July 8, 2020 / 9:10 AM / a month ago

CARE ratings for Indian debt instruments-Jul 8

    Jul 8  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of July 7, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Akshar Spintex Ltd                   ST Bk Fac         CARE A4       13.5   Revised from
                                                                            CARE A4+
Fullerton India Home Finance Co. Ltd CP (CP) Issue     CARE A1+      5000   Reaffirmed
Hfcl Ltd                             ST Bk Fac         CARE A2       20675.8Revised from
                                                                            CARE A2+
Housing And Urban Development        CP                CARE A1+      100000 Reaffirmed
Corporation Ltd
Captronic Systems Pvt Ltd            ST Bk Fac         CARE D        95     Reaffirmed
Htl Ltd                              Fund Based - ST – CARE A2 (CE)  400    Revised from
                                     Bk Overdraft      (Credit              CARE A2+
                                                       Enhancement)
Htl Ltd                              Non Fund Based -  CARE A2 (CE)  500    Revised from
                                     ST- LC/BG         (Credit              CARE A2+
                                                       Enhancement)
Icici Home Finance Co. Ltd           CP                CARE A1+      40000  Reaffirmed
Iol Chemicals And Pharmaceuticals LtdST BkFac          CARE A1       2100   Revised from
                                                                            CARE A2+
Jindal Stainless Steelway Ltd        ST Bk Fac         CARE A3+      900    Reaffirmed
Kailashdarshan Tiles Llp             ST Bk Fac         CARE A4       12.1   Reaffirmed
Kbk Chem-Engineering Pvt Ltd         ST BkFac          CARE A4       70     Revised from
                                                                            CARE A4
(Issuer not cooperating)
Orient Electric Ltd                  ST Bk Fac         CARE A1+      1033   Reaffirmed
Permali Wallace Pvt Ltd              ST Bk Fac         CARE A4       142.5  Reaffirmed
Purple Products Pvt Ltd              ST Bk Fac – Fund  CARE A3       830    Assigned
                                     Based and NFBL
Radico Khaitan Ltd                   ST Bk Fac         CARE A1+      600    Reaffirmed
Radico Khaitan Ltd                   CP Issue^         CARE A1+      1000   Reaffirmed
^ Carved out of working capital limits of the company
Rajasthan Rajya Vidyut Utpadan Nigam ST BkFac @        CARE A3+ (CE) 1850   Assigned
                                                       (Credit
                                                       Enhancement)
@ The rating for said facilities is based on credit enhancement in the form of irrevocable,
continuing and without any condition guarantee by Government of Rajasthan (GoR) for its timely
debt servicing along with irrevocable and unconditional default escrow cover in favour of the
lenders for recoveries from revenue collection account of the Rajasthan Rajya Vidyut Utpadan
Nigam Limited duly confirmed by the banker with whom revenue collection account is maintained. 
Rccpl Pvt Ltd                        ST Bk Fac         CARE A1+      2000   Reaffirmed
Reliance Industries Ltd              CP                CARE A1+      345000 Reaffirmed
Satin Creditcare Network Ltd         CP Issue          CARE A1       2000   Reaffirmed
Shyam Century Ferrous Ltd            ST BkFac          CARE A3+      220    Reaffirmed
Splenora Textures Llp                ST Bk Fac         CARE A4       15     Reaffirmed
Sundaram Home Finance Ltd            ST Bk Fac         CARE A1+      350    Reaffirmed
Suzuki Motor Gujarat Pvt Ltd         ST BkFac          CARE A1+      500    Reaffirmed
Tata Consumer Products Ltd           CP (CP)           CARE A1+      7150   Reaffirmed
Note- Total borrowing under CP and fund based facilities from banks to remain within an overall
limit of Rs. 715 crore out of which Tata Consumer Products Limited has a sanctioned fund based
working capital limit of Rs.400 crore 
Tata Teleservices (Maharashtra) Ltd  ST Bk Fac –Non    CARE A1+      2540   Reaffirmed
                                     Fund Based- BG/LC
(enhanced from Rs.209 crore Crore)
Tata Teleservices (Maharashtra) Ltd  CP issue          CARE A1+      75000  Reaffirmed
Trf Ltd                              ST BkFac          CARE A2       100    Reaffirmed
Vadilal Industries Ltd               ST BkFac          CARE A3       167.2  Revised from
                                                                            CARE A3+ &
                                                                            Removed from Credit
                                                                            watch with negative
                                                                            implications
Vadilal Industries Ltd               ST BkFac          CARE A3       167.2  Revised from
                                                                            CARE A3+ &
                                                                            Removed from Credit
                                                                            watch with negative
