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CARE ratings for Indian debt instruments-Nov 18

    Nov 18  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of November 17, 2020.


COMPANY                              INSTRUMENT        RATING        AMOUNT   MOVEMENT
                                                                     (RS.MLN)
-------                              ----------        ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Avinash Constructions                ST Bk Fac         CARE A4       1      -
(Rating continues to remain under Issuer Not Cooperating category)
Banashankari Engineers               ST Bk Fac         CARE A4       25     -
(Rating continues to remain under Issuer Not Cooperating category)
Emami Paper Mills Ltd                ST Bk Fac         CARE A2       3800   Reaffirmed
Gupta Exim India Pvt Ltd             ST Bk Fac         -             -      Withdrawn
Jindal Green Crop International Pvt  ST Bk Fac         CARE A4       400    -
Ltd
(Rating continues to remain under Issuer Not Cooperating category)
Jindal Green Crop International Pvt  ST Bk Fac         CARE A4       400    -
Ltd
(Rating continues to remain under Issuer Not Cooperating category)
Jsw Dharamtar Port Pvt Ltd           ST Bk Fac         CARE A1+      200    -
(Placed on Credit watch with Developing Implications)
Jsw Infrastructure Ltd               ST Bk Fac         CARE A1+      700
(Placed on Credit watch with Developing Implications)
Jsw Jaigarh Port Ltd                 ST Bk Fac         CARE A1+      1080   -
(Placed on Credit watch with Developing Implications)
Kora Shoes Pvt Ltd                   ST Bk Fac         CARE A4       164.5  -
(Rating continues to remain under Issuer Not Cooperating category)
Manappuram Jewellers Ltd             ST Bk Fac         CARE A3       80     Assigned
Manappuram Jewellers Ltd             ST Bk Fac         -             -      Withdrawn
Pnc Infratech Ltd                    ST Bk Fac         CARE A1+      50000  Reaffirmed
R.K. Pharmaceuticals                 ST Bk Fac         CARE A4       100    -
(Rating continues to remain under Issuer Not Cooperating category)
Rohit Agro Seeds Sales Corporation   ST Bk Fac         CARE A4       50     -
(Rating moved to Issuer Not Cooperating category)
Rubamin Pvt Ltd                      ST Bk Fac         CARE A1+      369    Reaffirmed
Shiv Shakti Rice Mills – Moonak      ST Bk Fac         CARE A4       80     -
(Rating continues to remain under Issuer Not Cooperating category)
Suam Overseas Pvt Ltd                ST Bk Fac         -             -      Withdrawn
(Reaffirmed at CARE A3; Issuer Not Cooperating and Withdrawn)
Unipearl Alloys                      ST Bk Fac         CARE A4       24.5   -
(Rating continues to remain under Issuer Not Cooperating category)




LONG TERM RATINGS:
-------------------
Aastha Society                       LT Bk Fac         CARE BB;Stable51.4   Revised from
                                                                            CARE BB+;
                                                                            Stable
(Rating moved to Issuer Not Cooperating category)
Ahuja Construction Engineers         LT Bk Fac         CARE B+;Stable70     Revised from
                                                                            CARE BB-;
                                                                            Stable
(Moved to Issuer Not Cooperating category)
Ahuja Construction Engineers         LT / ST Bk Fac    CARE B+;      60     Revised from
                                                       Stable /CARE A4      CARE BB-;
                                                                            Stable / CARE A4
(Moved to Issuer Not Cooperating category)
Apm Industries Ltd                   LT Bk Fac         CARE BBB;     561    Reaffirmed
                                                       Stable
Ashwath Quippo Infraprojects Pvt Ltd LT Bk Fac         CARE A- (CE)  340    -
                                     (Facility-I)
(Placed on Credit watch with Developing Implications)
Ashwath Quippo Infraprojects Pvt Ltd LT Bk Fac         CARE A- (CE)  270    -
                                     Implications
                                     (Facility-II)
(Placed on Credit watch with Developing Implications)
Ashwath Quippo Infraprojects Pvt Ltd Proposed LT Bk FacProvisional-  1390   -
                                     (Facility-III)    CARE A-(CE)
(Placed on Credit watch with Developing Implications)
Avinash Constructions                Long -term Bk Fac CARE B-;Stable79     Revised from
