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CARE ratings for Indian debt instruments-Nov 17

    Nov 17  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of November 13, 2020.


COMPANY                              INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                    (RS.MLN)
-------                              ----------        ------        ------ ---------
SHORT TERM RATINGS:
-------------------
Arwade Infrastructure Ltd            ST Bk Fac         CARE A4       200    -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE A4+)
Asaco Pvt Ltd                        ST Bk Fac         CARE A4       200    -
(Revised from CARE A4+)
Chemsol Labs Pvt Ltd                 ST Bk Fac         CARE A4;      41.8   -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Gkb Vision Pvt Ltd                   ST Bk Fac         CARE A4;      72.5   -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Gujrat Saw Mill                      ST Bk Fac         CARE A4;      60     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
J And J Associates                   ST Bk Fac         CARE A4;      50     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
K.R.Manjunath                        ST Bk Fac         CARE A4;      30     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Kanakashri Electricals               ST Bk Fac         CARE A4;      40     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Kay Kay Exports                      ST Bk Fac         CARE A4       104    Reaffirmed
L&T Infra Debt Fund Ltd              ST Bk Fac         CARE A1+      1500   Reaffirmed
L&T Infra Debt Fund Ltd              CP                CARE A1+      5000   Reaffirmed
M. K. Gupta And Company              ST Bk Fac         CARE A4;      130    -
(Issuer Not Co-operating; Based on best available information)
Gare Brothers                        ST Bk Fac         -             -      Withdrawn
Rajaguru Spinning Mills Pvt Ltd      ST Bk Fac         CARE A3       22.1   Reaffirmed
(Rating removed from ISSUER NOT COOPERATING category and Reaffirmed)
Haveli Restaurant And Resorts Ltd    ST Bk Fac         -             -      Withdrawn
Rajshri Iron Industries Pvt Ltd      ST Bk Fac          CARE A4;      3.5    -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Relay Express Pvt Ltd                ST Bk Fac         CARE A4;      1      -
(Rating moved to ISSUERNOT COOPERATING category)
Relay Express Pvt Ltd                ST Bk Fac         CARE A4;      1      -
(Rating moved to ISSUER NOT COOPERATING category)
Riya International Pte. Ltd.         ST Bk Fac          CARE A4+;     1400   -
(Issuer Not Co-operating; Based on best available information)
Lichi Ceramic                        ST Bk Fac         -             -      -
(Reaffirmed and withdrawn)
Talin Modular Office Furniture System ST Bk Fac         CARE A4+;     20     -
Pvt Ltd
(Rating continues to remain under ISSUER NOT COOPERATING category)
Forward Alloys And Castings          ST Bk Fac         -             -      -
(Reaffirmed and Withdrawn)
Trimax It Infrastructure & Services Ltd ST Bk Fac      -             -      Withdrawn
V.A. Products                        ST Bk Fac         CARE A4+;     45     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Zuberi Engineering Construction Pvt Ltd ST Bk Fac      CARE A4+      50     -
(Revised from CARE A4)
 