                                                                            implications
Vaibhu Infra Tech India Pvt Ltd      ST Bk Fac         CARE A4;      30     -
(Issuer not cooperating; based on best available information)
Yuken India Ltd                      ST Bk Fac         CARE A3       70     Revised from
                                                                            CARE A3+

LONG TERM RATINGS:
-------------------
Aadhar Housing Finance Ltd           NCD               -             -      Withdrawn
Aadhar Housing Finance Ltd           NCD               -             -      Withdrawn
Aadhar Housing Finance Ltd           LT Bk Fac         CARE AA;      80882.4Reaffirmed
                                                       Stable
Aadhar Housing Finance Ltd           NCD               CARE AA;      10000  Reaffirmed
                                                       Stable
Aadhar Housing Finance Ltd           NCD (Public issue)CARE AA;      6764   Reaffirmed
                                                       Stable
Aadhar Housing Finance Ltd           NCD               CARE AA;      13230  Reaffirmed
                                                       Stable
(reduced from Rs. 1400 crore Crore)
Aadhar Housing Finance Ltd           NCD               CARE AA;      5000   Reaffirmed
                                                       Stable
Aadhar Housing Finance Ltd           Subordinate Debt  CARE AA-;     1500   Reaffirmed
                                                       Stable
Ajmer Vidyut Vitran Nigam Ltd        LT Bond Issue     CARE BBB+     3097.6 Reaffirmed
                                                       (CE); Negative
                                                       (Credit Enhancement)
Akshar Spintex Ltd                   LT Bk Fac         CARE BB;      244.5  Revised from
                                                       Stable               CARE BB+
Ambit Finvest Pvt Ltd                Principal         -             -      Withdrawn
                                     ProtectedMarket
                                     LinkedDebenture*^
(Reduced from Rs.50.00 crore Crore),^The rating is provisional and will be confirmed upon
receipt of executed guarantee documents to the satisfaction of CARE ,*based on the credit
enhancement by way of an unconditional and irrevocable corporate guarantee proposed to be
provided by parent company, Ambit Private Limited (APL) 
Ambit Finvest Pvt Ltd                LTBk Fac*#        CARE A+(CE);  250    Final Rating
                                                       Stable (Credit
                                                       Enhancement)
*based on the credit enhancement by way of an unconditional and irrevocable corporate guarantee
proposed to be provided by parent company, Ambit Private Limited (APL) # Final rating assigned
upon receipt of executed guarantee documents 
Ambit Finvest Pvt Ltd                LTBk Fac *        CARE A+(CE);  4767.5 Reaffirmed
                                                       Stable (Credit
                                                       Enhancement)
(Reduced from Rs.561.75 crore Crore)*based on the credit enhancement by way of an unconditional
and irrevocable corporate guarantee proposed to be provided by parent company, Ambit Private
Limited (APL) 
Ambit Finvest Pvt Ltd                LTBk Fac*^        CARE A+(CE);  2482.5 Reaffirmed
                                                       Stable (Credit
                                                       Enhancement)
(Increased from Rs.188.25 crore Crore),^The rating is provisional and will be confirmed upon
receipt of executed guarantee documents to the satisfaction of CARE ,*based on the credit
enhancement by way of an unconditional and irrevocable corporate guarantee proposed to be
provided by parent company, Ambit Private Limited (APL) 
Ambit Finvest Pvt Ltd                Principal         CARE PP-MLD A+500    Reaffirmed
                                     ProtectedMarket   (CE); Stable
                                     LinkedDebenture*# (Credit Enhancement)
*based on the credit enhancement by way of an unconditional and irrevocable corporate guarantee
proposed to be provided by parent company, Ambit Private Limited (APL) # Final rating assigned
upon receipt of executed guarantee documents 
Artemis Medicare Services Ltd.       LT Bk Fac         CARE A-;      2718.7 Reaffirmed
                                                       Stable
(enhanced from Rs. 243.33 Cr Crore)
Artemis Medicare Services Ltd.       LT/ ST Bk Fac     CARE A-;      600    Reaffirmed
                                                       Stable/CARE A2
(enhanced from Rs. 40.00 Cr Crore)
Bajaj Alloys                         LT BkFac          CARE B-;      50     -
                                                       Stable;
(Issuer not cooperating; on the basis of best available information)
Bandhan Bank Ltd                     Unsecured         CARE AA- ;    1600   Reaffirmed
                                     Subordinated NCD  Stable
Birla Corporation Ltd                NCD (Series III)  -             -      Withdrawn
Birla Corporation Ltd                NCD (Series III)  -             -      Withdrawn
