March 13, 2020 / 5:42 AM / a month ago

CARE ratings for Indian debt instruments-Mar 13

    Mar 13 - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of March 12, 2020.


COMPANY                                 INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                        (RS.MLN)
-------                                 ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aditi Infrabuild & Services Ltd         Short- Term Bk Fac CARE A4        140     -
Issuer not Cooperating; Based on best available information
Anand Motor Agencies Ltd                ST Bk Fac          CARE A4+       30      -
Issuer not Cooperating; Revised from CARE A3 on the basis of best available information
Aries Agro Ltd                          Short- term Bk Fac -              484.5
Reaffirmed at CARE A3 and Withdrawn
Avenue Supermarts Ltd                   CP Issue           -              -       Withdrawn
Avion Exim Pvt Ltd                      Short- term Bk Fac CARE A2        180
Revised from CARE A3
Bmr Exports                             Short- term Bk Fac CARE A3        490     Reaffirmed
enhanced from 25.00 Crore
Brintons Carpets Asia Pvt Ltd           ST Bk Fac          CARE A1        438310  Reaffirmed
Cremica Food Industries Ltd             Short- term Bk Fac CARE A3+       100     Reaffirmed
Damodar Valley Corporation              Short- term Bk Fac CARE A2+       50000
Revised from CARE A1 A One)
Gjs Infratech Pvt Ltd                   ST Bk Fac          CARE A4        750     -
Issuer not Cooperating; Revised from CARE A3 on the basis of best available information
Il & Fs Financial Services Ltd          CP issue           CARE D         40000   Reaffirmed
Infrastructure Leasing & Financial      CP issue           CARE D         25000   Reaffirmed
Services Ltd
Indigo Infraprojects Pvt Ltd            Short- term Bk Fac CARE A4+       60      Reaffirmed
J. V. Gokal & Company Pvt Ltd           ST Bk Fac (Fund    CARE A4        1250    Reaffirmed
                                        Based)
J. V. Gokal & Company Pvt Ltd           ST Bk Fac (Non-    CARE A4        60      Reaffirmed
                                        fund based)
Reduced from 9.5 Crore
Kailash Trading Corporation             ST Bk Fac          CARE D         56.5
Revised from CARE A4 ; Issuer not Cooperating
Fibremarx Papers Pvt Ltd                ST Bk Fac          CARE D         25      -
Issuer not Cooperating; Revised from CARE A4; Issuer not Cooperating Based on best available
information.
Milesh Marine Exports Pvt Ltd           Short- term Bk Fac CARE A4+       210     Reaffirmed
Multi Vista Global Pvt Ltd              Short- term Bk Fac CARE A3+       190     Reaffirmed
Pennar Industries Ltd                   ST Bk Fac          CARE A1        6540    Reaffirmed
Enhanced from 317.50 Crore
Prabhunath Prasad Thekedar              ST Bk Fac          CARE A4        150     -
Issuer not Cooperating; Revised from CARE A4+; on the basis of best available information
Pragya Electric And Electronics         ST Bk Fac          CARE A4        50      -
Corporation
Issuer not Cooperating; basis of best available information
Sandeep Motors Pvt Ltd                  Short- term Bk     -              -
                                        Fac*
Reaffirmed and Withdrawn ; *The facilities contain Inventory Funding limits from ICICI Bank and
Bank of Baroda which has been withdrawn based on No dues Certificate from the bank.
Shell- N- Tube Pvt Ltd                  Short- term Bk Fac CARE A4        70      Reaffirmed
Shiv Electricals                        ST Bk Fac          CARE A4        100     -
Issuer not Cooperating; basis of best available information
Simplex Engineering & Foundry Works Pvt ST Bk Fac          CARE A4+       450     Reaffirmed
Ltd
Slmi Infra Projects Pvt Ltd             ST Bk Fac          CARE A4        670     -
Issuer not Cooperating; Based on best available information
Sri Krishnadevaraya Constructions       ST Bk Fac          CARE A4        90      -
Issuer not Cooperating; Revised from CARE A+ based on best available information
Ssc Projects Pvt Ltd                    Short- term Bk Fac CARE A4        550     -
Issuer not Cooperating; Revised from CARE A4+ on the basis of best available information
Tiwari Construction                     Short- term Bk Fac CARE A4        30      -
Issuer not Cooperating; based on best available information
Trimurty Spinning Mills Pvt Ltd         ST Bk Fac          CARE A4        32.5    -
Issuer not Cooperating; On the basis of best available information
Umalaxmi Organics Pvt Ltd               Short- term Bk Fac CARE A3+       15      Reaffirmed
Vortex Flex Pvt Ltd                     Short- term Bk Fac CARE A4        5       Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Best Finance Corporation Ltd (Formerly  (iv) Fixed         CARE BBB       300     Assigned
Known As Best Finance Corporation Pvt   Deposit*(Proposed)
Ltd)
* Best Finance Corporation Limited is a non- deposit accepting NBFC and the company is planning
to apply for Deposit Accepting License from RBI.

