July 20, 2020 / 6:33 AM / 22 days ago

CARE ratings for Indian debt instruments-Jul 20

    Jul 20  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of July 17, 2020.

COMPANY                            INSTRUMENT         RATING       AMOUNT   MOVEMENT
                                                                   (RS.MLN)
-------                            ----------         ------       -------  ---------
SHORT TERM RATINGS:
-------------------
Chandra Bhagat Pharma Ltd            ST BkFac          CARE A4;      50     -
(Issuer not cooperating; based on best available information)
Eco Cements Ltd                      ST Bk Fac         CARE A4;      50     -
(Issuer not cooperating; based on best available information)

H.Q. Lamps Manufacturing Company Pvt STBk Fac          CARE A4;      350    -
(Issuer not cooperating; based on best available information)
Novelty Reddy And Reddy Motors Pvt   ST Bk Fac         CARE A4;      15     -
Ltd
(Issuer not cooperating; based on best available information)
Rajiva Exports                       ST BkFac          CARE A4;      40     -
(Issuer not cooperating; based on best available information)
Ratnapriya Impex Pvt Ltd             ST Bk Fac         CARE A4       600    Revised from
                                                                            CARE A4+
Reddy And Reddy Import And Exports   ST Bk Fac         CARE A4;      40     -
(Issuer not cooperating; based on best available information)
Reddy And Reddy Motors               ST Bk Fac         CARE A4;      10     -
(Issuer not cooperating; based on best available information)
Rr Fab Constructions                 ST Bk Fac         CARE A4;      14     -
(Issuer not cooperating; based on best available information)
Tata Communications Ltd              ST Bk Fac – Fund  CARE A1+      2250   Reaffirmed
                                     based
(reduced from 240.00 Crore)
Emi Transmission Ltd                 ST Bk Fac (Fund   CARE D;       700    -
                                     based) – Bills
                                     discounting
(Issuer not cooperating; based on best available information)
Tata Communications Ltd              ST Bk Fac – Non   CARE A1+      7850   Reaffirmed
                                     fund based
(enhanced from 719.00 Crore)
Emi Transmission Ltd                 ST Bk Fac (Fund   CARE D;       520    -
                                     based) – SLC
(Issuer not cooperating; based on best available information)
Emi Transmission Ltd                 ST Bk Fac (Non    CARE D;       4654   -
                                     Fund based) – BG/
                                     LC
(Issuer not cooperating; based on best available information)
Firozabad Ceramics Pvt Ltd           ST Bk Fac         CARE D        25     Revised from
                                                                            CARE A4
Sterling Ceramics                    ST BkFac          -             -      Reaffirmed at
                                                                            CARE A4;
                                                                            Stable and Withdrawn
(Issuer not cooperating)
Viraat Fashion                       ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4
                                                                            and
                                                                            Withdrawn
Tata Communications Ltd              ST Bk Fac – Fund  CARE A1+      1670   Reaffirmed
                                     based/Non fund
                                     based
(reduced from 218.00 Crore)

