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CARE ratings for Indian debt instruments-Nov 12

   Nov 12  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of November 11, 2020.


COMPANY                              INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                    (RS.MLN)
-------                              ----------        ------        ------ ---------
SHORT TERM RATINGS:
-------------------
Adani Power Maharashtra Ltd          ST Bk Fac         CARE A1       2700   -
(Revised from CARE A2)
Agrimony Tradex Vyaappar Pvt Ltd     ST Bk Fac         CARE D/CARE D;       -
(Issuer not cooperating; Based on best available information)
Adani Power Maharashtra Ltd          ST Bk Fac         CARE A1       15000  Assigned
Allix Ceramic Pvt Ltd                ST Bk Fac         CARE A4       13.5   Reaffirmed

Cadmach Machinery Company Pvt Ltd    ST Bk Fac @       -             -      Withdrawn
(@ The company has surrendered the previously rated short-term bank facility of Rs.0.25 crore.
Taking cognizance of the fact and based on the ‘No Due Certificate’ issued by Bank of Baroda,
CARE has withdrawn the rating assigned to the said facility.)
Future Lifestyle Fashions Ltd        ST Bk Fac – LC/BG CARE A4       4750   -
(Continues to be on Credit watch with Negative Implications)
Hari Equipments Pvt Ltd              ST Bk Fac         CARE D        100    -
(ISSUER NOT COOPERATING; Based on best available information)
Essar Steel India Ltd                ST Bk Fac         -             -      Withdrawn
Edayar Zinc Ltd                      ST Bk Fac         CARE D        2470   -
(Issuer not cooperating; Based on best available information.)
Greenway Clothing                    Short –term Bk Fac CARE A4;     7.5    
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Hester Biosciences Ltd               ST Bk Fac         CARE A2       39.7   Reaffirmed
Jocil Ltd                            ST Bk Fac         CARE A2+      180    -
(Revised from CARE A2)
Kedarnath Commotrade Pvt Ltd         ST Bk Fac         CARE D/CARE D;250    -
(Issuer not cooperating; Based on best available information)
Keyur Industries                     ST Bk Fac         CARE A4;      0.6    -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Navyug Ship Breaking Company         ST Bk Fac         CARE A3       750    Reaffirmed
Premier Bars Ltd                     ST Bk Fac         CARE A4;      65     -
(Rating moved to ISSUER NOT COOPERATING category)
S. S. Construction                   ST Bk Fac         CARE A4;      95     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Shri Gajanan Agro Industries         ST Bk Fac         CARE A4;      0.5    -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sanrhea Technical Textiles Ltd       ST Bk Fac         -             -      -
(Reaffirmed at CARE A4 (A Four) and withdrawn)
South West Port Ltd                  ST Bk Fac – Fund  CARE A1+      150    -
                                     based
(Placed on Credit Watch with Developing Implications)
South West Port Ltd                  ST Bk Fac – Non   CARE A1+      300    -
                                     fund based
(Placed on Credit Watch with Developing Implications)
Super Tannery Ltd                    ST Bk Fac         CARE A3       183    Reaffirmed
Pavit Ceramics Pvt Ltd               ST Bk Fac         -             -      Withdrawn
(Revised to CARE A4+ (A Four Plus) from CARE A3 (A Three) and withdrawn)
Victory Ceratech Pvt Ltd             ST Bk Fac         -             -      Withdrawn
(Reaffirmed at CARE A3 (A Three) and withdrawn)
 

MEDIUM TERM RATINGS:
-------------------
Jocil Ltd                            Fixed Deposit     CARE A2+ (FD) 80     -
(Revised from CARE A2 (FD))
 
