July 8, 2019 / 10:18 AM / 9 days ago

CARE ratings for Indian debt instruments-Jul 8

   Jul 8 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 5 and July 6, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agr Infosolutions Pvt Ltd             ST Bk Fac          -              -       Withdrawn
Systematic And Advance Construction Pvt ST Bk Fac         -              -       Withdrawn
Ltd
Edelweiss Rural & Corporate Services  ST/LT/Fund based   CARE AA-       400     Assigned
Agnibina Foods Pvt Ltd                ST Bk Fac          CARE A4        4.9     -
(Issuer not cooperating):Based on best available information
Avadh Sugar & Energy Ltd              ST Bk Fac          CARE A2        398     Reaffirmed
S.S. Agro                             ST Bk Fac          CARE D         50      -
(Issuer not cooperating); Based on best available information
S.S. Overseas                         ST Bk Fac          CARE D         50      -
(Issuer not cooperating); Based on best available information
Pancham Jewellers Pvt Ltd             ST Bk Fac          CARE D         10      -
(ISSUER NOT COOPERATING)
R S Software (India) Ltd              ST BkFac           -              -       -
Bhavani Cotspin Llp                   ST Bk Fac          CARE A4        26.3    -

(Issuer not cooperating):Based on best available information
Bilaspur Mining Industries Pvt Ltd    ST BkFac           CARE A4+       24.8    -
(Issuer not cooperating):Based on best available information
C Doctor And Company Pvt Ltd          ST Bk Fac          CARE A4        26.5    Reaffirmed
Capri Global Capital Ltd              CP                 CARE A1+       3500    Reaffirmed
CESC  Ltd                             ST BkFac           CARE A1+       2500    -
CESC  Ltd                             CP Issue*          CARE A1+       13000   -
*CESC  maintains that the aggregate amount outstanding under CP and CC shall be within 
the sanctioned fund based limit
CESC  Ltd                             CP Issue           CARE A1+       3000    -
Cholamandalam Investment And Finance  CP Programme       CARE A1+       75000   Reaffirmed
Co. Ltd
Ecap Equities Ltd                     ST Principal       CARE PP-MLD A1+2000    Reaffirmed
                                      Protected Market
                                      Linked Debenture
Ecl Finance Ltd                       CP                 CARE A1+       50000   Reaffirmed
Edelweiss Asset Reconstruction Co. LtdCP                 CARE A1+       3000    Reaffirmed
Sujana Universal Industries Ltd       ST Bk Fac          CARE D         3630    -
(Issuer not cooperating); Based on best available information
Edelweiss Custodial Services Ltd      ST Bk Fac          CARE A1+       15000   Reaffirmed
Edelweiss Finance And Investments Ltd CP                 CARE A1+       10000   Reaffirmed
Edelweiss Financial Services Ltd      CP                 CARE A1+       63500   Reaffirmed
Edelweiss Housing Finance Ltd         CP                 CARE A1+       10000   Reaffirmed
Edelweiss Retail Finance Ltd          CP                 CARE A1+       5000    Reaffirmed
Edelweiss Rural & Corporate Services  CP                 CARE A1+       85000   Reaffirmed
Ltd (Erstwhile Edelweiss Commodities
Services Ltd)
Edelweiss Rural & Corporate Services  ST Bk Fac Non      CARE A1+       1800    Assigned
Ltd (Erstwhile Edelweiss Commodities  Fund Based@
Services Ltd)
@The said instrument has been transferred from Edelweiss Agri Value Chain Limited 
to Edelweiss Rural & Corporate Services Limited (Erstwhile Edelweiss Commodities 
Services Limited) as per the scheme of amalgamation. 
Edelweiss Securities Ltd              CP                 CARE A1+       10000   Reaffirmed
Gaurav Contracts Co                   ST Bk Fac          CARE A4        70      -
Issuer not co-operating based on best available information
Gna Axles Ltd                         ST Bk Fac          CARE A1        155     Reaffirmed
Gobind Sugar Mills Ltd                ST Bk Fac-BG       CARE A4+       40      Revised from
                                                                                CARE A3
(enhanced from 2.50 Crore)
Goel Road Carriers Pvt Ltd            ST Bk Fac          CARE A4        5       Reaffirmed
Gordhandas Gobindram                  ST Bk Fac          CARE A4        76.5    Assigned
Haldia Energy Ltd                     CP Issue*          CARE A1+       4500    Reaffirmed
* HEL maintains that the aggregate outstanding under CP and cash credit shall be 
within the sanctioned working capital limit
Housing And Urban Development         CP                 CARE A1+       100000  Reaffirmed
Corporation Ltd
Icici Home Finance Co. Ltd            CP                 CARE A1+       4000    Reaffirmed
Itd Cementation India Ltd             CP (CP)*           CARE A1        2000    Reaffirmed
*Carved out of the sanctioned working capital limits of the company 
J.D. Industries (Chhattisgarh)        ST BkFac           CARE A4        40      -
(Issuer not cooperating);Based on best available information.
Jindal Stainless Steelway Ltd         ST Bk Fac          CARE A3+       900     Reaffirmed
Jk Tyre & Industries Ltd              ST Bk FacCP issue* CARE A1        3000    Revised from
                                                                                CARE A1+
*carved out of the sanctioned fund-based working capital limits of the company. 
Jk Tyre & Industries Ltd              ST Bk Fac          CARE A1+       11000   Revised from
                                                                                CARE A1+
Jsw Energy Ltd                        ST Bk limits       CARE A1+       39970   Reaffirmed
Jsw Energy Ltd                        CPIssue            CARE A1+       7000    Reaffirmed
Kailashdarshan Tiles Llp              ST Bk Fac          CARE A4        12.1    Reaffirmed
Laxmisree Ricemill Pvt Ltd            ST Bk Fac          CARE A4        10.5    -
(Issuer not cooperating); Based on best available information
Magadh Sugar & Energy Ltd             ST Bk Fac          CARE A2        395.5   Reaffirmed
Magma Fincorp Ltd                     CP issue (Carved   CARE A1+       12500   Reaffirmed
                                      out of working
                                      capital limit)
Magma Fincorp Ltd                     CP issue           CARE A1+       17500   Reaffirmed
Maithan Steel & Power Ltd             ST Bk Fac          CARE A3        220     Revised from
                                                                                CARE A3
(Issuer not cooperating);Based on best available information.
