOPERATING
Kiran Infra Engineers Ltd             LT Bk Fac          CARE BBB-      70      Revised from
                                                                                CARE BB+
Kiran Infra Engineers Ltd             LT/ STBk Fac       CARE BBB-      950     Revised from
                                                         /CARE A3               CARE BB+
Kissandhan Agri Financial Services PvtLT Bk Fac – TL     CARE A-        80      Reaffirmed
Ltd
Kissandhan Agri Financial Services PvtLT Bk Fac – CC     CARE A-        800     Reaffirmed
Ltd
Kissandhan Agri Financial Services PvtLong/ST BkFac      CARE A- /CARE  520     Reaffirmed
Ltd                                                      A2+
Kogta Financial (India) Ltd.          NCD Issue          -              0       Withdrawn
Kogta Financial (India) Ltd.          NCD Issue          CARE BBB       400     Revised from
                                                                                CARE BBB-
Kogta Financial (India) Ltd.          LT Bk Fac          CARE BBB       1100    Revised from
                                                                                CARE BBB-
Kuldip Oswal Hosiery Mills Pvt Ltd    LT Bk Fac          CARE BBB-      52.4    Assigned
Kunal Structure (India) Pvt Ltd       LT Bk Fac          CARE A         1540    Reaffirmed
Kunal Structure (India) Pvt Ltd       LT / ST BkFac      CARE A /CARE   4580    Reaffirmed
                                                         A1
M.M. Patel Public Charitable Trust    LT Bk Fac          CARE BB-       1049.2  Reaffirmed
M.P.K Ispat (I) Pvt Ltd               LT Bk Fac          CARE D         193
ISSUER NOT COOPERATING
M.P.K. Metals Pvt Ltd                 LT Bk Fac          CARE D         64.1
ISSUER NOT COOPERATING
Mahindra Rural Housing Finance Ltd    NCD issue          CARE AA+       2000    Reaffirmed
Mahindra Rural Housing Finance Ltd    Subordinated Debt  CARE AA+       3000    Reaffirmed
Mahindra Rural Housing Finance Ltd    Issuer Rating      CARE AA+ (Is)  0       Reaffirmed
Manika Moulds Pvt Ltd                 LT Bk Fac          CARE BBB+      636.1   Reaffirmed
Metmill Footwear Pvt Ltd              LT / ST Bk Fac     CARE AA (SO)   100     Reaffirmed
                                                         /CARE A1+ (SO)
Metmill Footwear Pvt Ltd              LT / ST Bk Fac     CARE AA (SO)   150     Final rating
                                                         /CARE A1+ (SO)         Assigned*
* CARE has assigned the final rating to Rs.15 crore bank facilities of Metmill
 Footwear Private Limited as the company has shared the corporate guarantee
 document executed by Metro shoes limited (Guarantor). 
Metro Shoes Ltd                       Long/Short term    CARE AA /CARE  250     Reaffirmed
                                      Bk Fac             A1+
Mojj Engineering Systems Ltd          LT Bk Fac          CARE BB        78.5    Revised from
                                                                                CARE BB+
Nachiketa Papers Ltd                  LT Bk Fac          CARE BB+       144.8   Reaffirmed
Naresh Singhal And Company            LT Bk Fac          CARE B+        32.5    Reaffirmed
Nava Bharat Energy India Ltd          LT BkFac           CARE BBB+      2640.6  Placed on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Nemi Chem                             LT Bk Fac          CARE BB-       30      Assigned
Newage Fire Protection Engineers Pvt Ltd LT Bk Fac       -                      Withdrawn
Nice Projects Pvt Ltd                 LT Bk Fac          CARE BBB       144     Reaffirmed
Nlc Tamilnadu Power Ltd               LT & LT/ST Bk Fac$ -                      Withdrawn
$ The rating of ‘CARE AAA(SO)/CARE A1+(SO)’ assigned to the Rs 850 cr bank
 facilities of NTPL has been withdrawn with immediate effect as the letter
  of comfort from NLC has been withdrawn 
Nlc Tamilnadu Power Ltd               (i) LT Bk Fac      CARE A+        18840   Reaffirmed
Nlc Tamilnadu Power Ltd               (iii) LT/ST Bk Fac CARE A+ /CARE  2000    Assigned
                                                         A1+
Nlc Tamilnadu Power Ltd               (ii) LT Bk Fac*    CARE AAA (SO)  37181.5 Reaffirmed
*Backed by letter of comfort from NLC India Limited (NLC)
Nocil Ltd                             LT Bk Fac(TL)      CARE AA        100     Reaffirmed
Nocil Ltd                             LT Bk Fac(FB       CARE AA        1200    Reaffirmed
                                      facility)