                                                                            CARE B; Stable
(Rating continues to remain under Issuer Not Cooperating category)
Banashankari Engineers               Long -term Bk Fac CARE B; Stable20     Revised from
                                                                            CARE B+;
                                                                            Stable
(Rating continues to remain under Issuer Not Cooperating category)
Bansal Rice Mills                    LT Bk Fac         CARE D        150    -
(Rating continues to remain under Issuer Not Cooperating category)
Bee Systems                          FB - LT-CC        -             -      Withdrawn
(Revised to CARE BB; Stable from CARE BB+; Negative and Withdrawn)
Drs Warehousing (North) Pvt Ltd      LT Bk Fac         CARE B+;Stable431.5  Revised from
                                                                            CARE BB+;
                                                                            Stable
(Rating continues to remain under Issuer Not Cooperating category)
Emami Paper Mills Ltd                LT Bk Fac         CARE BBB+;    9157.5 Reaffirmed
                                                       Stable
First Reliable Industries            LT Bk Fac         CARE B; Stable131.7  Revised from
                                                                            CARE B+;
                                                                            Stable
(Rating moved to Issuer Not Cooperating category)
Golden Food Products                 LT Bk Fac         CARE B-       154    -
(Rating continues to remain under Issuer Not Cooperating category)
Gupta Exim India Pvt Ltd             LT Bk Fac         -             -      Withdrawn
Gvk Janani Shishu Suraksha (Up)      LT / ST Bk Fac    -             -      Withdrawn
Gvk Janani Shishu Suraksha (Up)      LT Bk Fac         -             -      Withdrawn
Hill Crest Resort And Spa Pvt Ltd    LT Bk Fac         Provisional; 643.9   Revised from
                                                       CARE BB+ Stable      Provisional
                                                                            CARE BBB-; Negative
(Moved to Issuer Not Cooperating category)
Holo Pack Securities                 LT Bk Fac         CARE C; Stable55     Revised from
                                                                            CARE B; Stable
(Rating continues to remain under Issuer Not Cooperating category)
Indo Nabin Projects Ltd              LT / ST Bk Fac    CARE C; Stable190    Reaffirmed
                                                       /CARE A4
(Rating removed from Issuer Not Cooperating category)
Indo Nabin Projects Ltd              LT Bk Fac         CARE D        95     Reaffirmed
(Rating removed from Issuer Not Cooperating category)
Jindal Green Crop International Pvt  LT Bk Fac         CARE C; Stable120    Revised from
Ltd                                                                         CARE B; Stable
(Rating continues to remain under Issuer Not Cooperating category)
Jindal Green Crop International Pvt  LT Bk Fac         CARE C; Stable120    Revised from
Ltd                                                                         CARE B; Stable
(Rating continues to remain under Issuer Not Cooperating category)
Jsw Dharamtar Port Pvt Ltd           LT Bk Fac         CARE A        390    -
                                     (Subordinate debt)
(Placed on Credit watch with Developing Implications)
Jsw Dharamtar Port Pvt Ltd           LT Bk Fac         CARE A+       2800   -
(Placed on Credit watch with Developing Implications)
Jsw Jaigarh Port Ltd                 LT Bk Fac         CARE A+       15800  -
(Placed on Credit watch with Developing Implications)
Kora Shoes Pvt Ltd                   LT Bk Fac         CARE B+;Stable24.9   Revised from
                                                                            CARE BB-;
                                                                            Stable
(Rating continues to remain under Issuer Not Cooperating category)
Manappuram Jewellers Ltd             LT Bk Fac         CARE BBB;     100    Assigned
                                                       Stable
Manappuram Jewellers Ltd             LT Bk Fac         CARE BBB;     1010   Reaffirmed
                                                       Stable
Nimbus Harbor Facilities Management  LT Bk Fac         CARE BBB;     80     Assigned
Pvt Ltd                                                Stable
Nimbus Harbor Facilities Management  LT / ST Bk Fac    CARE BBB;     270    Assigned