Manappuram Finance Ltd                ST Bk Fac          CARE A1+       33200   Reaffirmed
Manappuram Finance Ltd                CP                 CARE A1+       35000   Reaffirmed
Manisha Engineers Pvt Ltd             ST Bk Fac          CARE A4        29.5    Reaffirmed
Montage Laboratories Pvt Ltd          ST BkFac           CARE A4        5       Assigned
Munish Forge Pvt Ltd                  ST Bk Fac          CARE A4+       225     -
(enhanced from Rs 20.00 crore)
Northern Arc Capital Ltd              CP issue           CARE A1+       8000    Reaffirmed
Oberoi Realty Ltd                     Proposed ST CP     CARE A1+       3000    Reaffirmed
Orient Paper & Industries Ltd         ST BkFac           CARE A1+       10      -
Pee Gee Fabrics Pvt Ltd               ST BkFac           CARE A3        83      Reaffirmed
Piramal Capital & Housing Finance Ltd ST InterCorporate  CARE A1+       5000    Reaffirmed
(Erstwhile Piramal Housing Finance LtdDeposits
Piramal Capital & Housing Finance Ltd CP issue           CARE A1+       105000  Reaffirmed
(Erstwhile Piramal Housing Finance Ltd)
Pnb Housing Finance Ltd               CP (CP) issue      CARE A1+       250000  Reaffirmed
Prem Industries                       ST BkFac           CARE A3        19      Reaffirmed
Radico Khaitan Ltd                    ST Bk Fac – Non    CARE A1+       600     Continues to
                                      Fund Based                                be on Credit
                                                                                Watch
Radico Khaitan Ltd                    CP Issue^          CARE A1+       1000    Continues to
                                                                                be on Credit
                                                                                Watch
^ Carved out of working capital limits of the company
Satin Creditcare Network Ltd          CP (CP) issue      CARE A1        2000    Reaffirmed
Shamsons Industries                   ST Bk Fac          CARE A4        15      -
Shamsons Polymers Pvt Ltd             ST Bk Fac          CARE A4        25      -
Shirpur Gold Refinery Ltd             ST BkFac           CARE A4+       3280    Removed from
                                                                                Credit watch
                                                                                with negative
                                                                                implications
Shyam Century Ferrous Ltd             ST Bk Fac          CARE A2+       220     -
State Bank Of India                   CDProgramme^       CARE A1+       60000   Reaffirmed
^Transferred from State Bank of Bikaner and Jaipur to SBI consequent to the merger with SBI 
Styrax Pharma Pvt Ltd                 ST Bk Fac          CARE A3        50      Revised from
                                                                                CARE A4+
Sundaram Bnp Paribas Home Finance Ltd ST Bk Fac          CARE A1+       350
(enhanced from 10.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd ST Bk Fac          CARE A1+       350     Reaffirmed
(enhanced from 10.00 Crore)
Tata Communications Ltd               ST Bk Fac          CARE A1+       12170   Reaffirmed
(reduced from 1,433.00 Crore)
Tata Global Beverages Ltd             Proposed CP (CP)   CARE A1+       -       Reaffirmed
Tata Motors Finance Ltd (Formerly KnowCP                 CARE A1+       70000   Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Solutions Ltd     CP                 CARE A1+       25000   Reaffirmed
The Indian Hume Pipe Co. Ltd          ST Bk Fac          CARE A1        2150    Revised from
                                                                                CARE A1+
Timarpur Okhla Waste Management Co. LtST Bk Fac (LC/BG)  CARE A3+       50      Revised from
                                                                                CARE A3
Tmf Holdings Ltd (Formerly Known As   CP                 CARE A1+       25000   Reaffirmed
Tata Motors Finance Ltd)
Tourism Finance Corporation Of India Ltd CP              CARE A1+       1000
Zee Media Corporation Ltd             ST Bk Fac – BG     CARE A3+       380     Removed from
                                                                                Credit watch
                                                                                with negative
                                                                                implications

LONG TERM RATINGS:
-------------------
Aastha Hi-Tech Storage Llp            LT Bk Fac          CARE D         90      -
Issuer not co operating; Based on best available information
Adani Power Rajasthan Ltd             LT BkFac           CARE BBB       54203   Revised from
                                                                                CARE BBB-
(reduced from Rs.5,684.06 crore)
Adani Power Rajasthan Ltd             LT / ST Bk Fac     CARE BBB/CARE  22600   Revised from
                                                         A3+                    CARE BBB-
(enhanced from Rs.1,960.00 crore)
Aglon Industries Pvt Ltd              LT BkFac           CARE B+        745     -
(Issuer not cooperating); Based on best available information
Agnibina Foods Pvt Ltd                LT Bk Fac          CARE B         67.2    -
(Issuer not cooperating):Based on best available information
Agr Infosolutions Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Ananta Procon Pvt Ltd                 LT Bk Fac          CARE BB        90      -
(Issuer not cooperating):Based on best available information
Ananta Procon Pvt Ltd                 LT / ST Bk Fac     CARE BB/CARE A4150     -
(Issuer not cooperating):Based on best available information
Apco Chetak Ultraway Pvt Ltd          LT Bk Fac          CARE A-        8900    Reaffirmed
Aptus Finance India Pvt Ltd           LT Bk Fac          CARE A         2500    Reaffirmed
Aptus Finance India Pvt Ltd           NCD Issue          CARE A         500     Reaffirmed
Aptus Value Housing Finance India Ltd LT Bk Fac          CARE A         10000   Reaffirmed
Aptus Value Housing Finance India Ltd NCD Issue          CARE A         997     Reaffirmed
Avadh Sugar & Energy Ltd              LT Bk Fac          CARE BBB+      9572.3  Reaffirmed
Avp Powerinfra Pvt Ltd                LT Bk Fac – TL     CARE A (CE)    1704    Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
Avp Powerinfra Pvt Ltd                LT Bk Fac – CC     CARE A (CE)    149.0*  Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate 
basis as per the sanctioned terms 
Badoni Power Pvt Ltd                  LT Bk Fac – TL     CARE A (CE)    1832    -
Placed on credit watch with developing implications
Badoni Power Pvt Ltd                  LT Bk Fac – CC     CARE A (CE)    124.0*  -
Placed on credit watch with developing implications.
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an 
aggregate basis as per the sanctioned terms
Belstar Investment And Finance Pvt LtdRedeemable PS      CARE A (RPS)   190     Reaffirmed
Belstar Investment And Finance Pvt LtdLT Bk Fac          CARE A+        20000   Reaffirmed
Belstar Investment And Finance Pvt LtdNCDs-I             CARE A+        650     Reaffirmed
Belstar Investment And Finance Pvt LtdNCDs-II            CARE A+        1012.5  Reaffirmed
Belstar Investment And Finance Pvt LtdNCDs-III           CARE A+        3000    Reaffirmed
Belstar Investment And Finance Pvt LtdSubordinated Debt  CARE A+        100     Reaffirmed
                                      issue-I
Belstar Investment And Finance Pvt LtdSubordinated Debt  CARE A+        900     Reaffirmed
                                      issue-II
Bhagwati Vintrade Pvt. Ltd.           LT Bk Fac          CARE BB-       222.7   -
(Issuer not cooperating):Based on best available information
Bhavani Cotspin Llp                   LT Bk Fac          CARE BB        280.1   Revised from
                                                                                CARE BB+
(Issuer not cooperating):Based on best available information. Revised from CARE BB+
Bhavani Cotspin Llp                   LT / ST Bk Fac     CARE BB/CARE A460      Revised LT
                                                                                ratings from
                                                                                CARE BB+
(Issuer not cooperating):Based on best available information. Revised LT ratings from CARE BB+
Bilaspur Mining Industries Pvt Ltd    LT BkFac           CARE BB        439     -
(Issuer not cooperating):Based on best available information. Revised from CARE BB+
Biswapita Cold Storage Pvt Ltd        LT Bk Fac          CARE B         63.1    -
(Issuer not cooperating):Based on best available information
C Doctor And Company Pvt Ltd          LT Bk Fac          CARE B-        20      Reaffirmed
C Doctor And Company Pvt Ltd          LT / ST Bk Fac     CARE B- /CARE  202     Reaffirmed
                                                         A4
Calista Properties Pvt Ltd            LT BkFacility      CARE B+        150     Revised from
                                                                                CARE B-
Capri Global Capital Ltd              LT Bk Fac          CARE A+        45000   Reaffirmed
Cavendish Industries Ltd              LT Bk Fac          CARE BBB+(CE)* 25500   Revised from
                                                                                CARE A-(SO)*
*The above ratings are based on the credit enhancement in the form of Parent 
Undertaking from JK Tyre & Industries Ltd (JKTI) to assist the borrower (CIL) 
in arranging/tying up funds for meeting the cash flow shortfall in operations & its debt
servicing obligations. 
Cavendish Industries Ltd              Long/ST Bk Fac     CARE BBB+(CE)* 4000    Revised from
                                                                                CARE
                                                                                A-(SO)*/
                                                                                CARE A2+(SO)*
*The above ratings are based on the credit enhancement in the form of Parent 
Undertaking from JK Tyre & Industries Ltd (JKTI) to assist the borrower (CIL) 
in arranging/tying up funds for meeting the cash flow shortfall in operations & its debt
servicing obligations. 
