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CARE ratings for Indian debt instruments-Nov 11

   Nov 11  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of November 10, 2020.


COMPANY                              INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                    (RS.MLN)
-------                              ----------        ------        ------ ---------
SHORT TERM RATINGS:
-------------------
Aksharchem (India) Ltd               ST Bk Fac         CARE A1+      100    Reaffirmed
Abhinav Steels And Power Ltd         ST Bk Fac         -             -      Withdrawn
Brn Commodities & Trading Company Pvt ST Bk Fac        --            --     Withdrawn
Ltd
Centrum Microcredit Ltd              CP                CARE A3+      100    Reaffirmed
Deccan Enterprises Ltd               ST Bk Fac         CARE A2       455.8  Reaffirmed
Eureka Forbes Ltd                    ST Bk Fac         CARE A4+      442.5  -
(Revised from A2+ (A Two Plus) and removed from under Credit Watch with Negative Implications)
Forbes And Co. Ltd                   ST NFBL           CARE A4+      385    -
(Revised from CARE A2+ and removed from Under Credit watch with Negative Implications)
Grainotch Industries Ltd             ST Bk Fac         CARE A3       190    Assigned
Hans Raj Agros Pvt Ltd               ST Bk Fac         CARE A4;      100    -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Jalaram Ceramics Ltd                 ST Bk Fac         CARE A4       40     Assigned
M.G Hussain                          ST Bk Fac         CARE A4       25     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Multivista Global Pvt Ltd            ST Bk Fac         CARE A3+      190    Reaffirmed
Muralikrishna Construction Company   ST Bk Fac         CARE A4       127.5  -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Orchid Marine                        ST Bk Fac         CARE A4;      100    -
(Rating continues to remain under ISSUER NOT COOPERATING category)
S R Ballary                          ST Bk Fac         CARE A4       45     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Rpn Engineers Chennai Pvt Ltd        ST Bk Fac         CARE D;       48.7   -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Saga Automotive (India) Pvt Ltd      ST Bk Fac         -             -      Withdrawn
Saraya Industries Ltd                ST Bk Fac         CARE D;       36     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Setco Automotive Ltd                 ST Bk Fac         CARE D;       20     -
(Revised from CARE A4)
Sirius Infra Projects Pvt Ltd        ST Bk Fac         CARE D;       50     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sri Sai Balaji Associates            ST Bk Fac         CARE D;       69     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Utkarsh India Ltd                    ST Bk Fac         -             -      Withdrawn
(Issuer not cooperating; Based on best available information. Rating reaffirmed and withdrawn.)
Sree Padmanabha Cashew               ST Bk Fac         CARE A4       5      -
(Rating continues to remain under ISSUER NOT COOPERATING category)
 
MEDIUM TERM RATINGS:
-------------------
Unique Estates Development Co. Ltd   Fixed Deposits    CARE A (FD)   700    -
(Revised from CARE AA-(FD) [Double A Minus (Fixed Deposit issue); Continues to be on Credit
watch with Negative Implications])
 


LONG TERM RATINGS:
-------------------
Aashirwad Industries Pvt Ltd         LT Bk Fac         -             -      Withdrawn*
(*CARE withdraws the credit rating on merger / amalgamation / bankruptcy / liquidation of the
rated entity, where in it may no longer be useful or necessary for CARE to maintain a rating on
the rated entity’s obligations.) 
