July 17, 2020 / 7:47 AM / 25 days ago

CARE ratings for Indian debt instruments-Jul 17

    Jul 17  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of July 16, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Atlantis Products Pvt Ltd            ST Bk Fac         -             -      Withdrawn
Alaknanda Fuel Pvt Ltd               ST BkFac          CARE A4       4      Reaffirmed
(Placed on credit watch with negative implications)
Aqua Sea Food India Pvt Ltd          ST Bk Fac         CARE A4       90     Assigned
Corrosion Engineers Pvt Ltd          ST BkFac          CARE A4;      60
(Issuer not cooperating; based on best available information)
M V Agrotech Pvt Ltd                 ST Bk Fac         CARE A4;      9.4
(Issuer not cooperating; based on best available information)
Manoj Kumar And Sons                 ST Bk Fac         CARE A4;      100
(Issuer not cooperating; based on best available information)
Chhajed Foods Pvt Ltd                ST Bk Fac         CARE D;       10     Revised from
                                                                            CARE A4
(Issuer not cooperating)
Emcer Tiles Pvt Ltd                  ST Bk Fac         CARE D        42.5   Revised from
                                                                            CARE A4
Gopi Synthetics Pvt Ltd              ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4+ and
                                                                            subsequently
                                                                            Withdrawn
(Issuer not cooperating; based on best available information)
Sico India                           ST Bk Fac         CARE D;       25     Revised from
                                                                            CARE A4
(Issuer not cooperating; on the basis of best available information)
Maxwell                              ST BkFac          CARE A4;      50
(Issuer not cooperating; based on best available information)
Naxalbari Flour And Rice Mill Pvt LtdST BkFac          CARE A4       6      Reaffirmed
Rank Projects And Development Pvt LtdST Bk Fac         CARE A4       50     Reaffirmed
Satco Capital Markets Ltd            ST Bk Fac         CARE A4       400
(Issuer not cooperating; based on best available information)
Tata Motors Finance Ltd (Formerly    CP                CARE A1+      80000  Reaffirmed
known As Sheba Properties Ltd)
Tata Motors Finance Solutions Ltd    CP                CARE A1+      25000  Reaffirmed
Tmf Holdings Ltd                     CP                CARE A1+      25000  Reaffirmed
Aarnav Industries Pvt Ltd            ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4+ and
                                                                            Subsequently
                                                                            withdrawn
(Issuer not cooperating; based on best available information)