Capri Global Housing Finance Ltd     NCD               A-; Stable    2000   Reaffirmed
Capri Global Housing Finance Ltd     LT Bk Fac         A-; Stable    11000  Reaffirmed
Captronic Systems Pvt Ltd            LT Bk Fac         CARE D        87.1   Reaffirmed
Cholamandalam Investment And Finance Perpetual Debt    CARE AA;      3977   Reaffirmed
Co. Ltd                              Instrument-I      Stable
Cholamandalam Investment And Finance Perpetual Debt    CARE AA;      2000   Reaffirmed
Co. Ltd                              Instrument-II     Stable
Cholamandalam Investment And Finance Perpetual Debt    CARE AA;      2000   Reaffirmed
Co. Ltd                              Instrument-III    Stable
Cholamandalam Investment And Finance Perpetual Debt    CARE AA;      1000   Reaffirmed
Co. Ltd                              Instrument-IV     Stable
Cholamandalam Investment And Finance Perpetual Debt    CARE AA;      500    Reaffirmed
Co. Ltd                              Instrument-V      Stable
Cholamandalam Investment And Finance Perpetual Debt    CARE AA;      1000   Reaffirmed
Co. Ltd                              Instrument-VI     Stable
Cholamandalam Investment And Finance Perpetual Debt    CARE AA;      250    Reaffirmed
Co. Ltd                              Instrument-VII    Stable
Cholamandalam Investment And Finance Subordinated Debt-CARE AA+;     250    Reaffirmed
Co. Ltd                              I                 Stable
Cholamandalam Investment And Finance Subordinated      CARE AA+;     2500   Reaffirmed
Co. Ltd                              Debt-II           Stable
Cholamandalam Investment And Finance Subordinated      CARE AA+;     1150   Reaffirmed
Co. Ltd                              Debt-III          Stable
Cholamandalam Investment And Finance Subordinated      CARE AA+;     3000   Reaffirmed
Co. Ltd                              Debt-IV           Stable
Cholamandalam Investment And Finance Subordinated Debt-CARE AA+;     7000   Reaffirmed
Co. Ltd                                                Stable
Dbl Chandikhole Bhadrak Highways Pvt LT BkFac          CARE A-;      5450   Reaffirmed
                                                       Stable
Fullerton India Home Finance Co. Ltd LT Debt Programme CARE AAA;     75000  Reaffirmed
                                                       Stable
Fullerton India Home Finance Co. Ltd Subordinated Debt CARE AAA;     5000   Reaffirmed
                                                       Stable
Gail India Ltd                       LT Bonds – Series CARE AAA;     5000   Reaffirmed
                                     2015              Stable
Gail India Ltd                       Long / ST Bk Fac –CARE AAA;     15000  Reaffirmed
                                     FBL               Stable /CARE
                                                       A1+
Gail India Ltd                       Long / ST Bk Fac –CARE AAA;     29500  Reaffirmed
                                     NFBL              Stable /CARE
                                                       A1+
Hdfc Asset Management Co. Ltd        HDFC Floating RateCARE AAAmfs   0      Reaffirmed
                                     Debt Fund Open
                                     Ended Debt Scheme
Hdfc Asset Management Co. Ltd        HDFC Liquid Fund  CARE AAAmfs   0      Reaffirmed
                                     Open Ended Liquid
                                     Scheme
Hdfc Asset Management Co. Ltd        HDFC Low Duration CARE AAAmfs   0      Reaffirmed
                                     Fund Open Ended
                                     Debt Scheme
Hdfc Asset Management Co. Ltd        HDFC Money Market CARE AAAmfs   0      Reaffirmed
                                     Fund Open Ended
                                     Debt Scheme
Hfcl Ltd                             LT Bk Fac         CARE A-;      5659.4 Reaffirmed
                                                       Negative
Hfcl Ltd                             LT Instrument -NCDCARE A-;      224.8  Reaffirmed
                                                       Negative
Home Credit India Finance Pvt. Ltd.  LT BkFac          CARE A-;      6500   Reaffirmed
                                                       Negative
outlook revised from Stable to Negative
Housing And Urban Development        Fixed Deposit     CARE AAA      20000  Reaffirmed
Corporation Ltd                      Programme
Housing And Urban Development        LT Instruments    CARE AAA;     50000  Reaffirmed
Corporation Ltd                      Bonds (FY11-12)   Stable
Housing And Urban Development        LT Instruments    CARE AAA;     24013.5Reaffirmed
Corporation Ltd                      Bonds (FY12-13)   Stable
Housing And Urban Development        LT Instruments    CARE AAA;     49871.1Reaffirmed
Corporation Ltd                      Bonds (FY13-14)   Stable
Housing And Urban Development        LT Instruments -  CARE AAA;     35000  Reaffirmed
Corporation Ltd                      Bonds (FY15-16)   Stable
Housing And Urban Development        LT Instruments    CARE AAA;     15000  Reaffirmed
Corporation Ltd                      -Taxfree Bonds    Stable
                                     (FY15-16 )