Abhinav Steels And Power Ltd         LT Bk Fac         -             -      Withdrawn
Aksharchem (India) Ltd               Long- Term/ST Bk  CARE A+;      400    Reaffirmed
                                     Fac               Stable/CARE A1+
Annapurna Finance Pvt Ltd            LT Bk Fac         CARE A-;      7053   Reaffirmed
                                                       Stable
(Enhanced from 412.08 Crore)
Bhavanam Textiles India Pvt Ltd      LT Bk Fac         CARE B-; Stable 122.3 -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+)
Centrum Financial Services Ltd       Bk Fac- TL        CARE BBB+;    3000   Reaffirmed
                                                       Stable
Centrum Financial Services Ltd       NCDs              CARE BBB+;    3500   Reaffirmed
                                                       Stable
Centrum Financial Services Ltd       Market Linked     CARE PP-MLD   5424   Reaffirmed
                                     Debentures        BBB+; Stable
Centrum Housing Finance Ltd          LT Bk Fac         CARE A-;      3600   Reaffirmed
                                                       Stable
Centrum Housing Finance Ltd          NCDs              CARE A-;      400    Reaffirmed
                                                       Stable
Centrum Microcredit Ltd              LT Bk Fac         CARE BBB;     2000   Reaffirmed
                                                       Negative
Centrum Microcredit Ltd              NCDs              CARE BBB;     750    Assigned
                                                       Negative
Deccan Enterprises Ltd               LT Bk Fac         CARE A-;      725    Reaffirmed
                                                       Stable
(reduced from 77.91 Crore)
Dharwad Metallics Pvt Ltd            LT Bk Fac         CARE D;       63     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Eashwara Sai Cotton Industries       LT Bk Fac         CARE BB-;     72.4   -
                                                       Stable;
(Rating moved to ISSUER NOT COOPERATING category)
Eureka Forbes Ltd                    Issuer Rating     CARE BB+ (Is) -      -
                                                       Negative
(Revised from CARE A- (Is) and removed from Under Credit watch with Negative Implications;
Negative outlook assigned)
Eureka Forbes Ltd                    LT Bk Fac         CARE BB+;     2660   -
                                                       Negative
(Revised from CARE A- and removed from under Credit Watch with Negative Implications; Negative
Outlook assigned)
Forbes And Co. Ltd                   Proposed NCDs     CARE BB+;     1000   -
                                                       Negative
(Revised from CARE A- and removed from Under Credit watch with Negative Implications)
Forbes And Co. Ltd                   LT Bk Fac         CARE BB+;     1719.9 -
                                                       Negative
(Revised from CARE A- and removed from Under Credit watch with Negative Implications)
Grainotch Industries Ltd             LT Bk Fac         CARE BBB-;    255.3  Assigned
                                                       Stable
Hans Raj Agros Pvt Ltd               LT Bk Fac         CARE B; Stable 190   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+)
Hardayal Milk Products Pvt Ltd       LT Bk Fac         CARE D;       507.2  -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Hariom Cold Storage                  LT Bk Fac         -             -      -
(Reaffirmed at CARE B; Stable; Issuer Not Cooperating)
J Matadee Free Trade Zone Pvt Ltd    LT Bk Fac         CARE B; Stable 140   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+)
Jalaram Ceramics Ltd                 LT Bk Fac        CARE B+; Stable 274.8 Assigned
Jaya Sheela Hospitalities            LT Bk Fac         CARE B+; Stable 300  Assigned
Ksr Developers Pvt Ltd               LT Bk Fac         -             -      Withdrawn
M.G Hussain                          LT Bk Fac         CARE C; Stable 48    -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;)
Matangi Industries Llp               LT Bk Fac         CARE BBB+;    1127   Assigned
                                                       Stable
Matangi Industries Llp               LT/ ST Bk Fac     CARE BBB+;    109.5  Assigned
                                                       Stable/CARE A2
Mighty Auto Wheels Pvt Ltd           LT Bk Fac         CARE B-;      130    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Multivista Global Pvt Ltd            LT Bk Fac         CARE BBB;     200.7  Reaffirmed
                                                       Stable
(Reduced from 20.60 Crore)
Muralikrishna Construction Company   LT Bk Fac         CARE B;       60     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-)
Origo Commodities India Pvt Ltd      LT Bk Fac         CARE BBB;     1820   Reaffirmed
                                                       Stable
Origo Commodities India Pvt Ltd      NCDs (NCD) issue- CARE BBB;     200    Reaffirmed
                                                       Stable
Origo Commodities India Pvt Ltd      NCDs (NCD) issue- CARE BBB;     102.5  Reaffirmed
                                     II                Stable
Origo Commodities India Pvt Ltd      LT/ ST Bk Fac     CARE BBB;     100    Reaffirmed
                                                       Stable/CARE A3
(enhanced from 5.00 Crore)
Osr Mp Warehousing Enterprises       LT Bk Fac         CARE C; Stable 31.8  -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+)
Pari Agri Grain Industries Pvt Ltd   LT Bk Fac         CARE B;       80     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and revised from CARE B+)