LONG TERM RATINGS:
-------------------

Actis Generics Pvt Ltd                  LT Bk Fac          -              -
Reaffirmed at CARE BB; Stable and Withdrawn
Adani Agri Logistics (Barnala) Ltd      Long- term Bk Fac  CARE BBB/      289.4   Reaffirmed
                                                           Stable
Adani Agri Logistics (Barnala) Ltd      Long- term/ Short- CARE BBB/      39      Reaffirmed
                                        Term Bk Fac        Stable/CARE A3+
Adani Agri Logistics (Bathinda) Ltd     Long- term Bk Fac  CARE BBB/      289.4   Reaffirmed
                                                           Stable
Adani Agri Logistics (Bathinda) Ltd     Long- term/ Short- CARE BBB/      39      Reaffirmed
                                        Term Bk Fac        Stable/CARE A3+
Adani Agri Logistics (Mansa) Ltd        Long- term Bk Fac  CARE BBB/      289.4   Reaffirmed
                                                           Stable
Adani Agri Logistics (Mansa) Ltd        Long- term/ Short- CARE BBB/      39      Reaffirmed
                                        Term Bk Fac        Stable/CARE A3+
Adani Agri Logistics (Moga) Ltd         Long- term Bk Fac  CARE BBB/      289.4   Reaffirmed
                                                           Stable
Adani Agri Logistics (Moga) Ltd         Long- term/ Short- CARE BBB/      39      Reaffirmed
                                        Term Bk Fac        Stable/CARE A3+
Adani Agri Logistics (Nakodar) Ltd      Long- term Bk Fac  CARE BBB/      289.4   Reaffirmed
                                                           Stable
Adani Agri Logistics (Nakodar) Ltd      Long- term/ Short- CARE BBB/      39      Reaffirmed
                                        Term Bk Fac        Stable/CARE A3+
Adani Agri Logistics (Raman) Ltd        Long- term Bk Fac  CARE BBB/      289.4   Reaffirmed
                                                           Stable
Adani Agri Logistics (Raman) Ltd        Long- term/ Short- CARE BBB/      39      Reaffirmed
                                        Term Bk Fac        Stable/CARE A3+
Adani Agri Logistics Ltd                LT Bk Fac          CARE AA+ (CE)/ 2492.3
                                                           Stable
Revised from CARE BBB+ reduced from Rs.338.50 crore
Aditi Infrabuild & Services Ltd         Long- Term Bk Fac  CARE BB- /     150     -
                                                           Stable
Issuer not Cooperating; Revised from BB; stable on basis of best available information
Aditi Infrabuild & Services Ltd         LT/ ST Bk Fac      CARE BB- /     10      -
                                                           Stable/CARE A4
Issuer not Cooperating; Revised from CARE BB; Stable/ CAREA4 on basis of best available
information.
Anand Motor Agencies Ltd                LT Bk Fac          CARE BB        245.9   -
Issuer not Cooperating; Revised from CARE BBB-; Stable on the basis of best available
information
Aries Agro Ltd                          Long- term Bk Fac  -              1266
Reaffirmed at CARE BBB- Stable and Withdrawn
Avion Exim Pvt Ltd                      Long- term Bk Fac  CARE BBB+/     100
                                                           Stable
Revised from CARE BBB- ; Stable
Best Finance Corporation Ltd (Formerly  (ii) LT Bk Fac     CARE BBB- /    400     Reaffirmed
Known As Best Finance Corporation Pvt                      Stable
Ltd)
Best Finance Corporation Ltd (Formerly  (iii) Non-         CARE BBB- /    250     Reaffirmed
Known As Best Finance Corporation Pvt   Convertible        Stable
Ltd)                                    Debenture
Best Finance Corporation Ltd (Formerly  (i) LT Bk Fac @    CARE BBB+      600     Reaffirmed
Known As Best Finance Corporation Pvt                      (CE)/ Stable
Ltd)
@ backed by Letter of Comfort extended by Best Corporation Private Limited (BCPL, rated CARE A;
Stable/ CARE A1).
