March 22, 2019 / 6:39 AM / 4 months ago

CARE ratings for Indian debt instruments-Mar 22

    Mar 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 20 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajay Trading Company                  ST Bk Fac          CARE A4+       270     Reaffirmed
Allflex Plastics Llp                  ST Bk Fac          CARE A4        6
(Issuer Not Cooperating)
Arvind Techno Engineers Pvt Ltd       ST Bk Fac -FB - Bk -              -       Withdrawn
                                      Overdraft
Antique Marbonite Pvt Ltd             ST Bk Fac          CARE A2        260     Revised from
                                                                                CARE A2+
(Issuer Not Cooperating)
Bansal Associates                     ST Bk Fac          CARE A4        70      Reaffirmed
Ceiba Ecc Pvt Ltd                     ST Bk Fac          -              -       Withdrawn
Century Tiles Ltd                     ST Bk Fac          -              -       Withdrawn
Cherry Hill Interiors Pvt Ltd         ST BkFac –         CARE A1        200     Revised from
                                      Fundbased                                 CARE A1+
Distribution Logistics Infrastructure ST Bk Fac          CARE D         697.7   Reaffirmed
Pvt Ltd
Dhundhwal Brothers                    ST Bk Fac          CARE A4        60
(Issuer Not Cooperating)
Dudi And Company                      ST Bk Fac          CARE A4        120
(Issuer Not Cooperating)
Ecl Finance Ltd                       CP (IPO Financing) CARE A1+       50000   Assigned
Edelweiss Commodities Services Ltd    CP (IPO Financing) CARE A1+       50000   Assigned
Eih Ltd                               ST instruments-CP  CARE A1+       500     Reaffirmed
                                      (Proposed)
Environmental And Spatial Solutions   ST Bk Fac          CARE A4        27.5    Assigned
India Pvt Ltd
Gujarat Ambuja Exports Ltd            CP #               CARE A1+       1000    Reaffirmed
# carved out of sanctioned fund based working capital limits of the company
Haldia Petrochemicals Ltd             ST Bk Fac          CARE A1+       14440
(Issuer Not Cooperating)
Hazelo Lab Pvt Ltd                    ST Bk Fac          CARE A3+       50      Reaffirmed
Indcon Projects And Equipment Ltd     ST Bk Fac          CARE A4        20      Reaffirmed
Intermarket (India) Pvt Ltd           ST Bk Fac          CARE A3        7       Reaffirmed
Isc Projects Pvt Ltd                  ST BkFac           CARE A3+       850     Revised from
                                                                                CARE A3
Jkg Overseas Pvt Ltd                  ST Bk Fac          CARE A4        50      Reaffirmed
Karnataka Power Transmission          ST BkFac           CARE A2+       5000    Assigned
Corporation Ltd.
L&T Mutual Fund.                      ST Bk Facility*    CARE A1+       2500    Reaffirmed
*Facility is extended to 12 debt schemes of L&T Mutual Fund 
Lahoty Buildcon Ltd                   ST Bk Fac          -              -       Withdrawn
Lala Munni Lal Mange Ram Charitable   ST Bk Fac - BGs    CARE A2+       4
Trust
(Issuer Not Cooperating)
Madhubari Tea And Agro Industry Pvt LtST Bk Fac          CARE A4        5       Assigned
Manju Agro Pvt Ltd                    ST BkFac           CARE A4        25
(Issuer Not Cooperating)
M.P.K. Ispat India Pvt Ltd            ST Bk Fac          CARE D         74
(Issuer Not Cooperating)
M.P.K. Metals Pvt Ltd                 ST Bk Fac          CARE D         7.2
(Issuer Not Cooperating)
Niknam Chemicals Pvt Ltd              ST BkFac           CARE A4        58.5
(Issuer Not Cooperating)
Ocus Skyscrapers Pvt Ltd              ST Bk Fac          CARE A4        200     Reaffirmed
Pagro Frozen Foods Pvt Ltd            ST BkFac           CARE A4        8.2     Assigned
Petro Carbon And Chemicals Pvt Ltd    ST Bk Fac          CARE A3        1100    Reaffirmed
(enhanced from Rs.69.0 Crore)
Raag Exports Pvt Ltd                  ST Bk Fac          CARE A4        138.6
(Issuer Not Cooperating)
Rabina Enterprises Pvt Ltd            ST Bk Fac          CARE A4+       149.5   Reaffirmed
(reduced from 16.20 Crore)
Rajasthan Delhi Education Society     ST BkFac           CARE A4        7
(Issuer Not Cooperating)
Ranjan Fabrics Pvt Ltd                ST Bk Fac          CARE A4+       15      Revised from