Housing And Urban Development        LT Instruments –  CARE AAA;     33650  Reaffirmed
Corporation Ltd                      Bonds (FY16-17)   Stable
Housing And Urban Development        LT Instruments –  CARE AAA;     46550  Reaffirmed
Corporation Ltd                      Bonds (FY17-18)   Stable
Housing And Urban Development        LT Instruments –  CARE AAA;     240100 Reaffirmed
Corporation Ltd                      Bonds (FY18-19)   Stable
Housing And Urban Development        LT Instruments –  CARE AAA;     -      Reaffirmed
Corporation Ltd                      Bonds (FY19-20)   Stable
Housing And Urban Development        LT Instruments –  CARE AAA;     -      Reaffirmed
Corporation Ltd                      Bonds (FY20-21)   Stable
*Raised Rs.4, 610 crores till May 29, 2020
Housing And Urban Development        LT/ ST Bk Fac     CARE AAA;     250000 Reaffirmed
Corporation Ltd                                        Stable /CARE
                                                       A1+
Htl Ltd                              Fund Based - LT - CARE A- (CE); 254.9  Reaffirmed
                                     TL                Negative
                                                       (Credit Enhancement)
Icici Home Finance Co. Ltd           Fixed Deposits    CARE          40000  Reaffirmed
                                                       AAA(FD);Stable
Icici Home Finance Co. Ltd           Senior Bonds      CARE AAA;     120000 Reaffirmed
                                                       Stable
Icici Home Finance Co. Ltd           Sub. Bonds        CARE AAA;     5000   Reaffirmed
                                                       Stable
Icici Home Finance Co. Ltd           Market Linked     CARE PP-MLD   10000  Reaffirmed
                                     Debentures        AAA; Stable
Icici Prudential Mutual Fund         ICICI Prudential  CARE AAAmfs   -      Reaffirmed
                                     Capital Protection(SO)
                                     Oriented Fund IX Plan G 
                                   – J Close-Ended Capital 
                                     Protection Oriented Fund
Icici Prudential Mutual Fund         ICICI Prudential  CARE AAAmfs   -      Reaffirmed
                                     Capital Protection(SO)
                                     Oriented Fund X Plan B – 
                                     H Close-Ended Capital 
                                     Protection Oriented Fund
Icici Prudential Mutual Fund         ICICI Prudential  CARE AAAmfs   -      Reaffirmed
                                     Capital Protection(SO)
                                     Oriented Fund XI Plan A – 
                                     I Close-Ended Capital 
                                     Protection Oriented Fund
Icici Prudential Mutual Fund         ICICI Prudential  CARE AAAmfs   -      Reaffirmed
                                     Capital Protection(SO)
                                     Oriented Fund XII Plan A – C 
                                     Close-Ended Capital 
                                     Protection Oriented Fund
Icici Prudential Mutual Fund         ICICI Prudential  CARE AAAmfs   -      Reaffirmed
                                     Capital Protection(SO)
                                     Oriented Fund XIII Plan 
                                     A & B Close-Ended 
                                     Capital Protection Oriented Fund
Icici Prudential Mutual Fund         ICICI Prudential  CARE AAAmfs   -      Reaffirmed
                                     Capital Protection(SO)
                                     Oriented Fund XIV Plan 
                                     A & B Close-Ended 
                                    Capital Protection Oriented Fund
Icici Prudential Mutual Fund         ICICI Prudential  CARE AAAmfs   -      Reaffirmed
                                     Capital Protection(SO)
                                     Oriented Fund XV Plan A – D 
                                     Close-Ended Capital 
                                     Protection Oriented Fund
Iol Chemicals And Pharmaceuticals LtdLT BkFac – TL     -             -      Withdrawn*
* CARE has withdrawn the rating assigned to the long term loan facility of IOL Chemicals and
Pharmaceuticals Ltd. as the company has repaid term loan in full and there is no outstanding
under the said loan as on date.
Iol Chemicals And Pharmaceuticals LtdLT BkFac          CARE A; Stable1400   Revised from
                                                                            CARE A-
Jain Prints And Packaging            LT BkFac          CARE B-;      80     -
                                                       Stable;
(Issuer not cooperating; on the basis of best available information)
Jaipur Vidyut Vitran Nigam Ltd       LT Bond Issue^    CARE BBB+     3336.3 Reaffirmed
                                                       (CE); Negative
                                                       (Credit Enhancement)
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee issued by Government of Rajasthan (GoR) for timely servicing of interest
and principal of the Bonds issues. 