Bharat Mines And Minerals               Long- term Bk Fac  -              -       Withdrawn
Brintons Carpets Asia Pvt Ltd           LT/ ST Bk Fac      CARE A- /      440190  Reaffirmed
                                                           Stable/CARE A1
Brua Hydrowatt Pvt Ltd                  Long- term Bk Fac  CARE BB+/      500     -
                                                           Stable
Issuer not Cooperating; Revised from CARE BBB- ; Stable on the basis of best available
information
Bst Infratech Ltd                       LT Bk Fac (Fund    CARE BB+/      800     -
                                        Based)             Stable
Issuer not Cooperating; Revised from CARE BBB; Stable on the basis of best available information
Bst Infratech Ltd                       LT Bk Fac (Non     CARE BB+/      655     -
                                        Fund Based)        Stable
Issuer not Cooperating; Revised from CARE BBB; Stable on the basis of best available information
Cremica Food Industries Ltd             Long- term Bk Fac  CARE BBB/      418.7
                                                           Positive
LT Rating Reaffirmed; Outlook revised from Stable to Positive
Damodar Valley Corporation              Long- term Bk Fac  CARE A- /      71260
                                                           Stable
Revised from CARE A; Stable; Reduced from 7552 Crore
Damodar Valley Corporation              Long- term/ Short- CARE A- /      12500
                                        Term Bk Fac        Stable/CARE A2+
Revised from CARE A; Stable/ CARE A1
Deepak Proteins Pvt Ltd                 Long- term Bk Fac  CARE B+/       90      Reaffirmed
                                                           Stable
Eden Mumbai Solar Pvt Ltd               LT Bk Fac- CC      -              44      Withdrawn
Eden Mumbai Solar Pvt Ltd               LT Bk Fac- TL      CARE A+ (CE)/  153.4
                                                           Stable
Revised from CARE A+; Stable
Eden Renewable Ranji Pvt Ltd            LT Bk Fac- CC      -              44      Withdrawn
Eden Renewable Ranji Pvt Ltd            LT Bk Fac- TL      CARE A+ (CE)/  149
                                                           Stable
Revised from CARE A+; Stable
Eden Solar Energy Gurgaon Pvt Ltd       LT Bk Fac- CC      -              44      Withdrawn
Eden Solar Energy Gurgaon Pvt Ltd       LT Bk Fac- TL      CARE A+ (CE)/  151
                                                           Stable
Revised from CARE A+; Stable
Eden Solar Rajdhani Pvt Ltd             LT Bk Fac- CC      -              44      Withdrawn
Eden Solar Rajdhani Pvt Ltd             LT Bk Fac- TL      CARE A+ (CE)/  140.4
                                                           Stable
Revised from CARE A+; Stable
Emaar Mgf Land Ltd                      LT instruments     CARE BB+/      22600
                                        (Non- convertible  Stable
                                        debentures)
Revised from CARE BB; under credit watch with negative implications
Fcs Fluoro Carbon Seals Pvt Ltd         LT Bk Fac          CARE BB+/      98      Reaffirmed
                                                           Stable
reduced from 10.15 Crore
Fibremarx Papers Pvt Ltd                LT Bk Fac          CARE D         381     -
Issuer not Cooperating; Revised CARE BB- ; Stable; on the basis of best available information.
Five- Star Business Finance Ltd         Long- term Bk Fac  CARE A/ Stable 13400   Reaffirmed
Five- Star Business Finance Ltd         Long- term /       CARE A/ Stable 100     Assigned
                                        Short- term Bk Fac /CARE A1
Gjs Infratech Pvt Ltd                   LT Bk Fac          CARE BB+/      275     -
                                                           Stable
Issuer not Cooperating; Revised from CARE BBB- ; Stable on the basis of best available
information
Green Express Carriers Pvt Ltd          LT Bk Fac          CARE B/ Stable 120     -
Issuer not Cooperating: Revised from CARE B+; Stable on basis of best available information.