Pvt Ltd                                                Stable /CARE A3
Pnc Infratech Ltd                    LT Bk Fac         CARE AA;Stable17000  Revised from
                                                                            CARE AA-;
                                                                            Stable
Prominent Metal Pvt Ltd              LT Bk Fac         -             -      Withdrawn
Punjab National Bank                 Basel III         CARE AA-;     30000  Assigned
                                     Compliant Tier I  Stable
                                     Bonds
Quippo Oil & Gas Infrastructure Ltd  LT Bk Fac         CARE BBB+ (CE)550    -
(Placed on Credit watch with Developing Implications)
Quippo Oil & Gas Infrastructure Ltd  Long/ST Bk Fac    CARE BBB+     650    -
                                                       (CE)/CARE A3+
                                                       (CE)
(Placed on Credit watch with Developing Implications)
R.K. Pharmaceuticals                 LT Bk Fac         CARE B-       50     Revised from
                                                                            CARE B
(Rating continues to remain under Issuer Not Cooperating category)
Ram Swaroop Rameshwarlal Jewellers   LT Bk Fac         CARE BB-;     114.9  Revised from
                                                       Stable               CARE BB;
                                                                            Stable
(Rating moved to Issuer Not Cooperating category)
Rohit Agro Seeds Sales Corporation   LT Bk Fac         CARE B; Stable45     Revised from
                                                                            CARE B+;
                                                                            Stable
(Rating moved to Issuer Not Cooperating category)
Rubamin Pvt Ltd                      LT Bk Fac         CARE A+; Stabl1326.1 Reaffirmed
Rubamin Pvt Ltd                      LT/ ST Bk Fac     CARE A+;      2000   Reaffirmed
                                                       Stable /CARE
                                                       A1+
Shiv Shakti Rice Mills – Moonak      LT Bk Fac         CARE B; Stable70     Revised from
                                                                            CARE B+;
                                                                            Stable
(Rating continues to remain under Issuer Not Cooperating category)
Suam Overseas Pvt Ltd                LT Bk Fac         -             -      Withdrawn
(Reaffirmed at CARE BBB-; Stable; Issuer Not Cooperating and Withdrawn)
Suam Overseas Pvt Ltd                LT/ST Bk Fac      -             -      Withdrawn
(Reaffirmed at CARE BBB-; Stable/CARE A3; Issuer Not Cooperating and Withdrawn)
Sujay Feeds                          Long -term Bk Fac CARE B; Stable88     Revised from
                                                                            CARE B+;
                                                                            Stable
(Rating continues to remain under Issuer Not Cooperating category)
Taneja Overseas                      LT Bk Fac         CARE B-       90     Revised from
                                                                            CARE B
(Rating continues to remain under Issuer Not Cooperating category)
Unipearl Alloys                      LT Bk Fac         CARE B-       35     Revised from
                                                                            CARE B
(Rating continues to remain under Issuer Not Cooperating category)
Vishal Conduit Products Pvt Ltd      LT / ST Bk Fac    CARE C /      50     Revised from
                                                       CARE A4              CARE B- /CARE
                                                                            A4
(Rating continues to remain under Issuer Not Cooperating category)
Yash Knitwear                        LT Bk Fac         CARE B+;Stable124    Reaffirmed
(Rating removed from Issuer Not Cooperating) category)
4S Spintex India Pvt Ltd             LT Bk Fac         CARE B-;Stable196.9  Revised from
                                                                            CARE B+;
                                                                            Stable
(Rating continues to remain under Issuer Not Cooperating category)


--------------------------------------------------------------------------------------------
$: 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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