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Company News

CARE ratings for Indian debt instruments-Jun 23

    Jun 23  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of June 22, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bla Udyog Pvt Ltd                    ST Bk Fac         CARE A4;      40
(Issuer not cooperating; based on best available information)
Goel Road Carriers Pvt Ltd           ST Bk Fac         CARE A4       5      Reaffirmed
Jasmine Towels Pvt Ltd               Short –term Bk FacCARE A4;      150    Revised from
                                                                            CARE A4+;
(Issuer not cooperating; based on best available information)
Hindustan Produce Company            ST Bk Fac         CARE D;       69.3   -
(Issuer not cooperating; based on best available information)
Manba Finance Ltd                    ProposedCP        CARE A2       100    Reaffirmed
Multifilms Plastics Pvt Ltd          ST Bk Fac         CARE A4;      55     Revised from
                                                                            CARE A4+
(Issuer not cooperating; based on best available information)
Navitas Llp                          ST Bk Fac         CARE A1 (CE)  120    Revised from
                                                                            CARE A1+ (CE)
(Credit Enhancement);
Kaygaon Paper Mills Ltd              ST Bk Fac         -             0      Withdrawn
Petryc International Pvt Ltd         ST Bk Fac         -             -      Withdrawn
Ramesh Bearing Enterprise            ST Bk Fac         --            0      Withdrawn
Rathod Industries                    ST Bk Fac         -             -      Reaffirmed
                                                                            and Withdrawn
Shri Ram Comtrade Pvt Ltd            ST Bk Fac         CARE D;       75
(Issuer not cooperating; based on best available information)
Nutech Engineering Technologies Ltd  ST Bk Fac         CARE A4;      55
(Issuer not cooperating; based on best available information)
Shriram Transport Finance Co. Ltd.   CP                CARE A1+      75000  Reaffirmed