CESC  Ltd                             LT BkFac           CARE AA        27612.5 -
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA        3977    Reaffirmed
Co. Ltd                               Instrument-I
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA        2000    Reaffirmed
Co. Ltd                               Instrument-II
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA        2000    Reaffirmed
Co. Ltd                               Instrument-III
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA        1000    Reaffirmed
Co. Ltd                               Instrument-IV
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA        500     Reaffirmed
Co. Ltd                               Instrument-V
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA        1000    Reaffirmed
Co. Ltd                               Instrument-VI
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA        250     Reaffirmed
Co. Ltd                               Instrument-VII
Cholamandalam Investment And Finance  Subordinated Debt- CARE AA+       1000    Reaffirmed
Co. Ltd                               I
Cholamandalam Investment And Finance  Subordinated       CARE AA+       2500    Reaffirmed
Co. Ltd                               Debt-II
Cholamandalam Investment And Finance  Subordinated       CARE AA+       1150    Reaffirmed
Co. Ltd                               Debt-III
Cholamandalam Investment And Finance  Subordinated       CARE AA+       3000    Reaffirmed
Co. Ltd                               Debt-IV
Cholamandalam Investment And Finance  Subordinated Debt-VCARE AA+       7000    Reaffirmed
Co. Ltd
Corporation Bank                      Lower Tier IIBonds@-              -       Withdrawn
(Reduced from 500 Crore). 
@ Rating withdrawn post payment confirmation from Corporation Bank and Debenture Trustee
Corporation Bank                      Upper Tier IIBonds CARE A+        8500    Revised from
                                                                                CARE A+;
(Reduced from 2850 Crore)
Corporation Bank                      Perpetual Bonds    CARE A+        5000    Revised from
                                                                                CARE A+;
(Reduced from 737.5 Crore)
D.P. Bansal Commercial Company Pvt LtdLT Bk Fac          CARE B         73.5    -
Revised from CARE B+; (Issuer not cooperating) based on best available information
Ecap Equities Ltd                     Principal          CARE PP-MLD    8000    Revised from
                                      Protected Market   AA-                    CARE PP-MLD AA
                                      Linked Debenture
Ecl Finance Ltd                       LT Bk Fac          CARE AA-       126866.6Revised from
                                                                                CARE AA
Ecl Finance Ltd                       NCDs               CARE AA-       17110$  Revised from
                                                                                CARE AA
(reduced from Rs. 1,965.70 crore)
 $PP-MLD of Rs. 254.7 crore have matured and hence rating has been withdrawn
Ecl Finance Ltd                       Subordinate Debt   CARE AA-       14000   Revised from
                                                                                CARE AA
Ecl Finance Ltd                       Retail Bonds       CARE AA-       1515.7  Revised from
                                                                                CARE AA
(reduced from Rs. 294.16crore)
Ecl Finance Ltd                       NCDs               CARE AA-       20000   Revised from
                                                                                CARE AA
Ecl Finance Ltd                       Principal          CARE PP-MLD AA-2032.8$ Revised from
                                      protected                                 CARE AA
                                      Market-linked Debenture
(reduced from Rs. 228.63crore)
$PP-MLD of Rs. 254.7 crore have matured and hence rating has been withdrawn 
Ecl Finance Ltd                       Principal          CARE PP-MLD AA- 3000   Revised from
                                      protected                                 CARE AA
                                      Market-linked Debenture
Edelweiss Agri Value Chain Ltd        LT Bk Fac- Fund    -              -       Withdrawn
                                      Based
Edelweiss Agri Value Chain Ltd        ST Bk Fac- Non     -              -       Withdrawn
                                      Fund Based
Edelweiss Agri Value Chain Ltd        ST/LT/FB           -              -       Withdrawn
                                      Fac/Non-FB Fac
Edelweiss Agri Value Chain Ltd        NCD                -              -       Withdrawn
Edelweiss Agri Value Chain Ltd        Proposed NCD       -              -       Withdrawn
Edelweiss Asset Reconstruction Co. LtdNCD                CARE A+ (CE)   300     Revised from
                                                                                CARE AA-
Edelweiss Asset Reconstruction Co. LtdNCD                CARE A+ (CE)   3700    Revised from
                                                                                Pro CARE AA-
Edelweiss Asset Reconstruction Co. LtdLT Bk Fac          CARE A+ (CE)   1282.5  Revised from
                                                                                CARE AA-
Edelweiss Asset Reconstruction Co. LtdLT Bk Fac          CARE A+ (CE)   2200    Revised from
                                                                                Pro CARE AA-
Edelweiss Asset Reconstruction Co. LtdNCD                CARE AA- (CE)  902.5   Revised from
                                                                                CARE AA
Edelweiss Asset Reconstruction Co. LtdPrincipal          CARE PP-MLD    5955.0^ Revised from
                                      Protected Market   AA- (CE)               CARE PP-MLD AA
                                      Linked Debentures (PP-MLD)
(Reduced from Rs.700 crore). 
^Rs 104.50 crore have matured and hence rating has been withdrawn.
Edelweiss Asset Reconstruction Co. LtdPrincipal          CARE PP-MLD    5000    Revised from
                                      Protected Market   AA- (CE)               CARE PP-MLD AA
                                      Linked Debentures (PP-MLD)
Edelweiss Financial Services Ltd      NCDs               CARE AA-       2840    Revised from
                                                                                CARE AA
Edelweiss Finvest Pvt Ltd             NCDs               CARE AA-       1500    Revised from
                                                                                CARE AA
Edelweiss Finvest Pvt Ltd             Principal          CARE PP-MLD AA-875.2#  Revised from
                                      Protected Market                          CARE PP-MLD AA
                                      Linked Debentures
(Reduced from Rs. 189.32 crore)
# NCD’s of Rs 101.8 crore have matured and hence rating has been withdrawn 
Edelweiss Finvest Pvt Ltd             Principal          CARE PP-MLD AA-5000    Revised from
                                      Protected Market                          CARE PP-MLD AA
                                      Linked Debentures
Edelweiss Housing Finance Ltd         Retail NCD         CARE AA-       5000    Revised from
                                                                                CARE AA
Edelweiss Housing Finance Ltd         Subordinate Debt   CARE AA-       3000    Revised from
                                                                                CARE AA
Edelweiss Housing Finance Ltd         NCD                CARE AA-       6650    Revised from
                                                                                CARE AA
Edelweiss Housing Finance Ltd         Bk Fac             CARE AA-       16750   Revised from
                                                                                CARE AA
Edelweiss Housing Finance Ltd         NCD                CARE AA- (CE)  380     Revised from
                                                                                CARE AA
Edelweiss Retail Finance Ltd          NCDs               CARE AA-       9250    Revised from
                                                                                CARE AA
Edelweiss Retail Finance Ltd          Subordinate Debt   CARE AA-       3000    Revised from
                                                                                CARE AA
Edelweiss Rural & Corporate Services  NCD                CARE AA-       8075    Revised from
Ltd (Erstwhile Edelweiss Commodities                                            CARE AA
Services Ltd)
Edelweiss Rural & Corporate Services  LT Bk Fac- Fund    CARE AA-       4200    Assigned
Ltd (Erstwhile Edelweiss Commodities  Based@
Services Ltd)
@The said instrument has been transferred from Edelweiss Agri Value Chain Limited 
to Edelweiss Rural & Corporate Services Limited (Erstwhile Edelweiss Commodities 
Services Limited) as per the scheme of amalgamation. 
