March 9, 2020 / 8:43 AM / 25 days ago

CARE ratings for Indian debt instruments-Mar 9

   Mar 9  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of March 6, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Airo Lam Ltd                          ST Bk Fac          CARE A3        62.5    Reaffirmed
Airox Technologies Pvt Ltd            ST Bk Fac          -              2.5     -
(Reaffirmed at A4 and Withdrawn)
Ambica Timber Mart                    ST Bk Fac          -              -       Withdrawn
Anabond Ltd                           ST Bk Fac          CARE A2+       50      -
(Issuer not cooperating; Revised from CARE A1(Single A1) on the basis of best available
information)
Aneri Construction Pvt Ltd            ST Bk Fac          CARE A4        80      -

(Reaffirmed and removed from ISSUER NOT COOPERATING)
Anirudh Plastic Pvt Ltd               ST Bk Fac          CARE A4        60      -
(Issuer not cooperating; based on best available information)
Axison Vitrified Pvt Ltd              ST Bk Fac          CARE A4        15      Reaffirmed
Bhilai Jaypee Cement Ltd              ST Bk Fac- Non     CARE D         20      Reaffirmed
Basanti Mata Agri Product Pvt Ltd     ST Bk Fac          CARE A4        1.8     -
(Issuer Not Cooperating; based on best available information)
Dakshin Gujarat Vij Co. Ltd           ST Bk Fac          CARE A1+       300     Reaffirmed
Dharmdeep Commodities Pvt Ltd         ST Bk Fac          CARE A4        500     Reaffirmed
Ebullient Packaging Pvt Ltd           ST Bk Fac          -              -       -
(Reaffirmed and Withdrawn)
Esaf Small Finance Bank Ltd           CDs (Proposed)     CARE A1+       5000    Reaffirmed
Gainup Industries India Pvt Ltd       ST Bk Fac          CARE A4        100     -
(Revised from CARE A3)
Lalsai Creations                      ST Bk Fac          -              -       -
(Reaffirmed and Withdrawn)
Lexi Pvt Ltd                          ST Bk Fac          -              -       -
(Reaffirmed at CARE A3+ and withdrawn)
Galaxy Concab (India) Pvt Ltd         ST Bk Fac          CARE A4        210     -
(Issuer not cooperating; based on best available information)
Gopal Sea Foods                       ST Bk Fac          CARE A4+       90      Reaffirmed
Green Petro Fuels Llp                 ST Bk Fac          CARE A4        63.5    -
(Issuer not cooperating; based on best available information)
Gujarat Energy Transmission Corporation ST Bk Fac        CARE A1+       8330    Reaffirmed
Ltd
Gujarat State Electricity Corporation ST Bk Fac          CARE A1+       20141.5 Reaffirmed
Ltd
Gujarat Urja Vikas Nigam Ltd          ST Bk Fac          CARE A1+       33699.5 Reaffirmed
Harsh Polyfabric Pvt Ltd              ST Bk Fac          CARE A4        4       -
(Issuer Not Cooperating; based on best available information)
Jindal Saw Ltd                        CP                 CARE A1+       2000    Assigned
Jupiter Rice Mill                     ST Bk Fac          CARE A4        1.4     -
(Issuer Not Cooperating based on best available information)
Jyoti Construction                    ST Bk Fac          CARE A4        70      -
(Issuer Not Cooperating based on best available information)
Ludlow Jute & Specialities Ltd        ST Bk Fac          CARE A2+       450     Reaffirmed
Madhya Gujarat Vij Co. Ltd            ST Bk Fac          CARE A1+       370     Reaffirmed
Neutral Publishing House Ltd          ST Bk Fac          CARE A2+       75      Reaffirmed
Paschim Gujarat Vij Co. Ltd           ST Bk Fac          CARE A1+       900     Reaffirmed
Radhamadhab Cold Storage Pvt Ltd      ST Bk Fac          CARE A4        9.6     -
(Issuer Not Cooperating; based on best available information)
Ramdhan Spintex                       ST Bk Fac          CARE A4        15      Reaffirmed
Rohan Rajdeep Kerala Road Projects LtdST Bk Fac #        --             --      Withdrawn
('#The rating assigned to the short term bank facilities has been withdrawn with immediate
effect as the said facility stands closed and there is no amount outstanding towards the same
facilities.)