North End Foods Marketing Pvt. Ltd    LT Bk Fac          CARE A-        375     Reaffirmed
North End Foods Marketing Pvt. Ltd    Long/ST BkFac      CARE A- /CARE  1925    Reaffirmed
                                                         A2+
Overseas Polymers Pvt Ltd             LT Bk Fac-         CARE A         950     Reaffirmed
                                      FundbasedLT/ ST
                                      (Fund Based/Non Fund BasedFac
Overseas Polymers Pvt Ltd             LT/ ST
(Fund       CARE A /CARE A1500     Reaffirmed
                                      Based/Non FB Fac
Panama Petrochem Ltd                  LT Bk Fac          CARE A+        450     Reaffirmed
Paras Cotspin Ltd                     LT Bk Fac          CARE BB-       107.5   Revised from
                                                                                CARE B+
Parvin Cotex Pvt Ltd                  LT Bk Fac          CARE BB-       100     Reaffirmed
Paviter Metals Pvt Ltd                LT BkFac           CARE BB        80      Assigned
Pennar Engineered Building Systems LtdProposed CP (CP)   -                      Withdrawn
                                      issue
Pennar Engineered Building Systems Ltdi. LT Bk Fac @     CARE A (SO)    750     Reaffirmed
@backed by unconditional and irrevocable corporate guarantee provided by Pennar
 Industries Limited (rated CARE A; Positive / CARE A1)
Pennar Engineered Building Systems Ltdiii. LT/ST Bk Fac @CARE A (SO)    2300    Reaffirmed
                                                         /CARE A1 (SO)
@backed by unconditional and irrevocable corporate guarantee provided by Pennar 
 Industries Limited (rated CARE A; Positive / CARE A1)
Pennar Engineered Building Systems Ltdiv. LT/ST Bk Fac @@Provisional    200     Reaffirmed
                                                         CARE A (SO)
                                                         /CARE A1 (SO)
@@ proposed to be backed by unconditional and irrevocable corporate guarantee 
  provided by Pennar Industries Limited
Pennar Industries Ltd                 LT Bk Fac          CARE A         2300    Reaffirmed
Pennar Renewables Pvt Ltd             LT Bk Fac @        CARE A (SO)    1000    Reaffirmed
'@backed by unconditional and irrevocable corporate guarantee provided by 
Pennar Industries Limited (rated CARE A; Positive / CARE A1) 
Piccolo Mosaic Ltd                    LT Bk Fac          CARE BBB-      44.3    Reaffirmed
(reduced from 5.20crs)
Piccolo Mosaic Ltd                    LT /ST Bk Fac      CARE BBB-      127.7   Reaffirmed
                                                         /CARE A3
(reduced from 13.25crs)
Platinum Motocorp Llp                 LT Bk Fac          CARE BB-       140     Reaffirmed
Platinum Motocorp Llp                 LT/ ST BkFac       CARE BB- /CARE 10      Reaffirmed
                                                         A4
Pm Shah & Company Jewellers Pvt Ltd   LT Bk Fac          -                      Withdrawn
Pnb Housing Finance Ltd               LT Bk Fac          CARE AAA       24850   Reaffirmed
(enhanced from Rs.775 Crores)
Pnb Housing Finance Ltd               Long term          CARE AAA       80000   Assigned
                                      Bonds/NCDs
Pnb Housing Finance Ltd               LT/ST BkFac        CARE AAA /CARE 55150   Reaffirmed
                                                         A1+
(enhanced from Rs. 3225 Crores)
Polymer Technologies International    LT Bk Fac          -                      Withdrawn
Pooja Cotspin Ltd                     LT Bk Fac          CARE BBB-      117.4   Reaffirmed
Praja Mechanicals Pvt Ltd             LT Bk Fac          CARE B         20      Revised from
                                                                                CARE B+
(Reduced from 2.31crs)
Praja Mechanicals Pvt Ltd             LT/ST Bk Fac       CARE B/CARE A4 50      Revised from
                                                                                CARE B+ /
                                                                                Re-affirmed
                                                                                CARE A4
Prakash Corporates                    LT Bk Fac          CARE B+        80      Assigned
Prayag Clay Products Pvt Ltd          LT Bk Fac          CARE B+        127     Assigned
Preeti Buildcon Pvt Ltd               LT Bk Fac          CARE BB+       40      Assigned
Progility Technologies Pvt Ltd        LT Bk Fac          CARE BBB+      50      Revised from