Jaipur Vidyut Vitran Nigam Ltd       LT Bond Issue^    CARE BBB+     47764.4Reaffirmed
                                                       (CE); Negative
                                                       (Credit Enhancement)
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee issued by Government of Rajasthan (GoR) for timely servicing of interest
and principal of the Bonds issues. 
Jindal Stainless Steelway Ltd        LT Bk Fac         CARE BBB;     961.5  Reaffirmed
                                                       Stable
(reduced from 130.00 Crore)
Jodhpur Vidyut Vitran Nigam Ltd      LT Bond Issue^    CARE BBB+     2506.4 Reaffirmed
                                                       (CE); Negative
                                                       (Credit Enhancement)
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee issued by Government of Rajasthan (GoR) for timely servicing of interest
and principal of the Bonds issues. 
Kailashdarshan Tiles Llp             LT Bk Fac         CARE B+;      78.5   Reaffirmed
                                                       Stable
(reduced from 8.47 Crore)
Kbk Chem-Engineering Pvt Ltd         LT BkFac          CARE B+;      60     Revised from
                                                       Stable               CARE B-
(Issuer not cooperating)
Kohima-Mariani Transmission Ltd      LT BkFac          CARE A-;      9946.7 Reaffirmed
                                                       Stable
Krishna Sahil Construction Pvt Ltd   LT Bk Fac         CARE B+;      92.5   Reaffirmed
                                                       Stable
Madhya Pradesh Financial Corporation LT BkFac          CARE BBB (CE) 3000
                                                       (Credit
                                                       Enhancement)] 
                                                      (Credit watch 
                                                       with Negative implications)
Continues on credit watch with negative implications ,The above facilities are backed by credit
enhancement in the form of unconditional and irrevocable guarantees extended by Government of
Madhya Pradesh (GoMP) for timely servicing of the said bank facilities.
Madhya Pradesh Financial Corporation LT BkFac          CARE BBB (CE) 1953.9
                                                       (Credit
                                                       Enhancement)] 
                                                      (Credit watch 
                                                       with Negative implications)
Continues on credit watch with negative implications ,The above facilities are backed by credit
enhancement in the form of unconditional and irrevocable guarantees extended by Government of
Madhya Pradesh (GoMP) for timely servicing of the said bank facilities.
Madhya Pradesh Financial Corporation LTInstrument      CARE BBB (CE) 148.6
                                     (Bond             (Credit watch
                                     Issue-1)           with negative
                                 (ISIN:INE3Enhancement) implications)
Continues on credit watch with negative implications ,The bond issues are backed by credit
enhancement in the form of guarantees extended by GoMP for timely servicing of these bonds. The
timely debt servicing of the bond issues is also facilitated by a Structured Payment Mechanism
(SPM) through an escrow mechanism. 
Madhya Pradesh Financial Corporation LTInstrument      CARE BBB (CE) 185.5
                                     (Bond             (Credit watch
                                     Issue-3)           with Negative 
                                 (ISIN:INE3Enhancement)] implications)
Continues on credit watch with negative implications ,The bond issues are backed by credit
enhancement in the form of guarantees extended by GoMP for timely servicing of these bonds. The
timely debt servicing of the bond issues is also facilitated by a Structured Payment Mechanism
(SPM) through an escrow mechanism. 
Madhya Pradesh Financial Corporation LTInstrument      CARE BBB (CE) 1000
                                     (Bond             (Credit watch
                                     Issue-4)           with negative 
                                 (ISIN:INE3Enhancement)]implications)
Continues on credit watch with negative implications ,The bond issues are backed by credit
enhancement in the form of guarantees extended by GoMP for timely servicing of these bonds. The
timely debt servicing of the bond issues is also facilitated by a Structured Payment Mechanism
(SPM) through an escrow mechanism. 