LONG TERM RATINGS:
-------------------
Aifaz Cotton Processors              LT Bk Fac         CARE B; Stable 120    -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;
Stable;)
Amar Alloys Pvt Ltd                  LT Bk Fac         CARE B; Stable 100    -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;
Stable;)
Amb Food Products                    LT Bk Fac         CARE B-; Stable 52.5   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable)
Anjaneya Breeding Farm And Hatcheries LT Bk Fac        CARE B-;      86.7   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B)
Arwade Infrastructure Ltd            LT Bk Fac         CARE BB;      60     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB+;
Stable;)
Asaco Pvt Ltd                        LT Bk Fac         CARE BB-;     57.5   -
                                                       Stable
(Revised from CARE BB+; Stable)
Baba Budha Sahib Cardiac Centre Ltd  LT Bk Fac         CARE B;       198.5  -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+)
Balaji Ginning And Pressing          LT Bk Fac         CARE B-; Stable 90     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable)
Bharat Motors Ltd                    LT Bk Fac         CARE BB-;     105.7  -
                                                       Stable
(Revised from CARE BB+; Stable)
Chemsol Labs Pvt Ltd                 LT Bk Fac         CARE C;       30     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;)
Chettinad International Bulk Terminal LT Bk Fac        CARE BBB-     200    Assigned
Pvt Ltd                                                (Under Credit
                                                       watch with Developing Implications) 
Chettinad International Bulk Terminal LT / ST Bk Fac   CARE BBB-     70     -
Pvt Ltd                                                /CARE A3
(Placed on Credit watch with Developing Implications)
Chettinad International Coal Terminal LT Bk Fac        CARE A-       1100   Assigned
Pvt Ltd
Chettinad International Coal Terminal LT/ST Bk Fac     CARE A- /CARE 980    -
Pvt Ltd                                                A2+
(Placed on Credit watch with developing implications)
Chettinad International Coal Terminal LT/ST Bk Fac     CARE A- /CARE 150    Assigned
Pvt Ltd                                                A2+
Cls Industries Pvt Ltd               LT Bk Fac         -             -      Withdrawn
Dekson Castings Ltd                  LT Bk Fac         CARE B;       126.2  -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category)
Dev Cotex Pvt Ltd                    LT Bk Fac         -             -      Withdrawn
Essar Agrotech Ltd                   LT Bk Fac         CARE D;       216.5  -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Forward Alloys And Castings          LT / ST Bk Fac    -             -      -
(Reaffirmed and Withdrawn)
Forward Alloys And Castings          LT Bk Fac         -             -      -
(Reaffirmed and Withdrawn)
Gangavaram Port Ltd                  LT Bk Fac         -             -      Withdrawn
Gare Brothers                        LT Bk Fac         -             -      Withdrawn
Gkb Vision Pvt Ltd                   LT / ST Bk Fac    CARE BB-;     111.5  -
                                                       Stable /CARE A4
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB;
Stable / CARE A4;)
Gujrat Saw Mill                      LT Bk Fac         CARE B-; Stabl15     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable)
Haveli Restaurant And Resorts Ltd    LT Bk Fac         -             -      Withdrawn
J And J Associates                   LT Bk Fac         CARE B-; Stabl47.5   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable)
J. K. Industries (Indore)            LT/ ST Bk Fac     -             -      -
(Reaffirmed at CARE B+; Stable/ CARE A4 [Single B Plus; Outlook: Stable/ A Four] and Withdrawn)
K.R.Manjunath                        LT Bk Fac         CARE B;       40     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;
Stable;)
Kanakashri Electricals               LT Bk Fac         CARE B;       20     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;
Stable;)
Kay Kay Exports                      LT Bk Fac         CARE BB-;     140    -
                                                       Stable
(Revised from CARE BB; Stable (Double B; Outlook: Stable))
L&T Infra Debt Fund Ltd              NCDs              CARE AAA;     50000  Reaffirmed
                                                       Stable
L&T Infra Debt Fund Ltd              Principal         CARE PP-MLD   10000  Reaffirmed
                                     Protected Market  AAA; Stable
                                     Linked Debentures
Laxminarayan Shivhare                LT / ST Bk        CARE D /CARE  30     -
                                     Facilities        D;
(Rating continues to remain under ISSUER NOT COOPERATING category)
Laxminarayan Shivhare                LT Bk Fac         CARE D;       70     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Lichi Ceramic                        LT Bk Fac         -             -      -
(Reaffirmed and withdrawn)
M. K. Gupta And Company              LT Bk Fac         CARE B;       16.4   -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-;
Stable;)
Mahindra Summit Agriscience Ltd      LT/ ST Fac        CARE BBB+;    300    -
                                                       Stable /CARE A2
(Revised from CARE BBB+;)
P. R. Pote (Patil) Education And     LT Bk Fac         CARE BB+;     130    Assigned
Welfare Trust                                          Stable
Popular Scooters Pvt Ltd             LT Bk Fac         CARE B+;      100    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB;
Stable;)
Prag Distillery Pvt Ltd              LT Bk Fac         -             -      Withdrawn
Rajaguru Spinning Mills Pvt Ltd      CP                CARE BBB;     2475.7 -
                                                       Stable
(Rating removed from ISSUER NOT COOPERATING category and Revised from CARE BBB-; Stable)
Rajshri Iron Industries Pvt Ltd      LT / ST Bk Fac    CARE B-;      50     -
                                                       Stable /CARE
                                                       A4;
(Rating continues to remain under ISSUER NOT COOPERATING category)
Rajshri Iron Industries Pvt Ltd      LT Bk Fac         CARE B-;      106.5  -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category)
Relay Express Pvt Ltd                LT Bk Fac         CARE BB;      20     -
                                                       Stable;
(Rating moved to ISSUERNOT COOPERATING category)
Relay Express Pvt Ltd                LT Bk Fac         CARE BB; Stable 20   -
(Rating moved to ISSUER NOT COOPERATING category)
Renuka Poultry Farm                  LT Bk Fac       CARE B-; Stable 124.8  -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;)
Shree Balaji Agro Tech               LT Bk Fac         -             -      Withdrawn
Shree Bharat Motors Ltd              LT Bk Fac         CARE BB-;     485.9  -
                                                       Stable
(Revised from CARE BB+; Stable)
Sreereddy Properties Pvt Ltd         LT Bk Fac         CARE C; Stable53.4   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable)
Sri Laxmi Vinayaka Agro Foods        LT Bk Fac         CARE B-; Stabl158    -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;)
Sri Rama Pharmaceutical Distributors LT / ST Bk Fac    -             -      Withdrawn
Sri Rama Pharmaceutical Distributors LT Bk Fac         -             -      Withdrawn
Swadeshi Civil Infrastructure Pvt Ltd LT / ST Bk Fac   CARE BBB;     1200   Assigned
                                                       Stable/CARE A3+
Swathi Sunsource Power Pvt Ltd       LT / ST Bk Fac    CARE C /CARE  60     -
                                                       A4;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B / CARE
A4)
Swathi Sunsource Power Pvt Ltd       LT Bk Fac         CARE C;       140    -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;)
Talin Modular Office Furniture System LT Bk Fac        CARE B; Stable70     -
Pvt Ltd
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;
Stable)
Trimax Datacenter Services Ltd       LT Bk Fac         -             -      Withdrawn
Trimax It Infrastructure & Services Ltd LT Bk Fac      -             -      Withdrawn
V.A. Products                        LT Bk Fac         CARE C; Stable15     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-;
Stable)
Zephyr Fabric Trading Llp            LT Bk Fac         -             -      Withdrawn
Zuberi Engineering Construction Pvt Ltd LT Bk Fac      CARE BB+;     85     -
                                                       Positive
(Reaffirmed; Outlook revised from Stable)
Zuberi Engineering Construction Pvt Ltd LT / ST Bk Fac CARE BB+;     1365   -
                                                       Positive /CARE
                                                       A4+
(Revised from CARE BB+; Stable / CARE A4)
--------------------------------------------------------------------------------------------
$: 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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