Rohan Rajdeep Highways Ltd            ST Bk Fac@         CARE A2 (CE)   35.6    Reaffirmed
(@ The above ratings are based on the credit enhancement in the form of corporate guarantee
provided by Rohan Rajdeep Tollways Limited.)
Tollways Limited.
Rohan Rajdeep Katol Bypass            ST Bk Fac          CARE A3 (CE)   8.1     Reaffirmed
Infrastructure
Rohan Rajdeep Rajasthan Infra ProjectsST Bk Fac@         CARE A2 (CE)   30      Reaffirmed
Ltd                                                      [A Two (Credit
                                                         Enhancement)]
(@ The above ratings are based on the credit enhancement in the form of corporate guarantee
provided by Rohan Rajdeep Tollways Limited.)
Rohan Rajdeep Warora Rob InfrastructurST Bk Fac          CARE A3 (CE)   6.5     Reaffirmed
Roots Industries India Ltd            ST Bk Fac          CARE A1        75      Reaffirmed
S K Mohapatra                         ST Bk Fac          CARE A4        80      -
(ISSUER NOT COOPERATING; Based on best available information.)
Sailganga Eu Exports                  ST Bk Fac          CARE A4        100     Reaffirmed
Sanghvi Foods Pvt Ltd                 ST Bk Fac          CARE A2+       160     Assigned
Shiba Kali Agro Products Pvt. Ltd.    ST Bk Fac          CARE A4        2.5     -
(Issuer not cooperating; based on best available information)
Shree Laxmi Pulse Rice & Roller Flour ST Bk Fac          CARE A4        5       Reaffirmed
Mills
Shyam Metalics & Energy Ltd           Proposed CP (CP)   CARE A1+       500     Assigned
                                      issue*
(*carved out of the sanctioned working capital limits of the company)
Shyam Sel & Power Ltd                 Proposed CP (CP)   CARE A1+       500     Assigned
                                      issue*
(*carved out of the sanctioned working capital limits of the company)
SI Creva Capital Services Pvt Ltd     CP                 CARE A3        150     Reaffirmed
Jaypee Cement Corporation Ltd         ST Bk Fac          CARE D         500     Reaffirmed
Shivam Pipe Industries                ST Bk Fac          CARE D         20      Assigned
SI Creva Capital Services Pvt Ltd     ST Fac             CARE A3        250     Reaffirmed
SJS Agro Industries Pvt. Ltd.         ST Bk Fac          CARE A4        22.1    -
(Issuer not cooperating; based on best available information)
Thirubala Chemicals Pvt. Ltd.         ST Bk Fac          CARE A4:       19      -
(Issuer not cooperating; based on best available information)
Timwood Trading                       ST Bk Fac          CARE A4:       100     -
(Issuer not cooperating: Based on best available information)
Uttar Gujarat Vij Co. Ltd             ST Bk Fac          CARE A1+       935     Reaffirmed
Veer Chemicals                        ST Bk Fac          CARE A4        60      Reaffirmed
Velbon Vitrified Llp                  ST Bk Fac          CARE A4        23.7    Reaffirmed
Sree Keerthi Transport                ST Bk Fac          -              -       -
(Reaffirmed at CARE A4 and withdrawn)
Surface Preparation Solutions And     ST Bk Fac          -              -       -
Technologies Pvt Ltd
(Reaffirmed at CARE A4( A Four) and withdrawn)
Unovel Industries Pvt Ltd             ST Bk Fac*         -              -       -
(Reaffirmed and Withdrawn. *Backed by unconditional and irrevocable corporate guarantee extended
by Ebullient Packaging Private Limited)
Y P Deshmukh Construction             ST Bk Fac          CARE A4        5       -
(Issuer Not Cooperating;Based on best available information)

LONG TERM RATINGS:
-------------------
A.R. Thermosets Pvt Ltd               Fund based-LT-TL   -              -       -
(Reaffirmed at CARE BB+; Stable and Withdrawn)
A.R. Thermosets Pvt Ltd               LT/ST – FB/Non FB  -              -       -
                                      EPC / PCFC /FBP /
                                      FBD / WCDL / optionally convertible debenture/BG/SBLC
(Reaffirmed at CARE BB+; Stable / CARE A4+ and Withdrawn)
Abhilasha Enterprises                 LT Bk Fac          CARE BB Stable 50      Reaffirmed
Abhilasha Enterprises                 LT/ST Bk Fac       CARE BB        650     Reaffirmed