Harish Chandra Ram Kali Charitable TrustLong- term Bk Fac  CARE BB/       145     Reaffirmed
                                                           Stable
Hi Physix Laboratory India Pvt Ltd      LT Bk Fac          CARE BB/       241.1   Reaffirmed
                                                           Stable
Il & Fs Financial Services Ltd          Perpetual Debt     CARE D         2000    Reaffirmed
Il & Fs Financial Services Ltd          Non- convertible   CARE D         48000   Reaffirmed
                                        debentures
Il & Fs Financial Services Ltd          Non- convertible   CARE D         2500    Reaffirmed
                                        Redeemable
                                        Cumulative PS
Il & Fs Financial Services Ltd          Subordinate Debt   CARE D         11000   Reaffirmed
Il & Fs Financial Services Ltd          Long- term Bk Fac  CARE D         24250   Reaffirmed
Indigo Infraprojects Pvt Ltd            Long- term Bk Fac  CARE BB+/      35      Reaffirmed
                                                           Stable
Infrastructure Leasing & Financial      Non- convertible   CARE D         96419.4 Reaffirmed
Services Ltd                            debentures
Infrastructure Leasing & Financial      Subordinate Debt   CARE D         68.5    Reaffirmed
Services Ltd
Infrastructure Leasing & Financial      Redeemable PS      CARE D         15000   Reaffirmed
Services Ltd
Infrastructure Leasing & Financial      LT Bk Fac          CARE D         4000    Reaffirmed
Services Ltd
Infrastructure Leasing & Financial      Non- fund based Bk CARE D         2000    Reaffirmed
Services Ltd                            Fac
Jaya Educational Society                Long- term Bk Fac  CARE BBB- /    469     Reaffirmed
                                                           Stable
Jayashree Polymers Pvt Ltd              LT/ ST Bk Fac      CARE BBB- /    820     Assigned
                                                           Stable/CARE A3
Kailash Trading Corporation             LT Bk Fac          CARE D         57.5
Revised from CARE BB- ; Stable ; Issuer not Cooperating
Kalco Alu Systems Pvt Ltd               Long- term Bk Fac  CARE B/ Stable 35.9    -
Issuer not Cooperating; Revised from CARE B+; Stable on basis of best available information
Kalco Alu Systems Pvt Ltd               Long/ Short- Term  CARE B/        34.1    -
                                        Bk Fac             Stable/CARE A4
Issuer not Cooperating; Revised from CARE B+; Stable/ CARE A4 on basis of best available
information
Kln Motor Agencies Pvt Ltd              LT Bk Fac          CARE D         51.4
Revised from CARE BB- ; Stable
Mangalmurti Psyllium Industries         Long- term Bk Fac  CARE BB- /     18      Assigned
                                                           Stable
Mangalmurti Psyllium Industries         Long- term/ Short- CARE BB- /     60      Assigned
                                        Term Bk Fac        Stable/CARE A4
Medha Energy Pvt Ltd                    LT Bk Fac- CC      -              44      Withdrawn
Medha Energy Pvt Ltd                    LT Bk Fac- TL      CARE A+ (CE)/  136.8
                                                           Stable
Revised from CARE A+; Stable
Milesh Marine Exports Pvt Ltd           LT Bk Fac          CARE BB+/      76      Reaffirmed
                                                           Stable
reduced from 10.25 Crore
Milesh Marine Exports Pvt Ltd           Long- term/ Short- CARE BB+/      380     Reaffirmed
                                        term Bk Fac        Stable/CARE A4+
Mirza Sons                              LT/ ST Bk Fac      CARE B- /      81.5    -
                                                           Stable/CARE A4
Issuer not Cooperating; Revised from CARE B/ A4 on the basis of best available information
Multi Vista Global Pvt Ltd              Long- term Bk Fac  CARE BBB/      140
                                                           Positive
Revised from CARE BBB; Stable
Multi Vista Global Pvt Ltd              Long- term Bk Fac  CARE BBB/      66      Assigned
                                                           Positive
Nataraj Ginning & Pressing Mill         Long- term Bk Fac  CARE B/ Stable 56      -
Issuer not Cooperating: Revised from CARE B+ ; on the basis of best available Information
Navayuga Real Ventures Pvt Ltd          LT Bk Fac          CARE BBB- /    385.8   -
                                                           Stable
Issuer not Cooperating; Based on best available information
Northern Arc 2019 Cl Mirissa            Series A1 PTCs     CARE A- (SO)   101.6
(Originator: Loantap Credit Products
Pvt Ltd)
Final Rating Assigned
Northern Arc 2019 Cl Mirissa            Series A2 PTCs     CARE BBB (SO)  2.3
(Originator: Loantap Credit Products
Pvt Ltd)
Final Rating Assigned
Northern Arc 2020 Mfi Ludendorff        Series A PTC#      Provisional    234.9