Madhya Pradesh Financial Corporation LTInstrument      CARE D        254.5  Revised from
                                     (Bond Issue-2)                         CARE BBB
                                 (ISIN:INE348F08027)
The bond issues are backed by credit enhancement in the form of guarantees extended by GoMP for
timely servicing of these bonds. The timely debt servic
Nemcare Hospital Tezpur Pvt Ltd      LT Bk Fac         CARE D        150    -
(Issuer not cooperating; based on best available information)
Nikhil Tobaccos                      LT Bk Fac         -             -      Revised to
                                                                            CARE B-,
                                                                            outlook:Stable from
                                                                            CARE B,
                                                                            outlook:Stable and
                                                                            Withdrawn
(Issuer not cooperating)
Nithya Tobaccos                      LT Bk Fac         -             -      Reaffirmed
                                                                            CARE D and
                                                                            Withdrawn
(Issuer not cooperating)
North Eastern Electric Power         NCD Issue         -             0      Withdrawn
Corporation Ltd
North Eastern Electric Power         Proposed NCD Issue-             0      Withdrawn
Corporation Ltd
North Eastern Electric Power         NCD Issue         CARE AA;      25000  Reaffirmed
Corporation Ltd                                        Stable
(removed from credit watch)
North Eastern Electric Power         NCD Issue         CARE AA;      6000   Reaffirmed
Corporation Ltd                                        Stable
(removed from credit watch)
North Eastern Electric Power         NCD Issue         CARE AA;      9000   Reaffirmed
Corporation Ltd                                        Stable
(removed from credit watch)
North Eastern Electric Power         NCD Issue         CARE AA;      5000   Reaffirmed
Corporation Ltd                                        Stable
(removed from credit watch)
North Eastern Electric Power         NCD Issue         CARE AA;      3000   Reaffirmed
Corporation Ltd                                        Stable
(removed from credit watch)
North Eastern Electric Power         NCD Issue         CARE AA;      3000   Reaffirmed
Corporation Ltd                                        Stable
(removed from credit watch)
North Eastern Electric Power         NCD Issue         CARE AA;      1500   Reaffirmed
Corporation Ltd                                        Stable
(removed from credit watch)
Orient Electric Ltd                  LT Bk Fac         CARE AA-;     1605.8 Reaffirmed
                                                       Stable
(Enhanced from 7.70 Crore)
Orient Electric Ltd                  Long/ST BkFac     CARE AA-;     3950   Reaffirmed
                                                       Stable/CARE A1+
(Enhanced from 260.0 Crore)
P. R. Pote (Patil) Education And     LT Bk Fac         -             -      Withdrawn
Welfare Trust
Parmeshwari Enterprises              LT BkFac          CARE BB-;     55     Revised from
                                                       Stable               CARE BB-;
                                                                            Stable
(Issuer not cooperating)
Permali Wallace Pvt Ltd              LT Bk Fac         CARE B; Stable196.6  Reaffirmed
(reduced from 24.23 Crore)
Permali Wallace Pvt Ltd              LT/ST BkFac       CARE B;       34.3   Reaffirmed
                                                       Stable/CARE A4
Purple Products Pvt Ltd              LT Bk Fac – Fund  CARE BBB-;    170    Assigned
                                     Based Limits      Stable
Radico Khaitan Ltd                   LT Bk Fac         CARE AA-      6500   Reaffirmed
Rajasthan Rajya Vidyut Utpadan Nigam LT BkFac @        CARE BBB+     41089.5Reaffirmed
                                                       (CE); Negative
                                                       (Credit Enhancement)
@ The rating for said facilities is based on credit enhancement in the form of irrevocable,
continuing and without any condition guarantee by Government of Rajasthan (GoR) for its timely
debt servicing along with irrevocable and unconditional default escrow cover in favour of the
lenders for recoveries from revenue collection account of the Rajasthan Rajya Vidyut Utpadan
Nigam Limited duly confirmed by the banker with whom revenue collection account is maintained. 
Rajasthan Rajya Vidyut Utpadan Nigam LT BkFac @        CARE BBB+     2000   Reaffirmed
                                                       (CE); Negative
                                                       (Credit Enhancement)
@ The rating for said facilities is based on credit enhancement in the form of irrevocable,
continuing and without any condition guarantee by Government of Rajasthan (GoR) for its timely
debt servicing along with irrevocable and unconditional default escrow cover in favour of the
lenders for recoveries from revenue collection account of the Rajasthan Rajya Vidyut Utpadan
Nigam Limited duly confirmed by the banker with whom revenue collection account is maintained.
Rajasthan Rajya Vidyut Utpadan Nigam LT BkFac $        CARE BBB+     29194  Reaffirmed
                                                       (CE); Negative
                                                       (Credit Enhancement)
$ The said rating is currently provisional and will be confirmed once the company fulfils the
following conditions to the satisfaction of CARE:  a. Execution of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan for ensuring timely payment of
interest and principal of the said bank facilities. Also, as the guarantee for bank facilities
mentioned at serial no. 2 and 5 sanctioned by Bank of India is valid up to June 30, 2027, the
rating in the said case will be valid up to June 30, 2027. Rating validity extension would be
subject to further extension of the said guarantee on the same terms and conditions on which
guarantee was issued earlier and was considered by CARE while assigning the ratings. However,
the rating would be reviewed in case of any change in the terms and conditions of guarantee at
the time of extension. Furthermore, if the guarantee from GoR is not extended before the
expiration of the validity of existing guarantee, rating would be subject to review based on
standalone financial risk profile of the company. 