                                                                                CARE A4
Resins & Allied Products              ST Bk Fac          CARE A3+       240     Reaffirmed
Rocks Forever                         ST Bk Fac          CARE A4        45
(Issuer Not Cooperating)
Sai Engicon And Construction Pvt Ltd  ST BkFac           CARE A4+       250     Revised from
                                                                                CARE A4
(Issuer Not Cooperating)./(enhanced from 20.00 Crore)
Sai Industries Pvt. Ltd.              ST BkFac           CARE A3        175     Assigned
Sakthi Tarpaulin Company              ST Bk Fac          CARE A4        50      Assigned
Sanpar Micro Filters Pvt Ltd          ST Bk Fac          CARE A4        42      Reaffirmed
Shiromani Cold Storage Pvt Ltd        ST Bk Fac          CARE A4        1.3
(Issuer Not Cooperating)
Shivratna Construction And EarthmoversST BkFac           CARE A4        15      Reaffirmed
Shree Hari Chemicals Export Ltd       ST Bk Fac          CARE A4+       73.5    Reaffirmed
Shree Radhe Industries                ST Bk Fac          CARE A4        25      Assigned
Skm Steels Ltd                        ST Non Fund Based  CARE A2        50      Revised from
                                      Bk Fac                                    CARE A3+
Spring Overseas Pvt Ltd               ST Bk Fac          CARE A4        47.5    Reaffirmed
Srinivasa Mechanical Works            ST Bk Fac          CARE A4        30
(Issuer Not Cooperating)
Swastik Housing & Construction        ST Bk Fac          CARE A4        20      Assigned
Tata Teleservices (Maharashtra) Ltd   CP issue           CARE A1+       121000
(enhanced form Rs.10,000 Crore)Continues on Credit Watch with Developing Implications
Tata Teleservices (Maharashtra) Ltd   Non-Fund Based ST  CARE A1+       2090
                                      Bk Fac – BG/LC
Continues on Credit Watch with Developing Implications
Tata Teleservices Ltd                 Non-Fund Based ST  CARE A1 +      7005
                                      Bk Fac – BG/LC
Continues on Credit Watch with Developing Implications
Tata Teleservices Ltd                 CP issue           CARE A1+       190000
(enhanced form Rs. 17,750 Crore)Continues on Credit Watch with Developing Implications
Tiwari Construction                   ST Bk Fac          CARE A4        30      Reaffirmed
Utkal Metallics Ltd                   ST Bk Fac          CARE A4        4
(Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Abbott Cold Storage Pvt Ltd           Long/ ST BkFac     CARE BB/A4     250     Reaffirmed
Agarwal Toughened Glass India Pvt Ltd LT Bk Fac          CARE B+        65.5
(Issuer Not Cooperating)
Ajay Trading Company                  LT Bk Fac          CARE BB+       73      Reaffirmed
Allflex Plastics Llp                  LT Bk Fac          CARE B         149.4   Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Antique Marbonite Pvt Ltd             LT Bk Fac          CARE BBB+      850     Revised from
                                                                                CARE A-
(Issuer Not Cooperating)
Antique Marbonite Pvt Ltd             LT/ STBk Fac       CARE BBB+/A2   270     Revised from
                                                                                CARE A-/ CARE
                                                                                A2+
(Issuer Not Cooperating)
Arg Infra Developers Pvt Ltd          LT Bk Fac          CARE D         180
(Issuer Not Cooperating)
Arg Royal Ensign Developers Pvt Ltd   LT Bk Fac          CARE B+        66.8
(Issuer Not Cooperating)
Arihant Dream Infra Projects Ltd      LT Bk Fac          CARE D         149
(Issuer Not Cooperating)
Arvind Techno Engineers Pvt Ltd       LT/ST BkFac        CARE BBB/A3    570     Reaffirmed
Asia Home Furnishing                  LT Bk Fac          CARE B+        53.2    Assigned
B L Mehta Constructions Pvt Ltd       LT Bk Fac          CARE B+        50      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
B L Mehta Constructions Pvt Ltd       LT Bk Fac/ ST Bk   CARE B+/A4     300     Revised from
                                      Fac                                       CARE BB- /
                                                                                CARE A4