Ltd (Erstwhile Edelweiss Commodities  Fac/Non-Fund Based
Services Ltd)                         Fac@
@The said instrument has been transferred from Edelweiss Agri Value Chain Limited 
to Edelweiss Rural & Corporate Services Limited (Erstwhile Edelweiss Commodities 
Services Limited) as per the scheme of amalgamation. 
Edelweiss Rural & Corporate Services  Proposed NCDs@     ProCARE AA-    1700    Assigned
Ltd (Erstwhile Edelweiss Commodities                     (CE)
Services Ltd)
@The said instrument has been transferred from Edelweiss Agri Value Chain Limited 
to Edelweiss Rural & Corporate Services Limited (Erstwhile Edelweiss Commodities 
Services Limited) as per the scheme of amalgamation. 
Limited (Erstwhile Edelweiss Commodities Services
Entel Motors Pvt Ltd                  LT Bk Fac          -              -
Gajanand Rice Mill                    LT BkFac           CARE BB-       90      Reaffirmed
(enhanced from8.00 Crore)
Gajanand Rice Mill                    LT- ST Bk Fac      CARE BB-/CARE  70.3    Reaffirmed
                                                         A4
(reduced from 7.92 Crore)
Gaurav Contracts Co                   LT Bk Fac          CARE B+        100     Revised from
                                                                                CARE BB-
Issuer not co-operating based on best available information
Gayatri Jhansi Roadways Ltd           LT Bk Fac          CARE A+        1926.5  Reaffirmed
(reduced from Rs.214.60 crore)
Gayatri Lalitpur Roadways Ltd         LT Bk Fac          CARE A+        1414    Revised from
                                                                                CARE A
(reduced from Rs.157.99 crore)
Gna Axles Ltd                         LT Bk Fac          CARE A+        2700    Revised from
                                                                                CARE A
(reduced from Rs. 289.08 crore)
Gobind Sugar Mills Ltd                LT Bk Fac- Working CARE BB+       1610.7  Revised from
                                      capital Fac                               CARE BBB-
(enhanced from 142.00 Crore)
Gobind Sugar Mills Ltd                LT Bk Fac-TL       CARE BB+       1805.8  Revised from
                                                                                CARE BBB-
(enhanced from14.83 Crore)
Gobind Sugar Mills Ltd                LT Bk Fac*-TL      CARE BBB (CE)  3046.3  Revised from
                                                                                CARE BBB+
(enhanced from 140.67 Crore)
Goel Road Carriers Pvt Ltd            LT Bk Fac          CARE BB        105     Reaffirmed
Gordhandas Gobindram                  LT Bk Fac          CARE B+        60      Assigned
Gr Phagwara Expressway Ltd            LT Bk Fac          CARE A+        5400    Reaffirmed
Haldia Energy Ltd                     LT Bk FacST Bk     CARE AA-       39944.22Reaffirmed
                                      Facility                                  Reaffirmed
Helios Infratech Pvt Ltd              LT BkFac           CARE BBB       1776
Himalayan Heli Services Pvt Ltd       LT Bk Fac          CARE BB        186.7   -
(Issuer not cooperating) based on best available information
Home Credit India Finance Pvt. Ltd.   LT BkFac           CARE A-        6500    Reaffirmed
Home Credit India Finance Pvt. Ltd.   NCD                CARE A-        6000    Reaffirmed
Housing And Urban Development         LT Instruments     CARE AAA       50000   Reaffirmed
Corporation Ltd                       Bonds (FY11-12)
Housing And Urban Development         LT Instruments     CARE AAA       24013.5 Reaffirmed
Corporation Ltd                       Bonds (FY12-13)
Housing And Urban Development         LT Instruments     CARE AAA       49871.1 Reaffirmed
Corporation Ltd                       Bonds (FY13-14)
Housing And Urban Development         LT Instruments -   CARE AAA       35000   Reaffirmed
Corporation Ltd                       Bonds (FY15-16)
Housing And Urban Development         LT Instruments     CARE AAA       15000   Reaffirmed
Corporation Ltd                       Taxfree
                                      Bonds(FY15-16)
Housing And Urban Development         LT Instruments –   CARE AAA       33650   Reaffirmed
Corporation Ltd                       Bonds (FY16-17)
Housing And Urban Development         LT Instruments –   CARE AAA       46550   Reaffirmed
Corporation Ltd                       Bonds (FY17-18)
Housing And Urban Development         LT Instruments –   CARE AAA       240100  Reaffirmed
Corporation Ltd                       Bonds (FY18-19)
Housing And Urban Development         LT Instruments –   CARE AAA       300.00* Reaffirmed
Corporation Ltd                       Bonds (FY19-20)
* raised of Rs.2,485 crore till June 20, 2019
Housing And Urban Development         Fixed Deposit      CARE AAA (FD)  20000   Reaffirmed
Corporation Ltd                       Programme
Housing And Urban Development         LT/ STBk Fac       CARE AAA /CARE 250000  Reaffirmed
Corporation Ltd                                          A1+
Icici Home Finance Co. Ltd            Senior Bonds       CARE AAA       120000  Reaffirmed
Icici Home Finance Co. Ltd            Sub. Bonds         CARE AAA       5000    Reaffirmed
Icici Home Finance Co. Ltd            Senior Bonds #     CARE AAA(CE)   4990    Reaffirmed
#based on Letter of Comfort by ICICI Bank and as stipulated vide SEBI circular no 
SEBI/ HO/ MIRSD/ DOS3/ CIR/ P/ 2019/ 70 dated June 13, 2019
Icici Home Finance Co. Ltd            Fixed Deposits     CARE AAA(FD)   4000    Reaffirmed
Ifci Factors Ltd                      LT BkFacST BkFac   CARE BB+       2025    Revised from
                                                                                CARE BBB-
Ifci Factors Ltd                      LT Instruments     CARE BB+       1581    Revised from
                                                                                CARE BBB-
Ifci Ltd                              LT Bk Fac          CARE BBB-      78250   Revised from
                                                                                CARE BBB
Ifci Ltd                              LT Instruments     CARE BBB-      26550   Revised from
                                                                                CARE BBB
Ifci Ltd                              Subordinated Bonds CARE BBB-      10450   Reaffirmed
Ifci Ltd                              LT Instruments –   CARE BBB+ (SO) 5750    Revised from
                                      NCD*                                      CARE A-
*based on credit enhancement in the form of lien of Special Government security (G-sec) in favor
of trustee such that the total lien amount is at least 70% of the total liability on the NCD and
supplemented by a structured payment mechanism (SPM)
 
Ifci Venture Capital Funds Ltd        LT BkFac           CARE BB+       455.8   Revised from
                                                                                CARE BBB
(reduced from 95.55 Crore)
Ifci Venture Capital Funds Ltd        LT BkFac           CARE BB+       62.9    Revised from
                                                                                CARE BBB
(reduced from 35.14 Crore)
Ifci Venture Capital Funds Ltd        LT NCDs            CARE BB+       993.6   Revised from
                                                                                CARE BBB
(reduced from 119.36 Crore)
Ifci Venture Capital Funds Ltd        Long/STBk Fac      CARE BB+/CARE  230     Revised from
                                                         A4+                    CARE BBB
(enhanced from 20.00 Crore)
Incline Realty Pvt Ltd                LT NCD             CARE AA+(CE)   5000    Reaffirmed
Itd Cementation India Ltd             LT Bk Fac          CARE A         9000    Reaffirmed
Itd Cementation India Ltd             LT Bk Fac          CARE A/CARE A1 40000   Reaffirmed
J.D. Industries (Chhattisgarh)        LT BkFac           CARE B-        76.4    -
(Issuer not cooperating);Based on best available information.