[Originator: Madura Micro Finance Ltd]                     -CARE A (SO)
#Series A PTCs are rated on Ultimate Payment basis
Padmashree Charitable Trust             Long - term Bk Fac CARE B/ Stable 100     -
Issuer not Cooperating; Revised from CARE B+; Stable Based on best available information
Pennar Industries Ltd                   LT Bk Fac          CARE A/ Stable 5077.5  Reaffirmed
Enhanced from 358.75 Crore
Prachar Communications Pvt Ltd          LT Bk Fac – FBL    CARE BB+ Stable300     -
Issuer not Cooperating; Revised from CARE BBB- ; Stable on the basis of best available
information
Pragya Electric And Electronics         LT Bk Fac          CARE B+/ Stable24      -
Corporation
Issuer not Cooperating; Revised from CARE BB- ; Stable on the basis of best available
information
Radha Krishna Automobiles Pvt Ltd       LT Bk Fac- CC      CARE C         200     -
Issuer not Cooperating; Revised from CARE BB+; Positive On the basis of best available
information
Radha Krishna Automobiles Pvt Ltd       LT Bk Fac-         CARE C         260     -
                                        Electronic dealer
                                        financial scheme
Issuer not Cooperating; Revised from CARE BB+; Positive On the basis of best available
information
Radha Krishna Automobiles Pvt Ltd       LT Bk FacVendor    CARE C         100     -
                                        Finance
Issuer not Cooperating; Revised from CARE BB+; Positive On the basis of best available
information
Radha Krishna Automobiles Pvt Ltd       LT Bk Fac– TL      CARE D         218.2   -
Issuer not Cooperating; Revised from CARE BB+; Positive On the basis of best available
information
Radha Krishna Automobiles Pvt Ltd       LT Bk Fac- Working CARE D         181.8   -
                                        capital TL
Issuer not Cooperating; Revised from CARE BB+; Positive On the basis of best available
information
Reliance Broadcast Network Ltd          Long- term Bk Fac  CARE D         836.9   -
Issuer not Cooperating; Revised from CARE C; Stable on the basis of best available information
Reliance Broadcast Network Ltd          Non- Convertible   CARE D         1000    -
                                        Debenture
                                        issue(NCD)- 1
Issuer not Cooperating; based on best available information
Reliance Broadcast Network Ltd          Non- Convertible   CARE D         668     -
                                        Debenture
                                        issue(NCD)- 2
Issuer not Cooperating; Revised from CARE C; Stable on the basis of best available information
Reliance Broadcast Network Ltd          Non- Convertible   CARE D         500     -
                                        Debenture
                                        issue(NCD)- 3
Issuer not Cooperating; Revised from CARE C; Stable on the basis of best available information
Reliance Broadcast Network Ltd          Non- Convertible   CARE D         650     -
                                        Debenture
                                        issue(NCD)- 4
Issuer not Cooperating; based on best available information
Reliance Broadcast Network Ltd          Non- Convertible   CARE D         500     -
                                        Debenture
                                        issue(NCD)- 5
Issuer not Cooperating; based on best available information
Repco Micro Finance Ltd                 Long- Term Bk Fac  CARE BBB+/     4000    Reaffirmed
                                                           Stable
S.R. Trust                              Long- term Bk Fac  CARE A/ Stable 503.2   Reaffirmed
reduced from 73.77 Crore
Sai Globe Packaging                     LT Bk Fac          CARE B+/ Stable58.2    -
Issuer not Cooperating; Revised from CARE BB- ; Stable on the basis of best available
information
Sai Globe Packaging                     LT/ ST Bk Fac      CARE B+/       6.8     -
                                                           Stable/ /CARE
                                                           A4
Issuer not Cooperating; Revised from CARE BB- ; Stable on the basis of best available
information
Sandeep Motors Pvt Ltd                  Long- term Bk Fac  -              -
Reaffirmed and Withdrawn
Sandeep Motors Pvt Ltd                  LT/ ST Bk Fac      -              -
Reaffirmed and Withdrawn
Shell- N- Tube Pvt Ltd                  Long- term Bk Fac  CARE BB- /     40      Reaffirmed
                                                           Stable
Enhanced from Rs. 2.00 crore
Shell- N- Tube Pvt Ltd                  Long / ST Bk Fac   CARE BB- /     10      Reaffirmed
                                                           Stable /CARE A4
Shri Om Sai Auto                        Long- term Bk Fac  CARE B+/ Stable87.5
Revised from CARE BB- ; Stable ; Issuer not Cooperating based on best available information.