                                                                                CARE A
(enhanced from Rs.3.00 Crs)
Punjab Infrastructure Development BoarBonds-Series II    CARE BBB (SO)  3143.4  Reaffirmed
(Reduced from Rs. 499.93 crore)/Removed from Credit Watch with Developing Implications
Punjab Infrastructure Development BoarBonds-Series III   CARE BBB (SO)  457.4   Reaffirmed
Reduced from Rs. 150.03 crore)/Removed from Credit Watch with Developing Implications
Punjab Infrastructure Development BoarBonds – Series IV  CARE BBB (SO)  2253    Reaffirmed
                                      A, B, C
(Reduced from Rs. 305.00 crore)/Removed from Credit Watch with Developing Implications
R.K. Exports (Karur) Pvt Ltd          Long – term Fac    CARE BB+       204.6   Reaffirmed
(reduced from 23.07crs)
Rajvir And Company                    LT Bk Fac          CARE BB-       10      Assigned
Reliance Broadcast Network Ltd        LT Bk Fac          CARE AA-(SO)           Continues on
                                                                                Credit Watch
                                                                                with 
                                                                                Developing 
                                                                                Implications
# backed by letter of comfort from RCL.
Reliance Broadcast Network Ltd        LT Bk Fac          CARE AA+ (SO)          Continues on
                                                                                Credit Watch
                                                                                with 
                                                                                Developing 
                                                                                Implications
Reliance Broadcast Network Ltd        LT NCDs(NCD) – 1   CARE AA+ (SO)          Continues on
                                                                                Credit Watch
                                                                                with 
                                                                                Developing 
                                                                                Implications
Reliance Broadcast Network Ltd        LT NCDs(NCD) – 2   CARE AA+ (SO)  37.5    Continues on
                                                                                Credit Watch
                                                                                with 
                                                                                Developing 
                                                                                Implications
Reliance Broadcast Network Ltd        LT NCDs(NCD) – 3   CARE AA+ (SO)          Continues on
                                                                                Credit Watch
                                                                                with 
                                                                                Developing 
                                                                                Implications
# backed by letter of comfort from RCL.
Riddhi Print & Pack Pvt Ltd           LT BkFac           CARE BB        150     Assigned
Ronch Polymers Pvt. Ltd.              LT Bk Fac – CC     CARE A-        350     Re-affirmed
(reduced from Rs.45.00 crores
Ronch Polymers Pvt. Ltd.              LT Bk Fac – TL     CARE A-        621.9   Re-affirmed
(enhanced from 50.36crs)
Roop Polymers Ltd                     LT Bk Fac          CARE BBB+      1110.2  Revised
                                                                                fromCARE BBB
(Enhanced from 68.39crs)
S. Vinodkumar Diamonds Pvt Ltd        LT/ST Bk Fac       CARE A- /CARE  8500    Reaffirmed
                                      (FundBased)        A2+
Sadbhav Engineering Ltd               LT NCD             CARE A+        1140    Reaffirmed
Sadbhav Engineering Ltd               LT Bk Fac          CARE A+        7366.8  Reaffirmed
Sadbhav Engineering Ltd               LT/ST Bk Fac       CARE A+ /CARE  20000   Reaffirmed
                                                         A1+
Sadbhav Infrastructure Project Ltd    NCD                CARE A+ (SO)   8005.4  Reaffirmed
Sai Fertilizers Pvt Ltd               LT Bk Fac          CARE A-        180     Assigned