LONG TERM RATINGS:
-------------------
Adani Power Maharashtra Ltd          LT Bk Fac        CARE A; Stable 143858.4 -
(Revised from CARE A-; Stable)
Adani Power Maharashtra Ltd          LT / ST Bk Fac    CARE A; Stable 6450  -
                                                       /CARE A1
(Revised from CARE A-; Stable / CARE A2)
Agrimony Tradex Vyaappar Pvt Ltd     LT Bk Fac         CARE D/CARE D; -     -
(Issuer not cooperating; Based on best available information)
Allix Ceramic Pvt Ltd                LT / ST Bk Fac    CARE B+;      50     Reaffirmed
                                                       Stable/CARE A4
Cadmach Machinery Company Pvt Ltd    LT Bk Fac         CARE A-;      40     Reaffirmed
                                                       Stable
Cadmach Machinery Company Pvt Ltd    LT/ ST Bk Fac*    CARE A-;      40     -
                                                       Stable/CARE A2+
(Revised from CARE A2+.
 *Reclassified as LT/ST from ST due to change in the nature of the facility.)
Celestial Solar Solutions Pvt Ltd    LT Bk Fac         CARE A-;      679.6  -
                                                       Stable
(Rating removed from ISSUER NOT COOPERATING category and Revised from CARE BBB)
Edayar Zinc Ltd                      LT Bk Fac         CARE D        150    -
(Issuer not cooperating; Based on best available information.)
Essar Steel India Ltd                LT Bk Fac         -             -      Withdrawn
Essar Steel India Ltd                LT/ST Bk Fac      -             -      Withdrawn
Essar Steel India Ltd                Non- Convertible  -             -      Withdrawn
                                     Debenture Issue
Future Lifestyle Fashions Ltd        LT - Proposed TL  CARE C        1750   -
(Revised from CARE BB (Double B); Continues to be on Credit watch with Negative Implications)
Future Lifestyle Fashions Ltd        LT Bk Fac – TL    CARE C        3393.9 -
(Revised from CARE BB (Double B); Continues to be on Credit watch with Negative Implications)
Future Lifestyle Fashions Ltd        LT fund based Bk  CARE C        5500   -
                                     Fac – CC
(Revised from CARE BB (Double B); Continues to be on Credit watch with Negative Implications)
Future Lifestyle Fashions Ltd        Proposed NCD Issue CARE C       1500   -
(Revised from CARE BB (Double B); Continues to be on Credit watch with Negative Implications)
Future Lifestyle Fashions Ltd        NCD Issue         CARE D        3500   -
(Revised from CARE BB (Double B); Continues to be on Credit watch with Negative Implications)
Future Style Lab Ltd                 LT/ST Fund        CARE C (CE)   150    -
                                     Based/Non Fund    /CARE A4 (CE)
                                     based – Working Capital
(Revised from CARE BB (CE) / CARE A4 (CE) [Double B (Credit Enhancement) / A Four (Credit
Enhancement)]; Continues to be on Credit watch with Negative Implications) 
Future Style Lab Ltd                 Unsupported Rating CARE C/CARE A4 -    -
(Revised from CARE B+/CARE A4)
Greenway Clothing                    Long -term Bk Fac CARE B-       87.3   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Hari Equipments Pvt Ltd              LT Bk Fac         CARE D        200    -
(ISSUER NOT COOPERATING; Based on best available information)
Hester Biosciences Ltd               LT Bk Fac         CARE A-;      242.1  Reaffirmed
                                                       Stable
Hester Biosciences Ltd               LT / ST Bk Fac    CARE A-;      500    Reaffirmed
                                                       Stable /CARE A2
Jhajjar Kt Transco Pvt Ltd           LT Bk Fac         -             -      Withdrawn
Jindal Intellicom Ltd                LT Bk Fac         CARE BBB;     60     Assigned
                                                       Stable
Jindal Intellicom Ltd                LT/ST Bk Fac      CARE BBB;     40     Assigned
                                                       Stable/CARE A3+
Jocil Ltd                            LT Bk Fac         CARE A-;      400    Reaffirmed
                                                       Positive
Kedarnath Commotrade Pvt Ltd         LT Bk Fac         CARE D/CARE D; 190   -
(Issuer not cooperating; Based on best available information)
Keyur Industries                     LT / ST Bk Fac    CARE B; Stable 30    -
                                                       /CARE A4;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-;
Stable / CARE A4;)
Keyur Industries                     LT Bk Fac         CARE B; Stable 100   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-;
Stable;)
Kiran Infra Engineers Ltd            LT Bk Fac         CARE BBB;     70     -