Jindal Stainless Steelway Ltd         LT Bk Fac          CARE BBB       1300    Reaffirmed
Jindal Urban Waste Management         LT Bk Fac          CARE BBB-      1530    Assigned
(Visakhapatnam) Ltd
Jk Tornel S.A De C.V.                 LT Bk Fac          CARE BBB+      3620    Revised from
                                                                                CARE A
Jk Tyre & Industries Ltd              LT Bk Fac          CARE A         36589.8 Revised from
                                                                                CARE A+
Jk Tyre & Industries Ltd              Long/ ST           CARE A         1400    Revised from
                                      instruments-Fixed  (FD)/CARE A1           CARE A+ (FD)/
                                      Deposit programme  (FD)                   CARE A1+ (FD)
Jk Tyre & Industries Ltd              LT / ST Bk Fac     CARE A /CARE A13500    Revised from
                                                                                CARE A+ /
                                                                                CARE A1+
Jsl Lifestyle Ltd                     LT Bk Fac- TL      -              -       Withdrawn
Jsl Lifestyle Ltd                     LT Bk Fac          CARE BBB+      325     Revised from
                                                                                CARE BBB
(reduced from 40.00 Crore)
Jsl Lifestyle Ltd                     LT/ST Bk Fac       CARE BBB+/CARE 175     Revised from
                                                         A2                     CARE BBB
(reduced from 25.00 Crore)
Jsw Energy Ltd                        LT Bk limits       CARE AA-       35824.9 Reaffirmed
Jsw Energy Ltd                        NCDs Issues        CARE AA-       19000   Reaffirmed
Kailashdarshan Tiles Llp              LT Bk Fac          CARE BB-       84.7    Revised from
                                                                                CARE B+
(reduced from 9.50 Crore)
Karp Impex Ltd                        LT Bk Fac          CARE BB        10500   Revised from
                                                                                CARE BBB-;
(Issuer not cooperating);Based on best available information.
Laxmisree Ricemill Pvt Ltd            LT Bk Fac          CARE B-        55.9    -
(Issuer not cooperating); Based on best available information
Magadh Sugar & Energy Ltd             LT Bk Fac          CARE BBB+      4945.6  Reaffirmed
Magma Fincorp Ltd                     Perpetual Debt     CARE A+        1164    Reaffirmed
Magma Fincorp Ltd                     Proposed Perpetual CARE A+        636     Reaffirmed
                                      Debt
Magma Fincorp Ltd                     LT Bk Fac          CARE AA-       54720   Reaffirmed
Magma Fincorp Ltd                     Secured            CARE AA-       1050    Reaffirmed
                                      NonConvertible
                                      Debentures
Magma Fincorp Ltd                     Proposed Secured   CARE AA-       821     Reaffirmed
                                      NCDs
Magma Fincorp Ltd                     Unsecured          CARE AA-       4570    Reaffirmed
                                      Subordinated Tier
                                      II NCDs
Magma Fincorp Ltd                     Proposed Unsecured CARE AA-       1000    Reaffirmed
                                      Subordinated Tier
                                      II debt
Magma Fincorp Ltd                     Long/ST Bk Fac     CARE AA-/CARE  3495.8  Reaffirmed
                                                         A1+
Magma Housing Finance Ltd             LT Bk Fac          CARE AA-       6416.7  Reaffirmed
(reduced from 775 Crore)
Magma Housing Finance Ltd             Secured NCDs       CARE AA-       1000    Reaffirmed
                                      (NCDs)
Magma Housing Finance Ltd             Proposed NCDs      CARE AA-       1000    Reaffirmed
Maithan Steel & Power Ltd             LT Bk Fac          CARE BBB-      599.7   Revised from
                                                                                CARE BBB-
(Issuer not cooperating);Based on best available information.
Manappuram Finance Ltd                NCD issue- I       -              -       Withdrawn
Manappuram Finance Ltd                NCD issue– II      -              -       Withdrawn
Manappuram Finance Ltd                NCD issue- III     -              -       Withdrawn
Manappuram Finance Ltd                LT Bk Fac          CARE AA        56800   Reaffirmed
Manappuram Finance Ltd                NCD issue – IV (   CARE AA        1000    Reaffirmed
                                      Proposed)
Manappuram Finance Ltd                NCD issue – V      CARE AA        10000   Reaffirmed
Manisha Engineers Pvt Ltd             LT Bk Fac          CARE B+        7.5     Reaffirmed
Manisha Engineers Pvt Ltd             Long/ST BkFac      CARE B+/CARE A420      Reaffirmed
Meja Urja Nigam Pvt Ltd               LT Bk Fac          CARE BBB+      78167.9 Reaffirmed
(enhanced from 7,773.82 Crore)
Molagavalli Renewable Pvt Ltd         NCD issue@         CARE A+ (CE)   3081    -
@ backed by credit enhancement in the form of:
a. Unconditional and irrevocable promoter guarantee by Renew Power Limited (RPL, 
rated CARE A+; Stable/CARE A1+) for 30% of outstanding principal amount and available
 throughout the tenure of the NCDs and structured payment
mechanism.
b. Unconditional and irrevocable co-obligor guarantee to the NCDs issued by each of 
the other Issuers (Renew Wind Energy (Rajasthan One) Private Limited and Narmada Wind 
Energy Private Limited) within the Restricted Group.
Further all associates have unconditionally and irrevocably guaranteed
their respective Issuers. 
Montage Laboratories Pvt Ltd          Long- term BkFac   CARE BB-       272.9   Assigned
Munish Forge Pvt Ltd                  LT Bk Fac          CARE BB+       405     -
(enhanced from Rs 30.00 crore)
Nalwa Steel And Power Ltd             LT BkFac           CARE BB+       3265    Reaffirmed
(enhanced from 314.75 Crore)
Nalwa Steel And Power Ltd             Long/ST BkFac      CARE BB+/CARE  150     Reaffirmed
                                                         A4
Narmada Wind Energy Pvt Ltd           NCD issue@         CARE A+ (CE)   5409.6  -
@ backed by credit enhancement in the form of:
a. Unconditional and irrevocable promoter guarantee by Renew Power Limited (RPL, 
rated CARE A+; Stable/CARE A1+) for 30% of outstanding principal amount and available
 throughout the tenure of the NCDs and structured payment mechanism.
b. Unconditional and irrevocable co-obligor guarantee to the NCDs issued by each of
 the other Issuers (Renew Wind Energy (Rajasthan One) Private Limited Molagavalli
 Renewable Private Limited within the Restricted Group. Further all associates have 
 unconditionally and irrevocably guaranteed their respective Issuers. 