Sai Sulphonates Pvt Ltd               LT Bk Fac          CARE A-        450.5   Assigned
Sai Sulphonates Pvt Ltd               LT/ ST Bk Fac      CARE A- /CARE  150     Assigned
                                                         A2+
Sanjay Castings (India) Pvt Ltd       LT Bk Fac          CARE B+        40      -
ISSUER NOT COOPERATING
Sanjay Castings (India) Pvt Ltd       LT/ST BkFac        CARE B+/CARE A480      -
ISSUER NOT COOPERATING
Sasan Power Ltd                       LT Bk Fac-TL,      CARE A-        183780  Reaffirmed
                                      HedgeLimits and
                                      Fund basedWorking Capital limits
(reduced from
18,840 crore)
Sasan Power Ltd                       LT/STBk Fac –      CARE A- /CARE  3000    Reaffirmed
                                      NonFBL             A2+
                                      (BkGuarantee)
Satluj Spintex Ltd                    LT Bk Fac          CARE BBB-      1018.8  Reaffirmed
Shakti Industries                     LT Bk Fac          CARE BB-       163.2   Reaffirmed
Shakti Industries                     LT/ST Bk Fac       CARE BB- /CARE 120     Reaffirmed
                                                         A4
Sharon Bio-Medicine Ltd               LT Bk Fac          CARE D         3675.4  -
ISSUER NOT COOPERATING
Shree Geeta Textile Mills Pvt Ltd     LT Bk Fac          CARE B+        498.4   Assigned
Shree Shantinath Steels               LT/ST Bk Fac       CARE BB /CARE  120     Assigned
                                                         A4
Shree Shivam Attires Pvt. Ltd.        Long Term Bk       CARE BBB-      145     Reaffirmed
                                      Fac (TL)
Shree Shivam Attires Pvt. Ltd.        Long Term Bk       CARE BBB-      360     Reaffirmed
                                      Fac (Fund Based)
Shrine Engineering Pvt Ltd            LT Bk Fac          CARE B         20      -
ISSUER NOT COOPERATING
Sohum Shoppe Pvt. Ltd.                LT Bk Fac (TL)     CARE BBB-      59      Reaffirmed
Sohum Shoppe Pvt. Ltd.                LT Bk Fac (Fund    CARE BBB-      170     Reaffirmed
                                      Based)
Solid Stone Co. Ltd                   LT BkFac           CARE BB +      138     Assigned
Spectrum Johnson Tiles Pvt Ltd        LT BkFac           CARE BBB       455     Revised from
                                                                                CARE BBB+
(enhanced from 0.15crs)
Spectrum Johnson Tiles Pvt Ltd        LT / Shortterm Bk  CARE BBB       245     Revised from
                                      Fac                /CARE A3               CARE BBB+
                                                                                /CARE A3+
(enhanced from 15.85crs)
Spykar Lifestyles Pvt Ltd             LT Bk Fac-FB-CC    CARE BBB       601     Reaffirmed
Suncity Constructwell Pvt Ltd         Non- Convertible   CARE BBB (SO)  242     Revised from
                                      Debenture@                                CARE BBB-
Backed by unconditional and irrevocable corporate guarantee of Suncity Projects 
Private Limited rated ‘CARE BBB; Stable / CARE A3’ revised from 
 ‘CARE BBB-; Stable / CARE A3’ in December-2017 
Suncity Projects Pvt Ltd              LT Bk Fac          CARE BBB       449.1   Revised from
                                                                                CARE BBB-
Svasca Industries (India) Ltd         LT Bk Fac          CARE B+        120     Assigned
Svasca Industries (India) Ltd         LT / ST BkFac      CARE B+ /CARE  200     Assigned
                                                         A4
Swarnalatha Spintex Pvt Ltd           LT Bk Fac          CARE BB        245     Reaffirmed
Syndicate Wiper Systems Pvt Ltd       LT Bk Fac          CARE BBB-      50      Assigned
Syndicate Wiper Systems Pvt Ltd       LT /ST Bk Fac      CARE BBB-      100     Assigned
                                                         /CARE A3
Tanla Solutions Ltd                   LT Bk Fac          CARE A-        1       Reaffirmed
(reduced from Rs. 60.00 crore)
Tata Communications Ltd               LT NCD -1          CARE AA+       1550    Reaffirmed
Tata Communications Ltd               Issuer Rating      CARE AA+               Reaffirmed
Tata Communications Payment Solutions LT Bk Fac          CARE AA (SO)           Reaffirmed
Ltd
# backed by credit enhancement in the form of letter of comfort from Tata 
Communications Ltd. (TCL), rated CARE AA+/CARE A1+