(Issuer Not Cooperating)
Bag Poly Enterprises                  LT Bk Fac          CARE B+        62.3    Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Bal Darbar Spinning Mills Pvt Ltd     LT Bk Fac          CARE B         48.8
(Issuer Not Cooperating)
Bansal Associates                     LT Bk Fac          CARE BB        30      Reaffirmed
Bhagirathi Packaging Pvt. Ltd.        LT/ STBk Fac       CARE BBB/A3    100     Assigned
Ceiba Ecc Pvt Ltd                     LT Bk Fac          -              -       Withdrawn
Celestial Knits & Fabs Pvt Ltd        Long / ST BkFac    CARE BB-/A4    80      Assigned
Century Tiles Ltd                     LT Bk Fac          -              -       Withdrawn
Chaitanya Infrastructures Pvt Ltd     LT Bk Fac          CARE B+        50      Assigned
Cherry Hill Interiors Pvt Ltd         LT Bk Fac – Fund   CARE A         100     Revised from
                                      Based                                     CARE A+
Cherry Hill Interiors Pvt Ltd         Long / ST Bk Fac - CARE A/A1      350     Revised from
                                      Non fund based                            CARE A+ /
                                                                                CARE A1+
Clean Solar Power (Tumkur) Pvt Ltd    LT/ST Bk Fac       CARE AA        2000    Assigned
                                      (SBLC for Buyer’s  (SO)/A1+ (SO) ^
                                      credit)
^Credit enhancement in the form of unconditional & irrevocable Letter of Comfort from Indian
Renewable Energy Development Agency Ltd (IREDA, rated CARE AA+/ Positive; reaffirmed in Oct-18) 
Dhundhwal Brothers                    LT Bk Fac          CARE B+        20      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Distribution Logistics Infrastructure LT Bk Fac          CARE D         6957.3  Reaffirmed
Pvt Ltd
Distribution Logistics Infrastructure LT Bk Fac          CARE D         354.3   Reaffirmed
Pvt Ltd
Dudi And Company                      LT Bk Fac          CARE B+        25      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Ecoren Energy India Pvt Ltd           LT/Shortterm Bk FacCARE BB+/A4+   500     Revised from
                                                                                CARE
                                                                                BBB-/CARE A3
(Issuer Not Cooperating)
Emaar Mgf Land Ltd                    Non- Convertible   CARE BB        22600
                                      Debenture Issue
Credit watch with negative implications continues
Environmental And Spatial Solutions   LT Bk Fac          CARE BB-       42.5    Assigned
India Pvt Ltd
Fujin Wind Parks Pvt Ltd              LT BkFac           CARE BBB-      2960
(Issuer Not Cooperating)
Gopal Krishna Rice Mills              LT Bk Fac          CARE B+        100     Assigned
Grohealthy India Agrotech Pvt Ltd     LT Bk Fac          CARE B+        76      Assigned
Gujarat Ambuja Exports Ltd            LT Bk Fac #        CARE A+        72.4    Reaffirmed
# carved out of sanctioned fund based working capital limits of the company
Gujarat Hy-Spin Ltd                   LT Bk Fac          CARE D         287.7
(Issuer Not Cooperating)
Gujarat Hy-Spin Ltd                   LT / ST Bk Fac     CARE D/D       20
(Issuer Not Cooperating)
H. K. Cotton Industries               LT Bk Fac          CARE B         82.2    Reaffirmed
Haldia Petrochemicals Ltd             LT Bk Fac          -              0       Withdrawn#
# the outstanding rating(s) of  CARE AA-; Positive/CARE A1+ [Double A Minus; Outlook: Positive 
/ A One Plus] assigned to the bank facilities [mentioned in (iv) (v) and (vi) in the above
table]) has been withdrawn with immediate effect on the request of the company vide email dated
March 12, 2019 along with  No Objection Certificate  from State Bank of India. Meanwhile, please
ensure that the aforesaid ratings are not used hereafter, for any purpose whatsoever 
Haldia Petrochemicals Ltd             ST Bk Fac          -              0       Withdrawn#
# the outstanding rating(s) of  CARE AA-; Positive/CARE A1+ [Double A Minus; Outlook: Positive 
/ A One Plus] assigned to the bank facilities [mentioned in (iv) (v) and (vi) in the above
table]) has been withdrawn with immediate effect on the request of the company vide email dated