                                                         Stable/CARE A4
Airo Lam Ltd                          LT Bk Fac          CARE BBB-      120     Reaffirmed
                                                         Stable
Airo Lam Ltd                          LT Bk Fac / ST Bk  CARE BBB-      217.5   Reaffirmed
                                      Fac                Stable /CARE A3
Airox Technologies Pvt Ltd            LT Bk Fac          -              57.5    -
(Reaffirmed at CARE BB-; Stable and Withdrawn)
Akshay Food Impex Pvt Ltd             LT Bk Fac          CARE BB- Stable270     -
(Issuer Not Cooperating; Revised from CARE BB; Stable (Double B; Outlook – Stable) on the basis
of best available information)
Akshay Food Impex Pvt Ltd             Long/ST Bk Fac     CARE BB-;      200     -
                                                         Stable/CARE A4;
(Issuer Not Cooperating; Revised from CARE BB; Stable/ CARE A4 (Double B; Outlook – Stable/ A
Four) on the basis of best available info
Alok Industries Ltd                   LT Bk Fac          ProCARE AA     55550   Assigned
                                                         (CE) Stable
Ambica Timber Mart                    LT / ST Bk Fac     -              -       Withdrawn
Amity Leather International           LT Bk Fac/ ST Fac  CARE BB+       150     Reaffirmed
                                                         Stable/CARE A4+
Anabond Ltd                           LT Bk Fac          CARE A- Stable 50      -
(Issuer not cooperating; Revised from CARE A; Stable (Single A;Outlook: Stable) on the basis of
best available information)
Anabond Ltd                           LT/ST Bk Fac       CARE A- Stable 198.3   -
                                                         /CARE A2+
(Issuer not cooperating; Revised from CARE A; Stable / CAREA1 on the basis of best available
information)
Aneri Construction Pvt Ltd            LT Bk Fac/ STBk FacCARE BB        135     -
                                                         Stable/CARE A4
(LT revised from CARE BB-; Stable(Double B Minus; Outlook: Stable); ST reaffirmed and removed
from ISSUER NOT COOPERATING*)
Anirudh Plastic Pvt Ltd               LT Bk Fac          CARE BB- Stable25      -
(Revised From CARE BB ;Stable; Issuer Not Cooperating based on best available information)
Arti Silk Mills Pvt Ltd               LT Bk Fac          CARE BB+       272.6   Reaffirmed
                                                         Stable
Arti Silk Mills Pvt Ltd               LT/ST Bk Fac       CARE BB+       12.5    Assigned
                                                         Stable/CARE A4
Ashirvad Agro Processors              LT Bk Fac          CARE BB- Stable110     Reaffirmed
Ashwath Quippo Infraprojects Pvt Ltd  LT Bk              CARE A (CE);   340     -
                                      Fac(Facility-I)
(Revised from CARE A+ (CE); Credit Watch with Negative Implications)
Ashwath Quippo Infraprojects Pvt Ltd  LT Bk              CARE A (CE);   270     -
                                      Fac(Facility-II)
(Revised from CARE A+ (CE); Credit Watch with Negative Implications)
Ashwath Quippo Infraprojects Pvt Ltd  Proposed LT Bk Fac ProCARE A (CE) 1390    -
                                      (Facility-III)
(Revised from Pro CARE A+ (CE); Credit Watch with Negative Implications)
Axison Vitrified Pvt Ltd              LT Bk Fac          CARE BB-;      102.7   Reaffirmed
                                                         Stable
Ayushajay Construction Pvt Ltd        LT Bk Fac          CARE BBB+      40      Reaffirmed
                                                         Stable
Ayushajay Construction Pvt Ltd        LT/ ST Bk Fac      CARE BBB+      810     Reaffirmed
                                                         Stable/CARE A2
Bansal Steel Manufacturing Pvt Ltd    LT Bk Fac          CARE BB-       162     Reaffirmed
                                                         Stable
Basanti Mata Agri Product Pvt Ltd     LT Bk Fac          CARE B Stable  86.3    -
(Revised from CARE B+; Stable; Issuer Not Cooperating based on best available information)
Bhilai Jaypee Cement Ltd              LT Bk Fac-CC       CARE D         500     Reaffirmed