Rajasthan Rajya Vidyut Utpadan Nigam LT BkFac #        CARE BBB+     30000  Reaffirmed
                                                       (CE); Negative
                                                       (Credit Enhancement)
# The ratings for said facilities are based on credit enhancement in the form of irrevocable,
continuing and without any condition guarantee by GoR for its timely debt servicing. 
Ram Nath Memorial Trust Society      LT BkFac          CARE D;       201.5  -
(Issuer not cooperating; based on best available information)
Rccpl Pvt Ltd                        LT Bk Fac@        CARE AA (CE); 2879   Reaffirmed
                                                       Stable (Credit
                                                       Enhancement)
(reduced from 290.00 Crore) ,@Based on credit enhancement in the form of Unconditional &
Irrevocable corporate guarantee from Birla Corporation Limited (rated CARE AA; Stable/CARE A1+) 
Rccpl Pvt Ltd                        LT Bk Fac         CARE AA-;     20670.8Reaffirmed
                                                       Stable
(reduced from 2,195.63 Crore)
Reliance Industries Ltd              NCDs              CARE          753860 Reaffirmed
                                                       AAA;Stable
Republic Auto Sales                  LT BkFac          CARE B-;      112.5  Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Rishabh Industries                   LT BkFac          CARE BB-;     19.5   Reaffirmed
                                                       Stable
Rishabh Industries                   Long/ST BkFac     CARE BB-;     130    Reaffirmed
                                                       Stable/CARE A4
S.C. Enterprises                     LT BkFac          CARE D;       50     -
(Issuer not cooperating; based on best available information)
Satin Creditcare Network Ltd         LT Bk Fac         CARE A-; Stabl28000  Reaffirmed
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl500    Reaffirmed
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl262.8  Reaffirmed
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl680    Reaffirmed
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl150    Reaffirmed
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl650    Reaffirmed
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl400    Reaffirmed
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl600    Reaffirmed
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl3979   Reaffirmed
Satin Creditcare Network Ltd         NCDs -            CARE A-; Stabl1200   Reaffirmed
                                     Subordinated
                                     Debentures
Satin Creditcare Network Ltd         Tier- II Bond     CARE A-; Stabl300    Reaffirmed
                                     (Subordinated Debt)
Satin Creditcare Network Ltd         NCDs              CARE A-; Stabl500.5  Reaffirmed
Satin Creditcare Network Ltd         NCD               CARE A-; Stabl2000   Reaffirmed
Satin Creditcare Network Ltd         Preference Share  CARE BBB+     250    Reaffirmed
                                     Capital                ; Stable
                                                       (Redeemable Preference Share)
Sharekhan Commodities Pvt Ltd        CP (IPO Financing)-             -      Withdrawn
Shri Ram Charitable Trust            LT BkFac          CARE B+;      136.3  -
                                                       Stable;
(Issuer not cooperating; on the basis of best available information)
Shyam Century Ferrous Ltd            LT BkFac          CARE BBB+;    300    Reaffirmed
                                                       Stable
Shyam Century Ferrous Ltd            Long /STBk Fac    CARE BBB+;    20     Reaffirmed
                                                       Stable/CARE A3+
Sm Jdb Estate Pvt Ltd                LT Bk Fac         CARE BB;      650    Assigned
                                                       Stable
Sonigara Gold Llp                    LT Bk Fac         CARE BB;      60     Reaffirmed
                                                       Stable
Splenora Textures Llp                LT Bk Fac         CARE BB-;     149.9  Revised from
                                                       Stable               CARE B+
Sri Bajrang Seeds                    LT BkFac          CARE B-;      120    -
                                                       Stable;
(Issuer not cooperating; on the basis of best available information)
Stage Door                           LT Bk Fac         CARE B-;      80     -
                                                       Stable;
(Issuer not cooperating; based on best available information)
Sundaram Home Finance Ltd            Subordinated Debt -             -      Withdrawn
                                     (Series III)
Sundaram Home Finance Ltd            NCD (Series X)    -             -      Withdrawn
Sundaram Home Finance Ltd            NCD (Series XI)   -             -      Withdrawn
Sundaram Home Finance Ltd            LT Bk Fac         CARE AA+;     4166.7 Reaffirmed
                                                       Stable
(reduced from 450.00 Crore)
Sundaram Home Finance Ltd            NCD (Series XII)  CARE AA+;     350    Reaffirmed
                                                       Stable
(reduced from 75.00 Crore)
Sundaram Home Finance Ltd            NCD (Series XIII) CARE AA+;     -      Reaffirmed
                                                       Stable
Sundaram Home Finance Ltd            NCD (Series XIV)  CARE AA+;     -      Reaffirmed
                                                       Stable
Sundaram Home Finance Ltd            Subordinated Debt CARE AA+;     650    Reaffirmed
                                     (SeriesII)        Stable