March 12, 2019 along with  No Objection Certificate  from State Bank of India. Meanwhile, please
ensure that the aforesaid ratings are not used hereafter, for any purpose whatsoever 
Haldia Petrochemicals Ltd             LT/ ST Bk Fac      -              0       Withdrawn#
# the outstanding rating(s) of  CARE AA-; Positive/CARE A1+ [Double A Minus; Outlook: Positive 
/ A One Plus] assigned to the bank facilities [mentioned in (iv) (v) and (vi) in the above
table]) has been withdrawn with immediate effect on the request of the company vide email dated
March 12, 2019 along with  No Objection Certificate  from State Bank of India. Meanwhile, please
ensure that the aforesaid ratings are not used hereafter, for any purpose whatsoever 
Haldia Petrochemicals Ltd             LT Bk Fac          CARE A+        24104.9 Revised from
                                                                                CARE AA-
(Issuer Not Cooperating)
Haldia Petrochemicals Ltd             LT/ ST Bk Fac      CARE A+/A1+    8330    Revised from
                                                                                CARE AA- /
                                                                                CARE A1+
(Issuer Not Cooperating)
Hanuman Ginning& Pressing Factory     LT Bk Fac          CARE B         70
(Issuer Not Cooperating)
Hazelo Lab Pvt Ltd                    LT Bk Fac          CARE BBB       200     Reaffirmed
Honey Vanijya Pvt Ltd                 LT Bk Fac          CARE B+        100     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Indcon Projects And Equipment Ltd     LT Bk Fac          CARE BB        155     Reaffirmed
(Enhanced from 13.50 Crore)
Indcon Projects And Equipment Ltd     LT / ST Bk Fac     CARE BB/A4     125     Reaffirmed
(Reduced from 13.00 Crore)
Intermarket (India) Pvt Ltd           LT Bk Fac          CARE BBB       200     Reaffirmed
Internex Poly Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Isc Projects Pvt Ltd                  Long/STBk Fac      CARE BBB+/A3+  100     Revised from
                                                                                CARE BBB /
                                                                                CARE A3
Jagadishwar Cold Storage Pvt Ltd      LT Bk Fac          CARE B         65      Revised From
                                                                                CARE B+
(Issuer Not Cooperating)
Jagdambey Hydro Projects Llp          Long- Term Bk      CARE A- (SO)   600     Reaffirmed
                                      FacTL*
*backed by unconditional and irrevocable corporate guarantee extended by Zaveri and Company
Private Limited (ZCPL; flagship entity of Zaveri Group rated CARE A-; Stable/ CARE A2+) 
Jkg Overseas Pvt Ltd                  LT Bk Fac          CARE BB-       19      Reaffirmed
K C Singla Industries                 LT Bk Fac          -              -       Withdrawn
K S Motors Pvt Ltd                    LT Bk Fac          CARE B+        210     Assigned
Kamakhya India Ltd.                   LT/ STBk Fac       CARE BBB/A3    55      Assigned
Karnataka Power Transmission          LT BkFac           CARE A         68000   Revised from
Corporation Ltd.                                                                CARE A-
(enhanced from 5500 Crore)
Lahoty Buildcon Ltd                   LT Bk Fac          -              -       Withdrawn
Lala Munni Lal Mange Ram Charitable   LT Bk Fac - CC     -              -       Withdrawn^
Trust
^CARE has withdrawn the rating assigned to the long term cash credit facility with immediate
effect as CARE has received No dues from the bank and the account is closed. 
Lala Munni Lal Mange Ram Charitable   LT Bk Fac - TL     CARE A-        146
Trust
(Issuer Not Cooperating)
M.P.K. Ispat India Pvt Ltd            LT Bk Fac          CARE D         193
(Issuer Not Cooperating)
M.P.K. Metals Pvt Ltd                 LT Bk Fac          CARE D         64.1
(Issuer Not Cooperating)
Madhubari Tea And Agro Industry Pvt LtLT Bk Fac          CARE B+        125     Assigned
Manav Sevarth Trust                   LT Bk Fac - CC     -              -       Withdrawn^
^CARE has withdrawn the rating assigned to the long term cash credit facility with immediate
effect as CARE has received No dues from the bank and the account is closed. 