Signode India Ltd                       LT Bk Fac-                        -       Withdrawn
                                        Proposed TL (iii)
Signode India Ltd                       LT Bk Fac (i)      CARE AA/       439000  Reaffirmed
                                                           Stable
Signode India Ltd                       Long- term/ Short- CARE AA/       1800    Reaffirmed
                                        term Bk Fac (ii)   Stable/CARE A1+
Simplex Engineering & Foundry Works Pvt LT Bk Fac          CARE BB+/      200     Reaffirmed
Ltd                                                        Stable
Sinnar Taluka Vibhagiya Sahakari Dudh   LT Bk Fac          CARE B/ Stable 91.6    -
Utpadak And Prakriya Sangh Ltd
Issuer not Cooperating; Revised from CARE B+; Stable on the basis of best available information
Slmi Infra Projects Pvt Ltd             LT Bk Fac          CARE B+/ Stable200     -
Issuer not Cooperating; Revised from CARE BB; Stable on the basis of best available information
Sri Krishnadevaraya Constructions       LT Bk Fac          CARE BB/       50      -
                                                           Negative
Issuer not Cooperating; Revised from CARE BB+; Negative on the basis of best available
information
Ssc Projects Pvt Ltd                    Long- term Bk Fac  CARE BB- /     120     -
                                                           Stable
Issuer not Cooperating; Revised from CARE BB+; Stable on the basis of best available information
Suruchi Processors Pvt Ltd              LT Bk Fac          -              -
Reaffirmed at CARE BB; Stable and Withdrawn
Sushee Ivrcl Arunachalhighways Ltd      Long- term Bk Fac  CARE D         2340    -
Issuer not Cooperating; Based on best available information
Sushee Ivrcl Arunachalhighways Ltd      Long- term/ Short- CARE D /CARE D 743     -
                                        term Bk Fac
Issuer not Cooperating; Based on best available information
Swan Agri Products Pvt Ltd              LT Fac             CARE BB/       140     Assigned
                                                           Stable
Tata Asset Management Ltd               Tata Treasury      CARE AAAmfs    -       Assigned
                                        Advantage Fund
                                        Open Ended Low Duration Debt Scheme
Tata Asset Management Ltd               Tata Bking and PSU CARE AAAmfs    -       Assigned
                                        Debt Fund Open
                                        Ended Debt Scheme
Tiwari Construction                     Long- term Bk Fac  CARE B- /      30
                                                           Stable
Revised from CARE B; Stable ; Issuer not Cooperating based on best available information.
Trimurty Spinning Mills Pvt Ltd         LT Bk Fac          CARE B/ Stable 191.6   -
Issuer not Cooperating; On the basis of best available information
Umalaxmi Organics Pvt Ltd               Long- term/ Short- CARE BBB/      65      Reaffirmed
                                        Term Bk Fac        Stable/CARE A3+
Venus Hydroline Engineering Works       LT Bk Fac          CARE B/ Stable 64      -
Issuer not Cooperating; Revised from CARE B+; Stable on the basis of best available information
Vortex Flex Pvt Ltd                     Long- term Bk Fac  CARE BB- /     268     Reaffirmed
                                                           Stable
reduced from 29.11 Crore
--------------------------------------------------------------------------------------------
$: 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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