                                      fund based
Bhogale Automotive Pvt Ltd            LT Bk Fac          CARE BB; Stable250     -
(Issuer Not Cooperating; based on best available information)
Calyx Spaces Llp                      LT Bk Fac          CARE BB-       139.5   Reaffirmed
                                                         Stable
Cent Bank Home Finance Ltd            NCD Issue (Tier-II CARE BBB+      300     Reaffirmed
                                      Capital)           Stable
Dakshin Gujarat Vij Co. Ltd           LT Bk Fac          CARE AA- Stable6250    Reaffirmed
Dakshin Gujarat Vij Co. Ltd           Long /ST Bk Fac    CARE AA-       605     Reaffirmed
                                                         Stable /CARE
                                                         A1+
Dbl Bankhlafata-Dogawa Tollways Ltd   LT Bk Fac          CARE A-/       625.2   -
                                                         Negative
(Reaffirmed and Outlook revised from Stable to Negative)
Dbl Jaora-Sailana Tollways Ltd        LT Bk Fac          CARE A-/       789.3   -
                                                         Negative
(Reaffirmed and Outlook revised from Stable to Negative)
Dbl Uchera Nagod Tollways Ltd         LT Bk Fac          CARE A-/       597.2   -
                                                         Negative
(Reaffirmed and Outlook revised from Stable to Negative)
Deepak Nexgen Foods And Feeds Pvt Ltd LT Bk Fac          --             -       Withdrawn
Deepak Nexgen Foods And Feeds Pvt Ltd LT / ST Bk Fac     --             -       Withdrawn
Dharmdeep Commodities Pvt Ltd         LT Bk Fac          CARE B+ Stable 30      Reaffirmed
Dharmdeep Commodities Pvt Ltd         LT/STBk Fac        CARE B+        260     Reaffirmed
                                                         Stable/CARE A4
Dml World Trade Pvt Ltd               LT/ST Bk Fac       -              -       Withdrawn
Ebullient Packaging Pvt Ltd           LT Bk Fac          -              -       -
(Reaffirmed and Withdrawn)
Ebullient Packaging Pvt Ltd           LT Bk Fac/ ST Bk   -              -       -
                                      Fac
(Reaffirmed and Withdrawn)
Esaf Small Finance Bank Ltd           LT Bk Fac          -              -       Withdrawn
Esaf Small Finance Bank Ltd           Tier II Bond       CARE A Stable  1250    Reaffirmed
                                      issue#
('#Tier II Bonds under Basel III are characterised by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in
financial losses and raising the Common Equity Tier I capital of the bank should be considered
as the most appropriate way to prevent the bank from turning non-viable. In CARE’s opinion, the
parameters considered to assess whether a bank will reach the PONV are similar to the parameters
considered to assess rating of Tier II instruments even under Basel II. CARE has rated the Tier
II bonds under Basel III after factoring in the additional feature of PONV.)
Gail Gas Ltd                          LT Bk Fac          CARE AAA (CE)  -       -
                                                         Stable
(Revised from CARE AA (Stable)/CARE A1+)
Gainup Industries India Pvt Ltd       LT Bk Fac          CARE BB Stable 483.8   -
(Revised from CARE BBB-; Stable)
Galaxy Concab (India) Pvt Ltd         LT Bk Fac          CARE B+        81.3    -
                                                         Stable:
(Issuer not cooperating; Revised from CARE BB-; Stable on the basis of best available
information)
GMR Chennai Outer Ring Road Pvt Ltd   LT Bk Fac (TL)     CARE BB+/      6230.2  -
                                                         Positive
(Reaffirmed and Outlook revised from Stable)
GMR Chennai Outer Ring Road Pvt Ltd   LT Bk Fac          CARE BB+/      260     -
                                      (Non-fundBased)    Positive
(Reaffirmed and Outlook revised from Stable)
GMR Gujarat Solar Power Ltd           LT Bk Fac (TL)     CARE BBB+      1806.6  Reaffirmed
                                                         Stable
Green Petro Fuels Llp                 LT Bk Fac          CARE B Stable  100.5   -
(Revised from CARE B+; Stable ;Issuer Not Cooperating based on best available information.)