LONG TERM RATINGS:
-------------------
Aarnav Industries Pvt Ltd            LT/STBk Fac       -             -      Reaffirmed at
                                                                            CARE BB+;
                                                                            Stable/ CARE A4+ and
                                                                            subsequently
                                                                            withdrawn
(Issuer not cooperating; based on best available information)
Aarnav Industries Pvt Ltd            LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE BB+;
                                                                            Stable and
                                                                            subsequently
                                                                            withdrawn
(Issuer not cooperating; based on best available information)
Alaknanda Fuel Pvt Ltd               LT BkFac          CARE BB-;     165.4  Revised from
                                                       Stable               CARE B+;
                                                                            Stable
(reduced from 17.86 Crore)
Alaknanda Hydro Power Co. Ltd        Long- term Bk Fac CARE BBB-     39380.5
                                                       (Credit watch
                                                       with negative 
                                                       implications)
(Placed on credit watch with negative implications     
Alland & Sayaji Llp (Erstwhile SayajiLT Bk Fac         CARE BBB-     31.9   Revised from
Ingritech Llp)                                         (CE); Stable         CARE BBB
                                                       (Credit Enhancement) (CE); Negative
                                                                            (Credit Enhancement)
Alland & Sayaji Llp (Erstwhile SayajiLT/ST BkFac       CARE BBB-     30     Revised from
Ingritech Llp)                                         (CE);                CARE BBB
                                                       Stable/CARE A3 (CE) ((CE); Negative/ CARE
                                                                            A3 (CE) (Credit
                                                                            Enhancement)
Atlantis Products Pvt Ltd            LT Bk Fac         -             -      Withdrawn
Atlantis Products Pvt Ltd            LT/ ST Bk Fac     -             -      Withdrawn
Bahdl Hospitality Ltd                LT Bk Fac         CARE BBB-     935    -
Placed on credit watch with negative implications
Bahdl Hospitality Ltd                LT/ST Bk Fac      CARE BBB-/CARE100    -
                                                       A3
Placed on credit watch with negative implications
Chhajed Foods Pvt Ltd                LT/ST Bk Fac      CARE D/CARE D;120    Revised from
                                                                            CARE B+;
                                                                            Stable/ CARE A4
(Issuer not cooperating)
Chhajed Foods Pvt Ltd                LT Bk Fac         CARE D;       518.7  Revised from
                                                                            CARE B+;
                                                                            Stable
(Issuer not cooperating)
Corrosion Engineers Pvt Ltd          LT BkFac          CARE B-;      30
                                                       Stable;
(Issuer not cooperating; based on best available information)
Emcer Tiles Pvt Ltd                  LT Bk Fac         CARE D        713.6  Revised from
                                                                            CARE BB-;
                                                                            Stable
Gopi Synthetics Pvt Ltd              LT/STBk Fac       -             -      Reaffirmed at
                                                                            CARE BB+;
                                                                            Stable/ CARE A4+ and
                                                                            subsequently
                                                                            withdrawn
(Issuer not cooperating; based on best available information)
Gopi Synthetics Pvt Ltd              LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE BB+;
                                                                            Stable and
                                                                            subsequently
                                                                            withdrawn
(Issuer not cooperating; based on best available information)
Kavita Exim Pvt Ltd                  LT Bk Fac         CARE D        120    Reaffirmed
Kisan Ginning & Pressing             LT BkFacility     CARE BB-;     100    Assigned
                                                       Stable
M V Agrotech Pvt Ltd                 LT Bk Fac         CARE BB-;     90.6   Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Manoj Kumar And Sons                 LT Bk Fac         CARE BB-;     150    Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Maxwell                              LT BkFac          CARE B-;      45     Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
N.B. Commercial Enterprises Ltd      LT/ST BkFac       CARE BBB-     250    Revised from
                                                                            CARE BBB
                                                                            (CE); Negative/ CARE
A3 (CE) (Credit Enhancement)
Naxalbari Flour And Rice Mill Pvt LtdLT BkFac          CARE BB-;     68.8   Reaffirmed
                                                       Stable
(reduced from 8.11 Crore)
Pahal Financial Services Pvt Ltd     Rating Advisory   -             -      -
The annual review of these ratings assigned to instruments of Pahal is underway and has been
delayed due to disruptions caused by COVID-19 pandemic, on account of which SEBI has extended
the timelines for publishing of results on exchange.
Ramky Elsamex Hyderabad Ring Road LtdLT Bk Fac         CARE BBB-;    170.3  Revised from
                                                       Stable               CARE BB+;
                                                                            Stable
(reduced from 42.38 Crore)
Rank Projects And Development Pvt LtdLT Bk Fac         CARE BB-;     297.1  Reaffirmed
                                                       Stable
Sayaji Seeds Llp                     LT/ST BkFac       CARE BBB-     90     Revised from
                                                       (CE);                CARE BBB
                                                       Stable/CARE A3 (CE) ((CE); Negative/
                                                                            CARE A3 (CE)
Sico India                           LT Bk Fac         CARE D;       25     Revised from
                                                                            CARE B-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Tarun International Ltd              LT Bk Fac         CARE BB-;     168    Reaffirmed
                                                       Stable
Tata Motors Finance Ltd (Formerly    Perpetual Debt    CARE A;       397    Reaffirmed
known As Sheba Properties Ltd)                         Negative
Tata Motors Finance Ltd (Formerly    LT Bk Fac         CARE AA-;     250000 Reaffirmed
known As Sheba Properties Ltd)                         Negative
Tata Motors Finance Ltd (Formerly    NCDs              CARE AA-;     14020  Reaffirmed
known As Sheba Properties Ltd)                         Negative
Tata Motors Finance Ltd (Formerly    NCDs              CARE AA-;     50000  Reaffirmed
known As Sheba Properties Ltd)                         Negative
Tata Motors Finance Ltd (Formerly    Subordinated Debt CARE AA-;     2650   Reaffirmed
known As Sheba Properties Ltd)                         Negative
Tata Motors Finance Ltd (Formerly    Subordinated Debt CARE AA-;     9150   Reaffirmed
known As Sheba Properties Ltd)                         Negative
Tata Motors Finance Solutions Ltd    Perpetual Debt    CARE A;       1000   Reaffirmed
                                                       Negative
Tata Motors Finance Solutions Ltd    LT Bk Fac         CARE AA-;     75000  Reaffirmed
                                                       Negative
Tata Motors Finance Solutions Ltd    NCDs              CARE AA-;     10000  Reaffirmed
                                                       Negative
Tata Motors Finance Solutions Ltd    Subordinated Debt CARE AA-;     2000   Reaffirmed
                                                       Negative
Tmf Holdings Ltd                     NCDs              CARE AA-;     12500  Reaffirmed
                                                       Negative
Tmf Holdings Ltd                     LT/ST Bk Fac      CARE AA-;     3000   Reaffirmed
                                                       Negative /CARE
                                                       A1+
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@refinitiv.com)
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