Natraj Rice Mills Pvt Ltd             LT BkFac           CARE BB-       259.5   -
(ISSUER NOT COOPERATING)
North East Ferro Alloys Co. Pvt. Ltd. LT Bk Fac          CARE B-        59.5    -
(ISSUER NOT COOPERATING)
Oberoi Constructions Ltd              LT Bk Fac – Drop   CARE AA+(CE)   5000    Assigned
                                      Line Project
                                      optionally convertible debenture@
Oberoi Realty Ltd                     LT / ST Bk         CARE AA+ /CARE 2250^   Reaffirmed
                                      facility (Line of  A1+
                                      Credit)*
*Letter of Credit Limit (interchangeable with BG Limits) of Rs.30 crores as sublimit 
of LoC Limits and Bank Guarantee Limit (interchangeable with LC Limits) of Rs.30 crores 
as sublimit of LoC Limit for Oberoi Realty Ltd. ^Out of the total LoC Limit of Rs.225 crores, 
Rs. 112.50 crores is earmarked for Oberoi Constructions Limited and Rs 112.50
crores is earmarked for Incline Realty Private Limited with primary obligor
being Oberoi Realty Limited 
Orient Paper & Industries Ltd         LT Bk Fac          CARE AA-       84.3    Reaffirmed
(reduced from 84.05 Crore)
Orient Paper & Industries Ltd         Long/STBk Fac      CARE AA-/CARE  1600    -
                                                         A1+
(enhanced from 131.00 Crore)
Ostro Anantapur Pvt Ltd               LT Bk Fac – TL     CARE A (CE)    7139    -
Ostro Anantapur Pvt Ltd               LT Bk Fac – CC     CARE A (CE)    436.0*  -
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore 
 on an aggregate basis as per the sanctioned terms
Ostro Andhra Wind Pvt Ltd             LT Bk Fac (TL)     CARE BBB       5659.8  -
Ostro Ap Wind Pvt Ltd                 LT Bk Fac (TL)     CARE BBB       5847.4  -
Ostro Jaisalmer Pvt Ltd               LT Bk Fac – TL     CARE A (CE)    3303    -
Ostro Jaisalmer Pvt Ltd               LT Bk Fac – CC     CARE A (CE)    167.0*  -
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore 
 on an aggregate basis as per the sanctioned terms
Ostro Madhya Wind Pvt Ltd             LT Bk Fac – TL     CARE A (CE)    5563    -
Ostro Madhya Wind Pvt Ltd             LT Bk Fac – CC     CARE A (CE)    559.0*  -
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore 
 on an aggregate basis as per the sanctioned terms
Ostro Urja Wind Pvt Ltd               LT Bk Fac – TL     CARE A (CE)    4800    -
Ostro Urja Wind Pvt Ltd               LT Bk Fac – CC     CARE A (CE)    402.0*  -
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore 
 on an aggregate basis as per the sanctioned terms
Pancham Jewellers Pvt Ltd             LT Bk Fac          CARE D         260     -
(ISSUER NOT COOPERATING)
Pee Gee Fabrics Pvt Ltd               LT BkFac           CARE BBB-      208.3   Reaffirmed
Piramal Capital & Housing Finance Ltd NCD                CARE AA        85000   Revised
(Erstwhile Piramal Housing Finance Ltd)                                         fromCARE AA+
Piramal Capital & Housing Finance Ltd Subordinated Debt  CARE AA        5000    Revised
(Erstwhile Piramal Housing Finance Ltd)                                         fromCARE AA+
Piramal Capital & Housing Finance Ltd Subordinated Debt  CARE AA        10000   Revised
(Erstwhile Piramal Housing Finance Ltd(TierII)                                  fromCARE AA+
Piramal Capital & Housing Finance Ltd LT Bk Fac          CARE AA        275000  Revised
(Erstwhile Piramal Housing Finance Ltd)                                         fromCARE AA+
Pnb Housing Finance Ltd               LT Bonds/NCDs      -              -       Withdrawn#
(reduced from Rs.1125 crore) . # CARE has withdrawn the rating(s) assigned 
to the NCD issue of PNBHFL with immediate effect, as the company has repaid
the aforementioned NCD/Bond issue in full and there is no amount outstanding 
under the issue as on date.
Pnb Housing Finance Ltd               LT Bk Fac          CARE AA+       65000   Removed from
                                                                                Credit Watch
                                                                                with developing 
                                                                                implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       1500    -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       1250    -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       2000    -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       5000    -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       10000   -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs^     CARE AA+       6000    -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       28750   -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       65010   -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       85000   -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       70000   -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Bonds/NCDs      CARE AA+       50000   -
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Tier-II         CARE AA+       10000   -
                                      Bonds/Subordinated
                                      Debt
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Tier-II         CARE AA+       2000    -
                                      Bonds/Subordinated
                                      Debt
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Tier-II         CARE AA+       5000    -
                                      Bonds/Subordinated
                                      Debt
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               LT Tier-II Bonds/  CARE AA+       4990    -
                                      Subordinated Debt
Removed from Credit Watch with developing implications
Pnb Housing Finance Ltd               Fixed Deposit      CARE AA+ (FD)  185000  -
                                      programme
Removed from credit Watch with developing implications and rating revised from CARE AAA
Pnb Housing Finance Ltd               LT/ST Bk Fac       CARE AA+/CARE  85000   Long term
                                                         A1+                    rating
                                                                                removed 
                                                                                from Credit 
                                                                                Watch with 
                                                                                developing 
                                                                                implications 
                                                                                and short term
                                                                                rating
                                                                                reaffirmed
Pnl Constructions Pvt Ltd             LT BkFac           CARE BB-       120     -
(Issuer not cooperating); Based
on best available information
Popular Motor Corporation             LT Bk Fac          CARE BBB-      200     -
Prathamesh Solarfarms Ltd             LT Bk Fac – TL     CARE A (CE)    3465    -
Prathamesh Solarfarms Ltd             LT Bk Fac – CC     CARE A (CE)    119.0*  -
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate 
basis as per the sanctioned terms
Prem Industries                       LT BkFac           CARE BBB-      105     Reaffirmed
Psp Projects Ltd                      LT BkFac           CARE A+        450     -
Psp Projects Ltd                      LT/ ShortTerm Bk   CARE A+/CARE   5650    -
                                      Fac                A1+
(enhanced from 365.00 Crore)
R S Software (India) Ltd              LT BkFac           CARE BBB       250     -
(enhanced from 24.50 Crore)
Radico Khaitan Ltd                    LT Bk Fac – Fund   CARE AA-       5685.7  Continues to
                                      Based                                     be on Credit
                                                                                Watch
Reliance Capital Ltd                  LT debt programme  CARE BBB       180000  Revised
                                                                                Credit watch
                                                                                With
                                                                                developing 
                                                                                implications
                                                                                to Credit
                                                                                watch with 
                                                                                negative 
                                                                                implications
Reliance Capital Ltd                  Subordinated Debt  CARE BBB       20000   Revised
                                                                                Credit watch
                                                                                With
                                                                                developing 
                                                                                implications
                                                                                to Credit
                                                                                watch with 
                                                                                negative 
                                                                                implications
Reliance Capital Ltd                  Market Linked      CARE PP-MLD BBB10000   Revised
                                      Debenture                                 Credit watch
                                                                                With
                                                                                developing 
                                                                                implications
                                                                                to Credit
                                                                                watch with 
                                                                                negative 
                                                                                implications
Renew Power Ltd                       NCD issue@         CARE A+/CARE   21700   Reaffirmed
                                                         A1+
(enhanced from Rs.2,120 crore)
Renew Vayu Urja Pvt Ltd               NCD issue@         CARE BBB+      8040    -
Renew Wind Energy (Rajasthan One) Pvt NCD issue@         CARE A+ (CE)   5519.3  -
Ltd
Rishabh Industries                    LT BkFac           CARE BB-       24.3    -
Rishabh Industries                    Long/ST BkFac      CARE BB-/CARE  130     -
                                                         A4
S.S. Agro                             LT Bk Fac          CARE D         200     -
(Issuer not cooperating); Based
on best available information
S.S. Overseas                         LT Bk Fac          CARE D         200     -
(Issuer not cooperating); Based on best available information
Sai Poultry Farm                      LT Bk Fac          CARE B+        63      -
(Issuer not cooperating); Based on best available information
Sasan Power Ltd                       LT Bklimits        CARE BB+       175750  Revised from
                                                                                CARE BBB+
Sasan Power Ltd                       Long/Shortterm     CARE BB+/A4    3000    Revised from
                                      Bklimits                                  CARE BBB+
Satin Creditcare Network Ltd          NCD                -              -       Withdrawn@
@ CARE has withdrawn the rating(s) assigned to the NCD issue of Satin Creditcare 
Network Ltd. with immediate effect, as the company has repaid the aforementioned
 NCD issues in full and there is no amount outstanding under the issue as on date. 