(reduced from 70.00 Crore)
Suzuki Motor Gujarat Pvt Ltd         LT/ Short term Bk CARE AAA;     29000  Reaffirmed
                                     Fac               Stable /CARE
                                                       A1+
(reduced from Rs.2,950 crore Crore)
Tata Power Co. Ltd                   Perpetual Bond    CARE AA;      15000  Reaffirmed
                                                       Stable
Tata Power Co. Ltd                   Hybrid Bond       CARE AA;      15000  Reaffirmed
                                                       Stable
Tata Power Co. Ltd                   NCDs              CARE AA;      24600  Reaffirmed
                                                       Stable
Tata Teleservices (Maharashtra) Ltd  LT Bk Fac –TL     CARE A+; Stabl11875  Reaffirmed
(reduced from RS.1192.50 core Crore)
Tata Teleservices (Maharashtra) Ltd  LT Bk Fac – Fund  CARE A+; Stabl500    Reaffirmed
                                     Based- CC
Tata Teleservices (Maharashtra) Ltd  LT/ST- Fund       CARE A+;      9600   Reaffirmed
                                     based/Non-fund    Stable /CARE
                                     based             A1+
(reduced from Rs.1000 crore Crore)
Tech Mahindra Ltd                    LT Bk Fac         CARE AAA;     3750   Reaffirmed
                                                       Stable
(reduced from 1200.00 Crore)*,*change in nature of facilities
Tech Mahindra Ltd                    LT Bk Fac/ ST Bk  CARE AAA;     14250  Reaffirmed
                                     Fac               Stable/CARE A1+
(Enhanced from 600.00 Crore)*,*change in nature of facilities
The Tobacco Trading Company          LT Bk Fac         -             -      Revised to
                                                                            CARE B and
                                                                            Withdrawn
(Issuer not cooperating)
Trf Ltd                              LT BkFac          CARE BBB+;    3400   Reaffirmed
                                                       Negative
Trf Ltd                              LT/Shortterm Bk   CARE BBB+;    5180   Reaffirmed
                                     Fac               Negative/CARE
                                                       A2
Ujjivan Small Finance Bank Ltd       LT Bk Fac- Propose-             -      Withdrawn@
(reduced from Rs.72.75 crore Crore) @ rating is withdrawn as company has not raised proposed
facility
Ujjivan Small Finance Bank Ltd       LT Bk Fac         CARE A+;      4076.3 Reaffirmed
                                                       Stable
(reduced from Rs.1,386.31 crore Crore)
Vadilal Enterprises Ltd              LT BkFac          CARE BBB-;    253.4  Revised from
                                                       Negative             CARE BBB &
                                                                            Removed from Credit
                                                                            watch with negative
                                                                            implications
Vadilal Enterprises Ltd              Long/Shortterm    CARE BBB-;    5      Revised from
                                     BkFac             Negative /CARE       CARE BBB
                                                       A3                   /CARE A3+ & Removed
                                                                            from Credit watch
                                                                            with negative
                                                                            implications
Vadilal Industries Ltd               LT BkFac          CARE BBB-;    1125.8 Revised from
                                                       Negative             CARE BBB &
                                                                            Removed from Credit
                                                                            watch with negative
                                                                            implications
Vadilal Industries Ltd               LT BkFac          CARE BBB-;    1125.8 Revised from
                                                       Negative             CARE BBB &
                                                                            Removed from Credit
                                                                            watch with negative
                                                                            implications
Vaibhu Infra Tech India Pvt Ltd      LT Bk Fac         CARE B; Stable35     -
(Issuer not cooperating; based on best available information)
Voltamp Transformers Ltd             LT Bk Fac         CARE AA;      100    Reaffirmed
                                                       Stable
Voltamp Transformers Ltd             LT/ST BkFac       CARE AA;      2825   Reaffirmed
                                                       Stable /CARE
                                                       A1+
Yuken India Ltd                      LT Bk Fac         CARE BBB;     220    Revised from
                                                       Negative             CARE BBB
                                                                            stable
Zee Learn Ltd                        NCD issue         CARE B        650    Revised from
                                                       Negative             CARE AA (CE@)
(Credit watch with negative implications)@Backed by unconditional and irrevocable Letter of
Undertaking (LOU) by Zee Entertainment Enterprises Limited.
--------------------------------------------------------------------------------------------
$: 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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