Gujarat Energy Transmission CorporatioLT Bk Fac          CARE AA-       13021.3 Reaffirmed
Ltd                                                      Stable
Gujarat Energy Transmission CorporatioLong /ST Bk Fac    CARE AA-       3230    Reaffirmed
Ltd                                                      Stable /CARE
                                                         A1+
Gujarat State Electricity Corporation LT Bk Fac          CARE AA- Stable71632.6 Reaffirmed
Ltd
Gujarat State Electricity Corporation Long /ST Bk Fac    CARE AA-       3890    Reaffirmed
Ltd                                                      Stable /CARE
                                                         A1+
Gujarat Urja Vikas Nigam Ltd          LT Bk Fac          CARE AA-       4240    Reaffirmed
                                                         Stable
Gujarat Urja Vikas Nigam Ltd          Long / ST Bk Fac   CARE AA-       500     Reaffirmed
                                                         Stable /CARE
                                                         A1+
Harsh Polyfabric Pvt Ltd              LT Bk Fac          CARE BB- Stable104     -
(Revised from CARE BB; Stable(Double B ; Outlook: Stable); IssuerNot Cooperating based on best
available information)
Harsh Polyfabric Pvt Ltd              LT/ST Bk Fac       CARE BB-       6       -
                                                         Stable/CARE A4
(Revised from CARE BB; Stable/CARE A4 (Double B ; Outlook: Stable/AFour); Issuer Not Cooperating
based on best available information)
Jakson Power Pvt Ltd                  LT Bk Fac*         -              -       Withdrawn
(*Bank facilities rated were backed by irrevocable and unconditional corporate guarantee from
Jakson Engineers Limited (JEL).CARE has withdrawn the Credit Enhanced (CE) rating as these
facilities got refinanced through rupee term loans and corporate guarantee has been removed,
hence standalone rating has been assigned.)
Jakson Power Pvt Ltd                  LT Bk Fac          CARE BBB+      1543.1  Assigned
                                                         Stable
Jaybajrang Agro Processing Pvt Ltd    LT Bk Fac          -              -       -
(Reaffirmed at CARE B+; Issuer Not Cooperating(Single B Plus; Issuer Not Cooperating) and
Withdrawn)
Jaypee Cement Corporation Ltd         LT Bk Fac          CARE D         23129.4 Reaffirmed
Jupiter Rice Mill                     LT Bk Fac          CARE B Stable  72.7    -
(Revised from CARE B+;Stable Issuer Not Cooperating based on best available information)
Jyoti Construction                    LT Bk Fac          CARE B+ Stable 30      -
(Revised from CARE BB-; Stable Issuer Not Cooperating based on best available information)
Kachchh Veneers Pvt Ltd               LT / ST Bk Fac     CARE BB-       165     Reaffirmed
                                                         Stable /CARE A4
Kakade Laser                          LT Bk Fac          CARE BB- Stable136.8   -
(Issuer Not Cooperating; Revised from CARE BB; Stable (Double B; Outlook: Stable) on the basis
of best available information)
Krishnamurthy Spinning Mills Pvt Ltd  LT Bk Fac          CARE B Stable  157.2   -
(Issuer not cooperating: Revised from CARE B+; Stable On the basis of best available
Information)
Lalsai Creations                      LT Bk Fac          -              -       -
(Reaffirmed and Withdrawn)
Lexi Pvt Ltd                          LT Bk Fac          -              -       -
(Reaffirmed at CARE BBB; Stable and withdrawn)
Linkquest Quippo Infra Ltd            Long - term Bk Fac*ProCARE A (CE);1750    -
(Revised from Pro CARE
A+ (CE); Credit Watch with
Negative Implications *backed by proposed credit enhancement in the form of unconditi
Ludlow Jute & Specialities Ltd        LT Bk Fac          CARE A- Stable 344.9   Reaffirmed
Ludlow Jute & Specialities Ltd        Long /ST Bk Fac    CARE A-        650     Reaffirmed
                                                         Stable/CARE A2+
Madhya Gujarat Vij Co. Ltd            LT Bk Fac          CARE AA- Stable4042    Reaffirmed
Madhya Gujarat Vij Co. Ltd            Long /ST Bk Fac    CARE AA-       480     Reaffirmed
                                                         Stable /CARE
                                                         A1+
Mahakali Rice Mills Pvt Ltd           LT Bk Fac          CARE BB- Stable92.5    -
(Revised from CARE BB; Stable ; Issuer not cooperating; based on best available information)
Mahaveer Finance India Ltd            NCD issue          CARE BBB-      200     Reaffirmed
                                                         Stable
Mahaveer Finance India Ltd            LT Bk Fac          CARE BBB-      750     Reaffirmed
                                                         Stable
Mahindra And Mahindra Financial       Secured NCD (NCD)  CARE AAA Stable64215   Reaffirmed