Manav Sevarth Trust                   LT Bk Fac - TL     CARE A-        180
(Issuer Not Cooperating)
Manisha Textiles Pvt Ltd              LT Bk Fac          CARE BB-       54.1
(Issuer Not Cooperating)
Manju Agro Pvt Ltd                    LT BkFac           CARE B         135
(Issuer Not Cooperating)
Maxchem Pharmaceuticals Pvt Ltd       LT Bk Fac          CARE BB        126.8   Assigned
Muktsar Cotton Pvt Ltd                LT Bk Fac          CARE B         100     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
N. G. Projects Ltd                    LT Bk Fac          CARE BBB       300     Reaffirmed
(enhanced from Rs.25 crore Crore)
N. G. Projects Ltd                    LT / ST Bk Fac     CARE BBB/A3+   1700    Reaffirmed
(enhanced from Rs.136 crore Crore)
Narayan Cotgin Corporation            LT Bk Fac          CARE BB-       60
(Issuer Not Cooperating)
Narayan Spinning Mills Pvt Ltd        LT BkFac           CARE BB        613.1
(Issuer Not Cooperating)
Narayan Spinning Mills Pvt Ltd        LT/Shortterm Bk FacCARE BB/A4     41.1
(Issuer Not Cooperating)
Niknam Chemicals Pvt Ltd              LT BkFac           CARE BB        81.5
(Issuer Not Cooperating)
Ocus Skyscrapers Pvt Ltd              LT Bk Fac          CARE BB        150     Reaffirmed
Om Fire Safety Company Pvt Ltd        LT Bk Fac          CARE B         31.4    Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Om Fire Safety Company Pvt Ltd        LT / ST Bk Fac     CARE B/A4      40      Revised from
                                                                                CARE B+/CARE
                                                                                A4
(Issuer Not Cooperating)
Orange Automotive Pvt Ltd             LT Bk Fac          CARE BB-       95
(Issuer Not Cooperating)
Pagro Frozen Foods Pvt Ltd            LT BkFac           CARE BB        448.5   Assigned
Petro Carbon And Chemicals Pvt Ltd    LT Bk Fac          CARE BBB-      250     Reaffirmed
(enhanced from Rs.20.0 Crore)
Platinum Motocorp Llp                 LT BkFac           CARE B+        140     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Platinum Motocorp Llp                 LT/ Shortterm Bk   CARE B+/A4     10      Revised from
                                      Fac                                       CARE BB- /
                                                                                CAREA4
(Issuer Not Cooperating)
Pnc Delhi Industrial Infra Pvt Ltd    LT Bk Fac          CARE BBB       823.9   Reaffirmed
Radiant Corporation Pvt Ltd           LT BkFac           CARE A+        9.5     Reaffirmed
Radiant Corporation Pvt Ltd           LT/ ST Bk Fac      CARE A+/A1+    500     Reaffirmed
Rajasthan Delhi Education Society     LT BkFac           CARE B+        104.7   Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Rallifan Ltd                          LT Bk Fac          CARE D         60      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Rallifan Ltd                          LT Bk Fac          CARE D         30      Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Ranjan Fabrics Pvt Ltd                LT Bk Fac          CARE BB+       130     Revised from
                                                                                CARE BB
Resins & Allied Products              LT Bk Fac          CARE BBB+      5       Reaffirmed
Rocks Forever                         LT Bk Fac          CARE B+        102.5   Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Saan Popular Finance Pvt Ltd          LT Bk Fac          CARE B         120     Assigned
                                      (Proposed)
Sai Engicon And Construction Pvt Ltd  LT BkFac           CARE BB+       50      Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Sai Industries Pvt. Ltd.              LT/ STBk Fac       CARE BBB/A3    82      Assigned
Sai Surfactants Pvt. Ltd.             LT BkFac           CARE BBB       170.5   Assigned
Sai Surfactants Pvt. Ltd.             LT/ ShortTerm Bk   CARE BBB/A3    130     Assigned
                                      Fac
Sakthi Tarpaulin Company              LT Bk Fac          CARE B         135.3   Assigned
Sanpar Micro Filters Pvt Ltd          LT Bk Fac          CARE B+        20      Reaffirmed
(reduced from 3.00 Crore)
Sarvajanik Jankalyan Parmarthik Nyas  LT Bk Fac          CARE BB-       321     Revised from