                                                       Stable
(Revised from CARE BBB-; Positive)
Kiran Infra Engineers Ltd            LT/ Short term Bk CARE BBB;     1600   -
                                     Fac               Stable/CARE A3+
(Revised from CARE BBB-; Positive/ CARE A3)
Kisan Agro And Poultry Farms Pvt Ltd LT Bk Fac         CARE D        57.2   -
(Revised from CARE B+; Stable)
Muniraj Enterprise                   LT Bk Fac         CARE D        67.5   -
(Issuer Not Cooperating; on the basis of best available information)
Navyug Ship Breaking Company         LT Bk Fac         CARE BBB-;    120    Reaffirmed
                                                       Stable
Nvr Infrastructure And Services Pvt Ltd LT Bk Fac      CARE A; Stable 590.1  -
(Rating removed from ISSUER NOT COOPERATING category and Revised from CARE BBB+. (Reduced from
62.35 Crore))
Pavit Ceramics Pvt Ltd               LT Bk Fac         -             -      Withdrawn
(Revised to CARE BB+; Stable (Double B Plus; Outlook: Stable) from CARE BBB-; Stable (Triple B
Minus; Outlook: Stable) and withdrawn)
Pavit Ceramics Pvt Ltd               LT /ST Bk Fac     -             -      Withdrawn
(Revised to CARE BB+; Stable/ CARE A4+ (Double B Plus; Outlook: Stable/A Four Plus) from CARE
BBB; Stable/ CARE A3 (Triple B Minus; Outlook: Stable/ A
Premier Bars Ltd                     LT/ Short term Bk CARE BB-;     617.4  -
                                     Fac               Stable /CARE
                                                       A4;
(Revised from CARE BB; Stable / CARE A4 (Double B ; Outlook: Stable / A Four) and moved to
ISSUER NOT COOPERATING category)
Premier Bars Ltd                     LT Bk Fac         CARE BB-;     67.6   -
                                                       Stable;
(Revised from CARE BB; Stable (Double B; Outlook: Stable) and moved to ISSUER NOT COOPERATING
category)
Pvh Arvind Fashion Pvt Ltd (Erstwhile LT Bk Fac        CARE A;       800    Assigned
Calvin Klein Arvind Fashion Pvt Ltd)                   Negative
Roshni Enterprises                   LT Bk Fac         -             -      Withdrawn
S. S. Construction                   LT Bk Fac         CARE BB-;     100    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category)
Saggraha Management Services Pvt Ltd LT Bk Fac         CARE BB;      100    Reaffirmed
                                                       Negative
Sanrhea Technical Textiles Ltd       LT /ST Bk Fac     -             -      -
(Reaffirmed at CARE BB-; Stable/ CARE A4 (Double B Minus; Outlook: Stable/ A Four) and
withdrawn)
Shri Gajanan Agro Industries         LT Bk Fac         CARE B;       64.1   -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category)
South West Port Ltd                  LT Bk Fac         CARE A+       4250   Assigned
Sri Balaji Industries                LT Bk Fac         CARE D;       76.3   -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Super Tannery Ltd                    LT Bk Fac         CARE BBB-;    869    Reaffirmed
                                                       Stable
Super Tannery Ltd                    Proposed LT / ST  CARE BBB-;    75     Reaffirmed
                                     Bk Fac            Stable/CARE A3
Tajshree Autowheels Pvt Ltd          LT Bk Fac         CARE C;       87.5   -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Tajshree Cars Pvt Ltd                LT Bk Fac         CARE D;       148.5  -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Tajshree Motors Pvt Ltd              LT Bk Fac         CARE C;       50     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Vfs Global Services Pvt Ltd          LT Bk Fac-TL      CARE BBB+;    350    Assigned
                                                       Stable
Vfs Global Services Pvt Ltd          LT Bk Fac         CARE BBB+;    570    Assigned
                                     Overdraft         Stable
Vfs Global Services Pvt Ltd          LT Bk Fac-BG      CARE BBB+;    280    Assigned
                                                       Stable
Vichita Estate And Warehousing Pvt Ltd LT Bk Fac       CARE B; Stable 59    -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;
Stable;)
Victory Ceratech Pvt Ltd             LT Bk Fac         -             -      Withdrawn
(Reaffirmed at CARE BBB-; Stable and withdrawn)
Victory Ceratech Pvt Ltd             LT /ST Bk Fac     -             -      Withdrawn
(Reaffirmed at CARE BBB-; Stable/ CARE A3 (Triple B Minus; Outlook: Stable/ A Three) and
withdrawn)
--------------------------------------------------------------------------------------------
$: 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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