LONG TERM RATINGS:
-------------------
Abf Rural Godown                     LT Bk Fac         CARE C;       100    Revised from
                                                                            CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Ampsolar Technology Pvt Ltd          LT/ST BkFac       CARE BBB-;    100^   Revised from
                                                       Stable/CARE A3       CARE A3
(Reduced from 20.00 Crore),^The rated facilities have been reclassified, in amendment to the
previous bridge loan facility of Rs. 20.00 crore and the company has now availed non-fund based
facilities of Rs.10.00 crore.
Ats Infrabuild Pvt Ltd               LT Instruments    CARE BB-;     1350   Revised from
                                     (NCDsNCDs)        Stable               CARE BB;
                                                                            Stable
Banka Constructions                  LT Bk Fac/ ST Bk  -             -      Withdrawn
                                     Fac
Casa Grande Coimbatore Llp           Long -term Bk Fac CARE BB;      670    Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Chandra Bhagat Pharma Ltd            LT BkFac          CARE B;       220    Revised from
                                                                            CARE B+
(Issuer not cooperating; on the basis of best available information)
Dalowjan Tea Company Pvt Ltd         LT Bk Fac         CARE B+;      40.1   Assigned
                                                       Stable
Eco Cements Ltd                      LT Bk Fac         CARE B+;      291.5  Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Ecoplus Steels Pvt Ltd               LT Bk Fac         CARE B;       589.1  Revised from
                                                                            CARE BB;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Emi Transmission Ltd                 LT Bk Fac (Fund   CARE D;       2600   -
                                     Based) – CC
(Issuer not cooperating; based on best available information)
Express Infrastructure Pvt Ltd       LT Bk Fac         CARE AA-;     461.2  Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Firozabad Ceramics Pvt Ltd           LT Bk Fac         CARE D        136.3  Revised from
                                                                            CARE B+;
                                                                            Stable
Goyal Enterprises_Merrut             LT Bk Fac         CARE D;       112.5  Revised from
                                                                            CARE B+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Gvk Group Entities (102 Mother Child Credit Update     CARE BB;      -      -
Services (Up))                                         Stable/CARE A4
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
Gvk Group Entities (108 Emergency    Credit Update     CARE BB;      -      -
Medical Transport Services East (Up))                  Stable/CARE A4
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
Gvk Group Entities (108 Emergency    Credit Update     CARE BB;      -      -
Medical Transport Services West (Up))                  Stable/CARE A4
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
Gvk Group Entities (Alaknanda Hydro  Credit Update     CARE          -      -
Power Co. Ltd)                                         BBB-,Credit
                                                       Watch With Negative Implication
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
Gvk Group Entities (Green Woods PalacCredit Update     CARE BBB+;    -      -
And Resorts Pvt Ltd )                                  Negative
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
Gvk Group Entities (Gvk City Pvt Ltd)Credit Update     CARE BBB;     -      -
                                                       Stable
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
Gvk Group Entities (Gvk Emergency    Credit Update     CARE BBB+;    -      -
Management And Research Institute )                    Stable/CARE A3+
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
Gvk Group Entities(Gvk TransportationCredit Update     CARE B; Stable-      -
Pvt Ltd)
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
Gvk Group Entities (Indira           Credit Update     CARE BBB;     -      -
Constructions)                                         Stable
Note-CARE has taken note of the above investigation, which is at a preliminary stage. CARE shall
monitor development in this regard to assess its impact on credit profiles of the companies
rated by it.
H.Q. Lamps Manufacturing Company Pvt LT BkFac          CARE BB-;     300    Revised from
                                                                            CARE BB
(Issuer not cooperating; on the basis of best available information)
Lioli Ceramica Pvt Ltd               Long -term Bk Fac CARE D        936.3  Revised from
                                                                            CARE B+;
                                                                            Stable
(reduced from Rs.94.96 crore Crore)
Lioli Ceramica Pvt Ltd               Long -term/ST Bk  CARE D        234    Revised from
                                     Fac                                    CARE B+;
                                                                            Stable/ CARE A4
Maheshwari Rice Mills                LT Bk Fac         CARE B-;      61.9   Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Moti Ram Sunil Kumar                 LT Bk Fac         CARE D;       66.7   -
(Issuer not cooperating; based on best available information)
Novelty Reddy And Reddy Motors Pvt   LT Bk Fac         CARE C;       100    Revised from
Ltd                                                                         CARE B+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Radha Madhav Developers              LT BkFac          CARE B;       300    Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Raghuram Hume Pipes Pvt Ltd          LT Bk Fac         CARE BB;      160    Reaffirmed
                                                       Stable
Raghuram Hume Pipes Pvt Ltd          LT/ST BkFac       CARE BB;      190    Reaffirmed
                                                       Stable/CARE A4
(enhanced from Rs.13.00 crore Crore)
Rajiva Exports                       LT BkFac          CARE C;       40     Revised from
                                                                            CARE B+
(Issuer not cooperating; based on best available information)
Ratnapriya Impex Pvt Ltd             LT Bk Fac         CARE BB;      30     Reaffirmed;
                                                       Negative
Outlook revised from “Stable” to “Negative”
Reddy And Reddy Import And Exports   LT Bk Fac         CARE C;       100    Revised from
                                                                            CARE B+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Reddy And Reddy Motors               LT Bk Fac         CARE C;       101    Revised from
                                                                            CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Rr Fab Constructions                 Long -term Bk Fac CARE C;       38     Revised from
                                                                            CARE B+
(Issuer not cooperating; based on best available information)
Sadguru Raghavendra Paraboiled       LT Bk Fac         CARE B+;      52.5   Reaffirmed
Industries                                             Stable               and removed
                                                                            from INC
Sankheswaraa Gold Exports Pvt Ltd    LT Bk Fac         CARE D;       125    -
(Issuer not cooperating; based on best available information)
Shivangan Food And Pharma Products   LT Bk Fac         -             -      Reaffirmed
Pvt Ltd                                                                     and Withdrawn
Sri Adhi Parasakthi Agro Tech        LT BkFac          CARE B-;      79     Revised from
                                                                            CARE B+
(Issuer not cooperating; on the basis of best available information)
Sri Anjani Pipes Industries          Long -term Bk Fac CARE C;       75     Revised from
                                                                            CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Sri Veer Anjanaya Agro Foods         LT BkFac          CARE B-;      70     Revised from
                                                                            CARE B+
(Issuer not cooperating; on the basis of best available information)
Sterling Ceramics                    LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE BB;
                                                                            Stable and Withdrawn
(Issuer not cooperating)
Sterling Ceramics                    LT/STBk Fac       -             -      Reaffirmed at
                                                                            CARE BB;
                                                                            Stable / CARE A4and
                                                                            Withdrawn
(Issuer not cooperating)
Tata Communications Ltd              Issuer Rating     CARE AA+      -      Reaffirmed
Tata Communications Ltd              LT Bk Fac – Non   CARE AA+;     400    Reaffirmed
                                     Fund based        Stable
Tata Communications Ltd              NCDs**            CARE AA+;     6500   Reaffirmed
                                                       Stable
**including proposed limits of Rs.125 crore which is yet to be placed
Tulsi Palace Resort Pvt Ltd          LT Bk Fac         CARE BBB      837.3  Placed on
                                                       (Credit watch        credit watch
                                                       with
negative implicawith negative implications
Vedasri Green Energy Pvt Ltd         LT Bk Fac         CARE B+;      100    Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Viraat Fashion                       LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE BB-;
                                                                            Stable and
                                                                            Withdrawn
Viraat Fashion                       LT/ ST Bk Fac     -             -      Reaffirmed at
                                                                            CARE BB-;
                                                                            Stable/ CARE A4 and
                                                                            Withdrawn
--------------------------------------------------------------------------------------------
$: 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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