                                                                                CARE B+
(Reduced from Rs.38.71 crore Crore)
Shiromani Cold Storage Pvt Ltd        LT Bk Fac          CARE B         63.9
(Issuer Not Cooperating)
Shiromani Cold Storage Pvt Ltd        LT / ST Bk Fac     CARE B/A4      84.8
(Issuer Not Cooperating)
Shivam Oil And Protein Industry       LT Bk Fac          CARE BB-       70      Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Shivratna Construction And EarthmoversLT BkFac           CARE BB-       40      Revised from
                                                                                CARE BB
Shree Baidyanath Ayurved Bhawan Pvt   LT Bk Fac          CARE A-        80      Assigned
Ltd 
Shree Hari Chemicals Export Ltd       LT Bk Fac          CARE BB-       20      Reaffirmed
Shree Nandhi Silks Pvt Ltd            LT Bk Fac          CARE BBB       400     Reaffirmed
Shree Radhe Industries                LT Bk Fac          CARE BB-       34.4    Assigned
Skm Steels Ltd                        LT Bk Fac – TL     CARE BBB+      68      Reaffirmed
Skm Steels Ltd                        LT Fund Based Bk   CARE BBB+      4100    Reaffirmed
                                      Fac
Spring Overseas Pvt Ltd               LT Bk Fac          CARE BB-       22      Reaffirmed
(Enhanced from 1.20 Crore)
Spring Overseas Pvt Ltd               LT / ST BkFac      CARE BB-/A4    0.5     Reaffirmed
Sreeja Metal Sand Llp                 LT Bk Fac          CARE B         96      Revised from
                                                                                CAREB+
(Issuer Not Cooperating)
Sri Chaitanya Educational Society     LT Bk Fac          CARE B+        50      Assigned
Sri Gopal Automobiles                 LT Bk Fac          CARE B+        130     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Srinivasa Cotton Industries           LT Bk Fac          CARE BB-       62.3
(Issuer Not Cooperating)
Srinivasa Mechanical Works            LT Bk Fac          CARE BB-       35
(Issuer Not Cooperating)
Star Plastics                         LT Bk Fac          CARE BB        441.4   Reaffirmed
(enhanced from 38.64 Crore)
Sunshine Liquid Storage Pvt Ltd       LT Bk Fac          CARE B         165     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Svasti Microfinance Pvt Ltd           Bk Fac             CARE BBB-      400     Reaffirmed
Svasti Microfinance Pvt Ltd           NCDs               CARE BBB-      300     Reaffirmed
Svasti Microfinance Pvt Ltd           NCDs               CARE BBB-      210     Assigned
Swastik Housing & Construction        LT Bk Fac          CARE B+        44.5    Assigned
Tata Teleservices (Maharashtra) Ltd   LT - CC            CARE A+        1200
Continues on Credit Watch with Developing Implications
Tata Teleservices Ltd                 LT Rupee TL        CARE A+        10000
Continues on Credit Watch with Developing Implications
Tata Teleservices Ltd                 LT - CC            CARE A+        500
Continues on Credit Watch with Developing Implications
The National Small Industries         LT Bk Fac          CARE AA+       30000   Reaffirmed
Corporation Ltd
Tiwari Construction                   LT Bk Fac          CARE B         30      Revised from
                                                                                CARE B+
Utkal Metallics Ltd                   LT Bk Fac          CARE B+        73
(Issuer Not Cooperating)
Venkatesan Tobacco Traders            LT Bk Fac          CARE B+        150
(Issuer Not Cooperating)
Venus Hydroline Engineering Works     LT Bk Fac          CARE B+        4       Assigned
Venus Hydroline Engineering Works     Proposed LT BkFac  CARE B+        60      Assigned
Vijay Jindal Builders Pvt Ltd         LT Bk Fac          CARE BB        60      Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Visage Holdings And Finance Pvt Ltd   Proposed           CARE BBB       50      Assigned
                                      Subordinated
                                      Debenture issue
Vishnu Priya Agro Industries          LT BkFac           CARE B+        100.9   Reaffirmed
(Reduced from 11.25 Crore)
Zaveri And Company Pvt Ltd            LT/ ST Bk Fac      CARE A-/A2+    500     Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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