Services Ltd
Mantena Constructions Pvt Ltd         LT Bk Fac          CARE A-/       400     -
                                                         Positive
                                                         (Single A Minus/ Outlook: Positive)
(Revised from CARE A-; Stable)
Mantena Constructions Pvt Ltd         LT/ ST Bk Fac      CARE A-/       1300    -
                                                         Positive/CARE
                                                         A2 
(Revised from CARE A-; Stable/CARE A2)
Muthoot Mercantile Ltd                Bk Fac – Fund      -              -       -
                                      based LT
(Reaffirmed at CARE BB+; Stable; and Withdrawn)
Neutral Publishing House Ltd          LT Bk Fac          CARE A- Stable 225     Reaffirmed
Overseas Leather Goods Company Pvt LtdLT Bk Fac          CARE B Stable  111.6   Reaffirmed
Palette International                 LT Bk Fac          -              -       -
(Reaffirmed and Withdrawn)
Paschim Gujarat Vij Co. Ltd           LT Bk Fac          CARE AA-       6750    Reaffirmed
                                                         Stable
Paschim Gujarat Vij Co. Ltd           Long /ST Bk Fac    CARE AA-       490     Reaffirmed
                                                         Stable /CARE
                                                         A1+
Poddar Diamond Ltd                    LT Bk Fac (Fund    CARE BBB-      616.3   Reaffirmed
                                      Based)             Stable
Pooja Cotspin Ltd                     LT Bk Fac          CARE BB+ Stable100.2   -
(Issuer not cooperating; Revised from CARE BBB-; Stable on the basis of best available
information)
Pooja Cotspin Ltd                     LT/STBk Fac        CARE BB+       10.7    -
                                                         Stable/CARE A4
(Issuer not cooperating; Revised from CARE BBB-; Stable/CARE A3 on the basis of best availabl
Prayagraj Water Pvt Ltd               LT Bk Fac          CARE A- (CE)   1797.5  Final Rating
                                                         Stable
Quippo Oil & Gas Infrastructure Ltd   LT Bk Fac – TL#    -              -       Withdrawn
(#Backed by credit enhancement in the form of put option from SIFL)
Quippo Oil & Gas Infrastructure Ltd   LT Bk Fac          CARE A (CE)    550     -
(Revised from CARE A- (CE); Credit Watch with Negative Implications )
Quippo Oil & Gas Infrastructure Ltd   Long/ST Bk Fac     CARE A         650     -
                                                         (CE)/CARE A2+
                                                         (CE)
(Revised from CARE A- (CE)/CARE A2+ (CE); Credit Watch with Negative Implications)
Radhamadhab Cold Storage Pvt Ltd      LT Bk Fac          CARE B- Stable 64      Revised from
                                                                                CARE B
(Revised from CARE B; Stable; Issuer Not Cooperating; based on best available information)
Radiant Industries                    LT Bk Fac          CARE BB- Stable34.8    -
(Issuer Not Cooperating; Revised from CARE BB; Stable on the basis of best available
information)
Radiant Industries                    LT/ ST Bk Fac      CARE BB-       115.2   -
                                                         Stable /CARE A4
(Issuer Not Cooperating; Revised from CARE BB; Stable/A4+ on the basis of best available
information)
Ramdhan Spintex                       LT Bk Fac          CARE BB Stable 184.3   Reaffirmed
Reliance Financial Ltd                Market Linked      CARE PP-MLD BB-1000    -
                                      Debentures
(Reaffirmed and continues to be on credit watch with developing implications)
Reliance Financial Ltd                Market Linked      CARE PP-MLD    500     -
                                      Debentures         BB-
(Reaffirmed and continues to be on credit watch with developing implications)
Reliance Securities Ltd               Market Linked      CARE PP-MLD    1000    -
                                      Debentures         BB-
(Reaffirmed and continues to be on credit watch with developing implications)
Rohan Rajdeep Highways Ltd            LT Bk Fac@         CARE BBB+ (CE) 594.1   Reaffirmed
                                                         Stable
(@ The above ratings are based on the credit enhancement in the form of corporate guarantee
provided by Rohan Rajdeep Tollways Limited.)
Rohan Rajdeep Hydro Power Projects    LT Bk Fac@         CARE BBB+ (CE) 37.3    Reaffirmed
                                                         Stable
('@ The above rating is based on the credit enhancement in the form of 100% joint and several
corporate guarantees of Rohan Builders (India) Private Limited and Rajdeep Buildcon Private
Limited.)