Puliani And Puliani                  Long –term Bk Fac CARE B-;      75     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Rajamane Industries Pvt Ltd          Long –term Bk Fac CARE B+;      130    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-)
Raunaq Construction                  LT Bk Fac         CARE B+;      244.4  -
                                                       Stable;
(Revised from CARE BB-)
Rpn Engineers Chennai Pvt Ltd        LT Bk Fac         CARE D;       12.6   -
(Rating continues to remain under ISSUER NOT COOPERATING category)
S R Ballary                          Long –term Bk Fac CARE B+;      54     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-)
Saga Automotive (India) Pvt Ltd      LT Bk Fac         -             -      Withdrawn
Saraswati Timber Pvt Ltd             LT Bk Fac         CARE B-       79.9   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Saraswati Timber Pvt Ltd             LT / ST Bk Fac    CARE B- /CARE 16.3   -
                                                       A4;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B / CARE
A4)
Saraya Industries Ltd                LT Bk Fac         CARE D;       441    -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Setco Automotive Ltd                 LT Bk Fac         CARE D;       2571.8 -
(Revised from CARE C)
Shikhar Integrated Cold Chain Pvt Ltd LT Bk Fac        CARE D;       170    -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sirius Infra Projects Pvt Ltd        LT Bk Fac         CARE D;       40     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Somula Constructions Pvt Ltd         LT Bk Fac         CARE C        75     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-)
Specific Alloys Pvt Ltd              LT Bk Fac         -             -      Withdrawn
Specific Alloys Pvt Ltd              Long/ ST Bk Fac   -             -      Withdrawn
Sprng Alt Energy Pvt Ltd             LT Bk Fac         CARE A-;Stable 8235.4 -
(Revised from CARE BBB+. (Reduced from 907.50 Crore))
Sree Lakshmi Balaji Industries       LT Bk Fac         CARE B+;      35.3   Assigned
                                                       Stable
Sree Lakshmi Balaji Industries       LT Bk Fac         CARE B+;      130    Reaffirmed
                                                       Stable
Sree Padmanabha Cashew               LT Bk Fac         CARE B-;Stable 50     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable)
Sree Vinayak Vidhyalayaa Charitable  LT Bk Fac         CARE D;       72.1   -
Trust
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sri Laxmi Vinayaka Rice Industries   LT Bk Fac         CARE BB-;     40     Assigned
                                                       Stable
Sri Laxmi Vinayaka Rice Industries   LT Bk Fac         CARE BB-;     130    Reaffirmed
                                                       Stable
Sri Murari Pavan Agrotech            LT Bk Fac         CARE B-;      150    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+)
Sri Sai Balaji Associates            LT Bk Fac         CARE D;       6      -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Supreme Exports                      LT Bk Fac         CARE C;       80     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Surakshitha Health Care Pvt Ltd      LT Bk Fac         CARE B-;      200    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Swarna Pragati Housing Microfinance Pvt Rating Advisory -             -      -
Ltd
(Swarna Pragati Housing MicroFinance Pvt. Ltd. (SPHMPL; rated CARE BB+; Stable) has informed
CARE that the payment due on October 10, 2020 to one of its lenders was delayed by one working
day. The payment was due on October 10, 2020 which being a non-working day for banks, the
payment was processed and credited to the account of the borrower on October 12, 2020 i.e. the
next working day.  SPHMPL also paid the interest for two days to the lender on October 14,
2020.)
Tm Motors Pvt Ltd                    LT Bk Fac         CARE BB;      120    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB+)
Unique Estates Development Co. Ltd   LT Bk Fac (TL)    CARE A        3770   -
(Revised from CARE AA- (Double A Minus); Continues to be on Credit watch with Negative
Implications)
Unique Estates Development Co. Ltd   LT Bk Fac         CARE A        400    -
                                     (Overdraft)
(Revised from CARE AA- (Double A Minus); Continues to be on Credit watch with Negative
Implications)
Utkarsh India Ltd                    LT Bk Fac         -             -      Withdrawn
(Issuer not cooperating; Based on best available information. Rating reaffirmed and withdrawn.)
Utkarsh India Ltd                    Long/ST Bk Fac    -             -      Withdrawn
(Issuer not cooperating; Based on best available information. Rating reaffirmed and withdrawn.)
Vk Warehousing Enterprises           LT Bk Fac         CARE C;       349    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+)
Welcast Steels Ltd                   LT Bk Fac         CARE BBB+;    113    -
                                                       Outlook: Stable
(Reaffirmed and removed from Under Credit watch with Developing Implications)
Welcast Steels Ltd                   LT/ST Bk Fac      CARE BBB+;    37     -
                                                       Stable/CARE A2
(Reaffirmed and removed from Under Credit watch with Developing Implications)
--------------------------------------------------------------------------------------------
$: 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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