Tata Communications Payment Solutions LT Bk Fac          CARE AA+ (SO)          Reaffirmed
Ltd
$backed by unconditional and irrevocable corporate guarantee extended by TCL
Tata Communications Payment Solutions Proposed           Provisional            Reaffirmed
Ltd                                   Longterm/ST        CARE
                                      Fundbased/ Non-FB FAA(SO)/A1+ (SO)
#backed by credit enhancement in the form of letter of comfort from Tata 
 Communications Ltd. (TCL), rated CARE AA+/CARE A1+
Tata Motors Finance Ltd (Formerly KnowPerpetual Debt     CARE AA-       397     Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowLT Bk Fac          CARE AA+       170000  Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowNCDs               CARE AA+       15270   Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowSubordinated Debt  CARE AA+       2650    Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Solutions Ltd     Perpetual Debt     CARE AA-       1000    Reaffirmed
Tata Motors Finance Solutions Ltd     LT Bk Fac          CARE AA+       40000   Reaffirmed
Tata Motors Finance Solutions Ltd     NCDs               CARE AA+       10000   Reaffirmed
Tata Motors Finance Solutions Ltd     Subordinated Debt  CARE AA+       2000    Reaffirmed
Texmaco Rail & Engineering Ltd        LT Bk Fac          CARE AA-       3340    Reaffirmed
(enhanced from 244crs)
Texmaco Rail & Engineering Ltd        Long/ST BkFac      CARE AA- /CARE 16620   Reaffirmed
                                                         A1+
(enhanced from 642crs)
Texport Syndicate (India) Ltd         Bk Fac-Fund Based  CARE BBB-      1200    Reaffirmed
                                      –LT/ ST-EPC/PSC/   /CARE A3
                                      Bills Discounting
The Chennai Shopping Mall Jewellers   LT Bk Fac          CARE BBB       60      Reaffirmed
Thriveni Earthmovers Pvt Ltd          LT Bk Fac          CARE BBB+      8015.1  Revised from
                                                                                CARE A-
(enhanced from 252.98crs)
Tmf Holdings Ltd (Formerly Known As   NCDs               CARE AA+       12500   Reaffirmed
Tata Motors Finance Ltd)
Tmf Holdings Ltd (Formerly Known As   LT/ST Bk Fac       CARE AA+ /CARE 1000    Reaffirmed
Tata Motors Finance Ltd)                                 A1+
Veeaar Fabware Pvt Ltd                LT / ST Bk Fac     -                      Withdrawn
Veerprabhu Marketing Ltd              LT Bk Fac          CARE BBB-      300     Re-affirmed
Veerprabhu Marketing Ltd              LT/ST Bk Fac       CARE BBB-      700     Re-affirmed
                                                         /CARE A3               with change
                                                                                in 
                                                                                classification
Vem Technologies Pvt Ltd              LT Bk Fac          CARE BBB+      2450    Reaffirmed
Vem Technologies Pvt Ltd              Long/ST BkFac      CARE BBB+      1000    Reaffirmed
                                                         /CARE A3+
Vihaan Infin And Exim Pvt Ltd         LT / ST Bk Fac     -                      Withdrawn
Vijai Marine Services                 LT Bk Fac          CARE BB+       54      Reaffirmed
Vijay Pharma                          LT Bk Fac          CARE B+        60      Assigned
Vinod Kumar Piyush Kumar              LT Bk Fac          CARE B-        200     Assigned
Vizebh Agri Sciences Pvt Ltd          Long- term Bk Fac  CARE D         118.7   Revised from
                                                                                CARE B+
Wadhwa Residency Pvt Ltd              LT Bk Fac          -                      Withdrawn
Windsor Exports                       LT BkFac           CARE BBB-      320.4   Revised from
                                                                                CARE BBB-
Yogesh Choudhary                      LT Bk Fac          CARE BB        51.8    Assigned
Yogesh Choudhary                      LT/shortterm Bk    CARE BB /CARE  98.2    Assigned
                                      Fac                A4
Zim Laboratories Ltd                  LT/ST Bk Fac       CARE BB+ /CARE 150     Reaffirmed
                                                         A4+
--------------------------------------------------------------------------------------------
$: 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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