Rohan Rajdeep Katol Bypass            LT Bk Fac          CARE BBB- (CE) 196.3   Reaffirmed
Infrastructure                                           Stable
Rohan Rajdeep Kerala Road Projects LtdLT Bk Fac @        CARE BBB+ (CE) 615.4   Reaffirmed
                                                         Stable
('@ The above ratings are based on the credit enhancement in the form of corporate guarantee
provided by Rohan Rajdeep Tollways Limited.)
Rohan Rajdeep Rajasthan Infra ProjectsLT Bk Fac@         CARE BBB+ (CE) 418.4   Reaffirmed
Ltd                                                      Stable [Triple
                                                         B Plus (Credit Enhancement)/ Outlook:
Stable]
(@ The above ratings are based on the credit enhancement in the form of corporate guarantee
provided by Rohan Rajdeep Tollways Limited.)
Rohan Rajdeep Warora Rob InfrastructurLT Bk Fac          CARE BBB- (CE) 155.5   Reaffirmed
                                                         Stable
Roots Industries India Ltd            LT Bk Fac          CARE A Stable  303.3   -
(Revised from CARE A; Positive)
S K Mohapatra                         LT Bk Fac          CARE BB- Stable200     -
(ISSUER NOT COOPERATING; Revised from CARE BB; Stable(Double B; Outlook: Stable) on the basis of
best available information.)
Sanghvi Foods Pvt Ltd                 LT Bk Fac          CARE A- Stable 1466.7  Reaffirmed
Sanghvi Foods Pvt Ltd                 LT/STBk Fac        CARE A-        12.5    Assigned
                                                         Stable/CARE A2+
Shanti Hospital                       LT Bk Fac          CARE BB- Stable150     Reaffirmed
Shiba Kali Agro Products Pvt. Ltd.    LT Bk Fac          CARE B Stable  57.5    -
(Revised from CARE B+; Stable(Single B Plus; Outlook: Stable);Issuer Not Cooperating based on
best available information.)
Shivam Pipe Industries                LT Bk Fac          CARE D         80      Assigned
Shree Laxmi Pulse Rice & Roller Flour LT Bk Fac          CARE BB-       33.4    Reaffirmed
Mills                                                    Stable
Shree Laxmi Pulse Rice & Roller Flour LT Bk Fac/ ST Bk   CARE BB-       126     Reaffirmed
Mills                                 Fac                Stable/CARE A4
Shubh Mangal Textile Industries Llp   LT Bk Fac          CARE B+ Stable 100     -
(Issuer Not Cooperating;Revised from CARE BB-; Stable on the basis of best available
information)
Si Creva Capital Services Pvt Ltd     LT Bk Fac          CARE BBB Stable700     Reaffirmed
Si Creva Capital Services Pvt Ltd     NCD                CARE BBB       350     Reaffirmed
                                                         Stable
Si Creva Capital Services Pvt Ltd     NCD                CARE BBB       150     Assigned
                                                         Stable
Si Creva Capital Services Pvt Ltd     LT Bk Fac*         ProCARE BBB+   250     Reaffirmed
                                                         (CE) Stable
('*To be backed by credit enhancement in the form of unconditional and irrevocable partial
guarantee provided by Northern Arc Capital Limited (NACL; rated ‘CARE A1+’) to the extent of 18%
of the initial term loan principal amount.)
Sjs Agro Industries Pvt. Ltd.         LT Bk Fac          CARE B Stable  124     -
(Revised from CARE B+; Stable ;Issuer Not Cooperating based on best available information.)
Sree Keerthi Transport                LT Bk Fac          -              -       -
(Reaffirmed at CARE BB-, and withdrawn)
Sree Sannidhi Foods Pvt Ltd           LT Bk Fac          CARE D         63.6    -
(Issuer not cooperating; On the basis of best available Information)
Subhlene Fabrics                      LT Bk Fac          CARE B Stable  100     -
(Issuer Not Cooperating; Revised from CARE B+; Stable on the basis of best available
information)
Surface Preparation Solutions And     LT/ ST Bk Fac      -              -       -
Technologies Pvt Ltd
(Reaffirmed at CARE B; Stable/CARE A4 (Single B; Outlook; Stable/A Four) and withdrawn)
The Great Eastern Shipping Co. Ltd    NCDs               -              -       Withdrawn
The X`Ss Beverage Company             LT Bk Fac          CARE B+ Stable 87.9    -
(ISSUER NOT COOPERATING;Revised from CARE BB-; Stable(Double B Minus; Outlook: Stable) on the
basis of best available information.)
Thirubala Chemicals Pvt. Ltd.         LT Bk Fac          CARE BB- Stable61      -
(Issuer Not Cooperating based on best available information.)