Satin Creditcare Network Ltd          NCDs               -              -       Withdrawn@
@ CARE has withdrawn the rating(s) assigned to the NCD issue of Satin Creditcare 
Network Ltd. with immediate effect, as the company has repaid the aforementioned
 NCD issues in full and there is no amount outstanding under the issue as on date. 
Satin Creditcare Network Ltd          NCD                -              -       Withdrawn@
@ CARE has withdrawn the rating(s) assigned to the NCD issue of Satin Creditcare 
Network Ltd. with immediate effect, as the company has repaid the aforementioned
 NCD issues in full and there is no amount outstanding under the issue as on date. 
Satin Creditcare Network Ltd          NCD                -              -       Withdrawn@
(reduced from 40 Crore). 
@ CARE has withdrawn the rating(s) assigned to the NCD issue of Satin Creditcare 
Network Ltd. with immediate effect, as the company has repaid the aforementioned
 NCD issues in full and there is no amount outstanding under the issue as on date. 
Satin Creditcare Network Ltd          NCD                -              -       Withdrawn@
(reduced from 40 Crore). 
@ CARE has withdrawn the rating(s) assigned to the NCD issue of Satin Creditcare 
Network Ltd. with immediate effect, as the company has repaid the aforementioned
 NCD issues in full and there is no amount outstanding under the issue as on date. 
Satin Creditcare Network Ltd          LT Bk Fac          CARE A-        28000   Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE A-        180     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE A-        500     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE A-        262.8   Reaffirmed
Satin Creditcare Network Ltd          NCDs               CARE A-        680     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE A-        250     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE A-        150     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE A-        200     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE A-        650     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE A-        400     Reaffirmed
(reduced from 60 Crore)
Satin Creditcare Network Ltd          NCD                CARE A-        400     Reaffirmed
(reduced from 60 Crore)
Satin Creditcare Network Ltd          NCD                CARE A-        600     Reaffirmed
Satin Creditcare Network Ltd          NCD (Proposed)     CARE A-        4942    Reaffirmed
Satin Creditcare Network Ltd          NCD Subordinated   CARE A-        210     Reaffirmed
                                      Debentures
Satin Creditcare Network Ltd          Preference Share   CARE BBB+      250     Reaffirmed
                                      Capital
Se Freight And Logistics India Pvt LtdProposed LT BkFac  CARE BB-       500     Assigned
Shamlaji Expressway Pvt Ltd           LT BkFac           CARE A-        6500    Reaffirmed
Shamsons Industries                   LT Bk Fac          CARE BB        60      -
Shamsons Industries                   LT/ST BkFac        CARE BB/CARE   10      -
                                                         A4
Shamsons Polymers Pvt Ltd             LT Bk Fac          CARE BB        108     -
Shamsons Polymers Pvt Ltd             LT/ST BkFac        CARE BB/CARE   12      -
                                                         A4
Shikhar Constructions                 LT Bk Fac          CARE D         60      Revised from
                                                                                CARE B
(ISSUER NOT COOPERATING)
Shirpur Gold Refinery Ltd             LT BkFac           CARE BB+       375     Removed from
                                                                                Credit watch
                                                                                with negative 
                                                                                implications
Shree Siddhi Infrabuild Pvt Ltd       LT Bk Fac          CARE BB+       100.8   -
(reduced from Rs.15.00 crore)
Shree Vaishnodevi Oil Industries      LT Bk Fac          -              -       Withdrawn
Shyam Century Ferrous Ltd             LT Bk Fac          CARE A-        300     -
Shyam Century Ferrous Ltd             Long /ST BkFac     CARE A-/CARE   20      -
                                                         A2+
State Bank Of India                   Upper Tier II Bonds-              -       Withdrawn
(reduced from Rs.5,750.00 crore)
State Bank Of India                   Upper Tier II      -              -       Withdrawn
                                      Bonds!
(reduced from Rs.150 crore)
 ! Transferred from State Bank of Patiala to SBI consequent to the merger with SBI
State Bank Of India                   Tier I Bonds       CARE AA+       91000   Reaffirmed
                                      (Basel III)#
#CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as
mentioned below:
- The bank has full discretion at all times to cancel coupon payments.
- The coupon is to be paid out of current year profits. However, if the current year’s profits
are not sufficient, i.e.,
payment of such coupon is likely to result in losses during the current year, the balance of
coupon payment may be
made out of revenue reserves and/or credit balance in profit and loss account provided the bank
meets the
minimum regulatory requirements for Common Equity Tier I [CET I], Tier I and Total Capital
Ratios and capital buffer
frameworks as prescribed by the Reserve Bank of India      .
- The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5%
before March 31, 2019,
and 6.125% on and after March 31, 2019, or written-off / converted into common equity shares on
occurrence of
the trigger event called point of non-viability (PONV). The PONV trigger shall be determined by
RBI.
- Any delay in payment of interest/principal (as the case may be) due to invocation of any of
the features mentioned
above would constitute as an event of default as per CARE’s definition of default and as such
these instruments may
exhibit a somewhat sharper migration of the rating compared with other subordinated debt
instruments.
 
State Bank Of India                   Lower Tier II BondsCARE AAA       56328.4 Reaffirmed
(reduced from Rs.7,132.84 crore)
State Bank Of India                   Perpetual Bonds    CARE AAA       20000   Reaffirmed
                                      (Basel II)
(reduced from Rs.2,165.00 crore)
State Bank Of India                   Tier II Bonds      CARE AAA       130000  Reaffirmed
                                      (Basel III)*
* Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may  suffer a loss of principal. PONV will be determined by the
Reserve Bank of India (RBI) and is a point at which the bank may no longer remain a going
concern on its own unless appropriate measures are taken to revive its operations and thus,
enable it to continue as a going concern. In addition, the difficulties faced by a bank should
be such that these are likely to result in financial losses and raising the Common Equity Tier I
capital of the bank should be considered as the most appropriate way to prevent the bank from
turning non-viable.
State Bank Of India                   Perpetual Bonds    CARE AAA       1000    Reaffirmed
                                      (Basel II)$
$Transferred from State Bank of Mysore to SBI consequent to the merger with SBI 
State Bank Of India                   Tier II Bonds      CARE AAA       5000    Reaffirmed
                                      (Basel III)*$
* Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may  suffer a loss of principal. PONV will be determined by the
Reserve Bank of India (RBI) and is a point at which the bank may no longer remain a going
concern on its own unless appropriate measures are taken to revive its operations and thus,
enable it to continue as a going concern. In addition, the difficulties faced by a bank should
be such that these are likely to result in financial losses and raising the Common Equity Tier I
capital of the bank should be considered as the most appropriate way to prevent the bank from
turning non-viable.
$Transferred from State Bank of Mysore to SBI consequent to the merger with SBI 
State Bank Of India                   Upper Tier II      CARE AAA       5000    Reaffirmed
                                      Bonds@
@Transferred from State Bank of Travancore to SBI consequent to the merger with SBI 
State Bank Of India                   Tier II Bonds      CARE AAA       5150    Reaffirmed
                                      (Basel III)*@
* Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may  suffer a loss of principal. PONV will be determined by the
Reserve Bank of India (RBI) and is a point at which the bank may no longer remain a going
concern on its own unless appropriate measures are taken to revive its operations and thus,
enable it to continue as a going concern. In addition, the difficulties faced by a bank should
be such that these are likely to result in financial losses and raising the Common Equity Tier I
capital of the bank should be considered as the most appropriate way to prevent the bank from
turning non-viable.