LONG TERM RATINGS:
-------------------
Arrs Silks (Erstwhile A.R.R          LT BkFac          CARE B+;      701.8  Revised from
Srinivasan & Sons)                                     Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Bla Udyog Pvt Ltd                    LT Bk Fac         CARE B;       100    Revised from
                                                                            CARE B+
(Issuer not cooperating; based on best available information)
Dhruv Wellness Ltd                   LT Bk Fac         CARE BB-;     150    Revised from
                                                       Stable               CARE BB;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Drushti Realtors Pvt Ltd             Long –term Bk Fac CARE D        150    -
(Issuer not cooperating; based on best available information)
Ecron Acunova Ltd                    LT BkFac          CARE A+(CE);  604    Revised from
                                                       Negative             CARE AA-(CE)
                                                      (Credit Enhancement)  Negative
Ecron Acunova Ltd                    Long/ ST BkFac    CARE A+(CE);  150    Revised
                                                       Negative/CARE        fromCARE
                                                       A1 (CE)              AA-(CE); Negative/
                                                      (Credit Enhancement)  CARE A1+ (CE)
Goel Road Carriers Pvt Ltd           LT Bk Fac         CARE BB;      105    Reaffirmed
                                                       Stable
Hindustan Produce Company            LT Bk Fac         CARE D;       28.5   -
(Issuer not cooperating; based on best available information)
Indiabulls Housing Finance Ltd       NCDs              CARE AA;      20820  Assigned
                                                       Negative
Indiabulls Housing Finance Ltd       NCDs              CARE AA;      149583 Reaffirmed
                                                       Negative
(Note-At the company’s request, CARE has reduced the NCD rated amount to Rs.14,958.3 crore on
account of maturities/ prepayments , as there is no outstanding against the Instruments.)
Indiabulls Housing Finance Ltd       Subordinate Debt  CARE AA;      31220  Reaffirmed
                                                       Negative
(Note-Subordinated Debt to Rs.3,122 crore , as there is no outstanding against the
Instruments)
Indiabulls Housing Finance Ltd       LT BkFac /ST Bk FaCARE AA;      513000 Reaffirmed
                                                       Negative /CARE
                                                       A1+
(Note- CARE has reduced the rated amount for Bank Facilities to Rs. 51,300 crore ,, as there is
no outstanding against the instruments(Reduced from Rs.52,000 crore))
Kairos Property Managers Pvt Ltd     NCD issue         CARE BBB+;    7250   Reaffirmed
                                                       Stable
Kaygaon Paper Mills Ltd              LT Bk Fac         -             0      Withdrawn
Magma Housing Finance Ltd            Proposed NCDs     CARE AA-;     1000   Assigned
                                                       Negative
Manba Finance Ltd                    Proposed LTBk Fac CARE BBB+:    1737.3 Reaffirmed
                                                       Stable
Manba Finance Ltd                    LT BkFac – CC     CARE BBB+:    785    Reaffirmed
                                                       Stable
Manba Finance Ltd                    NCD               CARE BBB+:    100    Assigned
                                                       Stable
Manne Laboratories Pvt Ltd           LT Bk Fac         CARE B-;      137.4  Revised from
                                                       Stable;              CARE B+
(Issuer not cooperating; based on best available information)
Multifilms Plastics Pvt Ltd          LT Bk Fac         CARE BB-;     88.8   Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Navitas Llp                          LT Bk Fac         CARE A+(CE);  150    Revised from
                                                       Negative             CARE AA-(CE)
                                                      (Credit Enhancement)  Negative
Need Livelihood Microfinance Pvt Ltd LT Bk Fac         CARE BB-;     150    Revised from
                                                                            CARE BB
(Issuer not cooperating; based on best available information)
New Suresh Fashion Jewellery         Long –term Bk Fac CARE B; Stable50     Revised from
                                                                            CARE B+;
                                                                            Stable;
(Issuer not cooperating; based on best available information)
Nutech Engineering Technologies Ltd  LT Bk Fac         CARE B+;      150    Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Petryc International Pvt Ltd         LT Bk Fac         -             -      Withdrawn
Prithvi Developers                   LT Bk Fac         CARE D;       39.1   -
(Issuer not cooperating; based on best available information)
Ramdev Stainless Strips Pvt Ltd      LT Bk Fac         CARE B-;      113.9
(Issuer not cooperating; based on best available information)
Ramesh Bearing Enterprise            LT Bk Fac         --            0      Withdrawn
Rathod Industries                    LT Bk Fac         -             -      Reaffirmed
                                                                            and Withdrawn
Rice Tech Agro Mills                 Long -term Bk Fac CARE D;       60
(Issuer not cooperating; based on best available information)
Shri Ram Comtrade Pvt Ltd            LT Bk Fac         CARE D;       60
(Issuer not cooperating; based on best available information)
Shriram Transport Finance Co. Ltd.   NCDs              CARE AA+;     21781.9Reaffirmed
                                                       Negative             and Outlook
                                                                            changed to Negative
Shriram Transport Finance Co. Ltd.   Subordinated Debt CARE AA+;     14244.9Reaffirmed
                                                       Negative             and Outlook
                                                                            changed to Negative
Shriram Transport Finance Co. Ltd.   NCDs              CARE AA+;     100000 Reaffirmed
                                     (Public Issue)    Negative             and Outlook
                                                                            changed to Negative
Siddhi Paper Mill Pvt Ltd            LT BkFac          CARE B+;      70     Assigned
                                                       Stable
Svr Corporation Pvt Ltd              LT Bk Fac         CARE D        95
(Issuer not cooperating; based on best available information)
Take Solutions Ltd                   Issuer Rating#    CARE A+ (Is); -      Revised from
                                                       Negative             CARE AA-
                                                                            (Is); Negative
(Issuer not cooperating; based on best available information),# The issuer rating is subject to
the company maintaining overall gearing not exceeding 0.80x)   
Ummeed Housing Finance Pvt Ltd       NCDs              CARE BBB;     360*   Assigned
                                                       Stable
(* Not yet raised )
--------------------------------------------------------------------------------------------
$: 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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