Unovel Industries Pvt Ltd             LT Bk Fac *        -              -       -
(Reaffirmed and Withdrawn. *Backed by unconditional and irrevocable corporate guarantee extended
by Ebullient Packaging Private Limited)
Uttar Gujarat Vij Co. Ltd             LT Bk Fac          CARE AA-       3250    Reaffirmed
                                                         Stable
Uttar Gujarat Vij Co. Ltd             Long /ST Bk Fac    CARE AA-       797.5   Reaffirmed
                                                         Stable /CARE
                                                         A1+
Veer Chemicals                        LT Bk Fac          CARE B Stable  20      Revised from
                                                                                CARE B+
Velbon Vitrified Llp                  LT Bk Fac          CARE BB-       177.5   Reaffirmed
                                                         Stable
Y P Deshmukh Construction             LT Bk Fac          CARE B Stable  40      -
(Issuer Not Cooperating; Revised from CARE BB-; Stable (Double B Minus; Outlook:Stable) on the
basis of best available information)
Yes Bank Ltd                          Infrastructure     CARE B         50000   -
                                      Bonds
(Revised from CARE A-)
Yes Bank Ltd                          Lower Tier II BondsCARE B         22306   -
(Revised from CARE A-)
Yes Bank Ltd                          Tier II Bonds      CARE C         89000   -
                                      (Basel III)*
(Revised from CARE A-. *: Tier II Bonds under Basel III are characterized by a ‘Point of
Non-Viability’ (PONV) trigger due to which the investor may
suffer a loss of principal. PONV will be determined by the Reserve Bank of India (RBI) and is a
point at which the bank may no longer remain a going concern on its own unless appropriate
measures are taken to revive its operations and thus, enable it to continue as a going concern.
In addition, the difficulties faced by a bank should be such that these are likely to result in
financial losses and raising the Common Equity Tier I capital of the bank should be considered
as the most appropriate way to prevent the bank from turning non-viable)
Yes Bank Ltd                          Upper Tier II      CARE C         9041    -
                                      Bonds@
(Revised from CARE BBB+. '@: CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual
Bonds after taking into consideration their increased sensitivity to Yes Bank’s Capital Adequacy
Ratio (CAR), capital raising ability and profitability during the long tenure of the
instruments. The rating factors in the additional risk arising due to the existence of the
lock-in clause in hybrid instruments. Any delay in payment of interest/principal (as the case
may be) following invocation of the lock-inclause,
would constitute as an event of default as per CARE’s definition of default and as such these
instruments may exhibit a somewhat sharper migration of the rating compared with conventional
subordinated debt instruments)
Yes Bank Ltd                          Additional Tier I  CARE D         36000   -
                                      Bonds (BaselIII)#
(Revised from CARE BBB- .#: CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual
Bonds [Additional Tier I Bonds (Basel III)] after taking
into consideration its key features as mentioned below:
• The bank has full discretion at all times to cancel coupon payments.
• The coupon is to be paid out of current year profits. However, if the current year’s profits
are not sufficient, i.e., payment of such coupon is likely to result in losses during the
current year, the balance of coupon payment may be made out of reserves representing
appropriation of net profits, including statutory reserves and excluding share premium,
revaluation reserve, foreign currency translation reserve, investment reserve and reserves
created on amalgamation provided the bank meets the minimum regulatory requirements for Common
Equity Tier I [CET I], Tier I and Total Capital Ratios and capital buffer frameworks as
prescribed by the Reserve Bank of India      .
• The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5%
before March 31, 2020, and 6.125% on and after March 31, 2020, or written-off / converted into
common equity shares on occurrence of the trigger event called point of non-viability (PONV).
The PONV trigger shall be determined by RBI.)
Yes Bank Ltd                          Perpetual Bonds    CARE D         820     -
                                      (Basel II)@
(Revised from CARE BBB+  '@: CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual
Bonds after taking into consideration their increased sensitivity to Yes Bank’s Capital Adequacy
Ratio (CAR), capital raising ability and profitability during the long tenure of the
instruments. The rating factors in the additional risk arising due to the existence of the
lock-in clause in hybrid instruments. Any delay in payment of interest/principal (as the case
may be) following invocation of the lock-inclause,
would constitute as an event of default as per CARE’s definition of default and as such these
instruments may exhibit a somewhat sharper migration of the rating compared with conventional
subordinated debt instruments)
--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below