@Transferred from State Bank of Travancore to SBI consequent to the merger with SBI 
State Bank Of India                   Upper Tier II      CARE AAA       9250    Reaffirmed
                                      Bonds&
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI 
(reduced from Rs.1,250 crore)
State Bank Of India                   Perpetual Bonds    CARE AAA       3350    Reaffirmed
                                      (Basel II)&
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI 
State Bank Of India                   Tier II Bonds      CARE AAA       7000    Reaffirmed
                                      (Basel III)*&
* Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may  suffer a loss of principal. PONV will be determined by the
Reserve Bank of India (RBI) and is a point at which the bank may no longer remain a going
concern on its own unless appropriate measures are taken to revive its operations and thus,
enable it to continue as a going concern. In addition, the difficulties faced by a bank should
be such that these are likely to result in financial losses and raising the Common Equity Tier I
capital of the bank should be considered as the most appropriate way to prevent the bank from
turning non-viable.
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI 
State Bank Of India                   Perpetual Bonds    CARE AAA       3000    Reaffirmed
                                      (Basel II)!
! Transferred from State Bank of Patiala to SBI consequent to the merger with SBI 
State Bank Of India                   Tier II Bonds      CARE AAA       9500    Reaffirmed
                                      (Basel III)*!
* Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may  suffer a loss of principal. PONV will be determined by the
Reserve Bank of India (RBI) and is a point at which the bank may no longer remain a going
concern on its own unless appropriate measures are taken to revive its operations and thus,
enable it to continue as a going concern. In addition, the difficulties faced by a bank should
be such that these are likely to result in financial losses and raising the Common Equity Tier I
capital of the bank should be considered as the most appropriate way to prevent the bank from
turning non-viable.
! Transferred from State Bank of Patiala to SBI consequent to the merger with SBI 
 
Styrax Pharma Pvt Ltd                 LT Bk Fac          CARE BBB-      375.9   Revised from
                                                                                CARE BB+
Sujana Universal Industries Ltd       LT Bk Fac          CARE D         4759.7  -
(Issuer not cooperating); Based on best available information
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series VIII) -              -
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series IX)   -              -
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series VIII) -              -       Withdrawal
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series IX)   -              -       Withdrawal
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series X)    CARE AA+       470
(reduced from 103.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series XI)   CARE AA+       1230
(reduced from 130.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series XII)  CARE AA+       750
(reduced from 100.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series XIII) CARE AA+       2000
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series XIV)  CARE AA+       2500
Sundaram Bnp Paribas Home Finance Ltd Subordinated Debt  CARE AA+       700
                                      (Series II)
(reduced from 100.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd Subordinated Debt  CARE AA+       500
                                      (Series III)
Sundaram Bnp Paribas Home Finance Ltd LT Bk Fac          CARE AA+       500
(reduced from 75.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series X)    CARE AA+       470     Reaffirmed
(reduced from 103.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series XI)   CARE AA+       1230    Reaffirmed
(reduced from 130.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series XII)  CARE AA+       750     Reaffirmed
(reduced from 100.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series XIII) CARE AA+       2000    Reaffirmed
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series XIV)  CARE AA+       2500    Reaffirmed
Sundaram Bnp Paribas Home Finance Ltd Subordinated Debt  CARE AA+       700     Reaffirmed
                                      (Series II)
(reduced from 100.00 Crore)
Sundaram Bnp Paribas Home Finance Ltd Subordinated Debt  CARE AA+       500     Reaffirmed
                                      (Series III)
Sundaram Bnp Paribas Home Finance Ltd LT Bk Fac          CARE AA+       500     Reaffirmed
(reduced from 75.00 Crore)
Svatantra Microfin Pvt Ltd            Subordinate Debt   CARE A-        750
Systematic And Advance Construction Pvt LT Bk Fac         -              -       Withdrawn
Ltd
Tata Communications Ltd               LT NCD             CARE AA+       1500    Reaffirmed
(reduced from 155.00 Crore)
Tata Communications Ltd               Issuer Rating      CARE AA+ (Is)  -       Reaffirmed
Tata Motors Finance Ltd (Formerly KnowPerpetual Debt     CARE A+        397     Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowLT Bk Fac          CARE AA        250000  Reaffirmed
As Sheba Properties Ltd)
(Enhanced from Rs.17,000.00 crore)
Tata Motors Finance Ltd (Formerly KnowNCDs               CARE AA        14020   Reaffirmed
As Sheba Properties Ltd)
(Reduced from Rs.1,527.00 crore)
Tata Motors Finance Ltd (Formerly KnowNCDs               CARE AA        50000   Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowSubordinated Debt  CARE AA        2650    Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowSubordinated Debt  CARE AA        9150    Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Solutions Ltd     Perpetual Debt     CARE A+        1000    Reaffirmed
Tata Motors Finance Solutions Ltd     LT Bk Fac          CARE AA        75000   Reaffirmed
(Enhanced from Rs.4,000 crore)
Tata Motors Finance Solutions Ltd     NCDs               CARE AA        10000   Reaffirmed
Tata Motors Finance Solutions Ltd     Subordinated Debt  CARE AA        2000    Reaffirmed
Tata Power Co. Ltd                    Perpetual Bond     CARE AA        15000
Tata Power Co. Ltd                    Hybrid Bond        CARE AA        15000
Tata Power Co. Ltd                    NCDs               CARE AA        22100
Technobit Industries Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Technobit Industries Pvt Ltd          LT / ST Bk Fac     -              -       Withdrawn
The Great Eastern Shipping Co. Ltd    NCD (NCD)          CARE AA+       29350   Reaffirmed
The Great Eastern Shipping Co. Ltd    LT/ST Bk Fac       CARE AA+ /CARE 500     Reaffirmed
                                                         A1+
The Indian Hume Pipe Co. Ltd          LT Bk Fac          CARE A         500     Revised from
                                                                                CARE A+
(enhanced from 1.88 Crore)
The Indian Hume Pipe Co. Ltd          LT Bk Fac          CARE A         8050    Revised from
                                                                                CARE A+
(enhanced from 625.00 Crore)
The Indian Hume Pipe Co. Ltd          LT/ ST BkFac       CARE A/A1      11500   Revised from
                                                                                CARE A+
(enhanced from 1,050.00 Crore)
Timarpur Okhla Waste Management Co. LtLT BkFac (TL)      -              -       Withdrawn
Timarpur Okhla Waste Management Co. LtLT BkFac (ECB)     -              -       Withdrawn
Timarpur Okhla Waste Management Co. LtLT BkFac (CC)      CARE BBB+      30      Revised from
                                                                                CARE BBB-
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   3000    Reaffirmed
Tata Motors Finance Ltd)                                 A1+
Tourism Finance Corporation Of India Ltd LT Subordinated CARE A+        1000
                                      Bonds
Tourism Finance Corporation Of India Ltd LT Bonds        CARE A+        6815
Varanasi Sangam Expressway Pvt Ltd    LT/ ShortTerm Bk   -              -       Withdrawn
                                      Fac*
*CARE has withdrawn the ratings assigned to the aforesaid bank facilities 
(bank guarantee) as there is no amount outstanding under the said facility and 
the facility has been closed. 
Varanasi Sangam Expressway Pvt Ltd    LT BkFac           CARE A         9920    Reaffirmed
Viacom18 Media Pvt Ltd                LT/ST BkFacCP (CP) CARE AAA/CARE  12750   Reaffirmed
                                      issue              A1+                    Reaffirmed
Visakha Distilleries Llp              LT Bk Fac          CARE B+        150     Assigned
Vizebh Compositech Pvt Ltd            LT Bk Fac          CARE D         150     -
(Issuer not cooperating); Based on best available information
Zee Media Corporation Ltd             LT Bk Fac – TL     CARE BBB       1132    Removed from
                                                                                Credit watch
                                                                                with negative
                                                                                implications
Zee Media Corporation Ltd             LT Bk Fac – CC     CARE BBB       1000    Removed from
                                                                                Credit watch
                                                                                with negative
                                                                                implications
--------------------------------------------------------------------------------------------
$: 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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