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CARE ratings for Indian debt instruments-Nov 20

   Nov 20  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of November 19, 2020.


COMPANY                              INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                    (RS.MLN)
-------                              ----------        ------        ------ ---------
SHORT TERM RATINGS:
-------------------
Electro International Company Pvt Ltd ST Bk Fac        CARE A4       59     Reaffirmed
Gspc Lng Ltd                         ST Bk Fac         -             -      Withdrawn
(Reaffirmed at CARE A3+ and Withdrawn)
Gmmco Ltd                            CP Issue         CARE A1+      2000   Reaffirmed
Mahaajay Spinners India Pvt Ltd      ST Bk Fac         CARE A4;      65     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Mahavishnu Spinning Mills Pvt Ltd    ST Bk Fac         CARE A4;      17.5   -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Noxx & Chefs Deck Pvt Ltd            ST Bk Fac         CARE D        5.4    -
(Revised from CARE A4 and moved to ISSUER NOT COOPERATING category)
Onkar International Pvt Ltd          ST Bk Fac         CARE A4       10     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Prognosys Medical Systems Pvt Ltd    ST Bk Fac         CARE A4       75     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sai Security Printers Pvt Ltd        ST Bk Fac         CARE A3       80     Reaffirmed
Sri Lakshmivenkateshwara Rice Mill   ST Bk Fac         CARE A4       6.5    -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sgs Marketing                        ST Bk Fac         CARE C;       55     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sumicot Ltd                          ST Bk Fac         CARE A4       94.4   -
(Placed on Credit watch with Negative Implications)
Tathva Projects Pvt Ltd              ST Bk Fac         CARE A4;      47     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
The Delhi Flour Mills Co. Ltd        ST Bk Fac         CARE A3+      10.7   -
(Revised from CARE A3 (A Three) and removed from Under Credit watch with Developing
Implications)
Trimula Sponge Iron Pvt Ltd          ST Bk Fac         CARE A4;      10     -
(Revised from CARE A4+ and moved to ISSUER NOT COOPERATING category)
 

LONG TERM RATINGS:
-------------------
Electro International Company Pvt Ltd LT Bk Fac        CARE BB-/     61     Reaffirmed
                                                       Stable
Ge Diesel Locomotive Pvt Ltd         LT Bk Fac         CARE A; Stable 9900  Reaffirmed
Gmmco Ltd                            LT Bk Fac         CARE AA+/     7650   Reaffirmed
                                                       Stable
(Reduced from 799.52 Crore)
Gmmco Ltd                            LT/ST Bk Fac      CARE AA+/     8225   Reaffirmed
                                                       Stable /CARE
                                                       A1+
Gspc Lng Ltd                         LT Bk Fac         -             -      Withdrawn
(Reaffirmed at CARE BBB; Stable and Withdrawn)
Gspc Lng Ltd                         LT/ ST Bk Fac     -             -      Withdrawn
(Reaffirmed at CARE BBB; Stable / CARE A3+ and Withdrawn)
Iifl Finance Ltd                     Liquid Gold Series CARE AA (SO) 2000   -
                                     - I Oct 2020
                                     -Series A PTC
(Final Rating Assigned)
Indus Udyog & Infrastructure Pvt Ltd LT Bk Fac         CARE B;       220.9  -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;)
Karnataka Urban Water Supply And     LT Bk Fac         CARE AA- (CE);11000  Reaffirmed
Drainage Board                                         Negative
Karnataka Water And Sanitation Pooled LT Bk Fac        CARE AA- (CE);1668   Reaffirmed
Fund Trust                                             Negative
M. S. Elastic And Tapes Pvt Ltd      LT Bk Fac         CARE BB/ Stable 127.7  -
(Revised from CARE BB+; Stable and moved to ISSUER NOTCOOPERATING category)
Mahaajay Spinners India Pvt Ltd      LT Bk Fac         CARE B-;      35     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;)
Mahashakthi Chemicals And Fertilizers LT Bk Fac        CARE C; Stable 75     -
Pvt Ltd
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-;
Stable;)
Mahavishnu Spinning Mills Pvt Ltd    LT Bk Fac         CARE B-; Stable 80     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable)
Noxx & Chefs Deck Pvt Ltd            LT Bk Fac         CARE D        73.3   -
(Revised from CARE B; Stable and moved to ISSUER NOT COOPERATING category)
Onkar International Pvt Ltd          LT / ST Bk Fac    CARE B; Stable 180    -
                                                       /CARE A4;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;
Stable / CARE A4;)
Oxyzo Financial Services Pvt Ltd     NCDs              CARE BBB+;    2000   Assigned
(Oxyzo)                                                Stable
Oxyzo Financial Services Pvt Ltd     LT/ST Bk Facility CARE BBB+;    2000   Reaffirmed
(Oxyzo)                                                Stable/CARE A2
Paradip East Quay Coal Terminal Pvt. LT Bk Fac – Term  CARE BBB+     9408.8 -
Ltd.                                 Loan^
(Placed on Credit watch with Developing Implications. 
^backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
by JSW Infrastructure Ltd (JSWIL rated CARE A1+; under credit watch with developing implications
as on November 17, 2020) valid for entire tenor of the loan. However, corporate guarantee may
fall off any time after 5 years of expiry of moratorium period (two years from COD) or expiry of
performance guarantee (six months from COD) whichever is later subject to compliance of all 
covenants/conditions by PEQCTPL on standalone basis) 
Paradip East Quay Coal Terminal Pvt. LT Bk Fac –       CARE BBB+     706.4  -
Ltd.                                 Performance
                                     Guarantee^
(Placed on Credit watch with Developing Implications. 
^backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
by JSW Infrastructure Ltd (JSWIL rated CARE A1+; under credit watch with developing implications
as on November 17, 2020) valid for entire tenor of the loan. However, corporate guarantee may
fall off any time after 5 years of expiry of moratorium period (two years from COD) or expiry of
performance guarantee (six months from COD) whichever is later subject to compliance of all 
covenants/conditions by PEQCTPL on standalone basis) 
Polygenta Technologies Ltd           Proposed LT Bk Fac CARE BB-;     60.6   -
                                                       Stable
(Rating revised from CARE B, and removed from credit watch with developing implications; Outlook
assigned Stable)
Prakash Corporates                   LT Bk Fac         CARE B-; Stable 80   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;
Prognosys Medical Systems Pvt Ltd    LT Bk Fac         CARE B-;      25     -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;)
Radhey Govind Steel And Alloys Pvt Ltd LT Bk Fac       CARE BB-/     80     -
                                                       Stable
(Revised from CARE BB; Stable and moved to ISSUER NOTCOOPERATING category)
Rgs Poultry Farm                     LT Bk Fac         CARE D;       59.9   -
(Revised from CARE B; Stable)
Rm Rocks And Sand Pvt Ltd            LT Bk Fac         CARE C; Stable 80    -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;)
Sai Security Printers Pvt Ltd        Long- Term Bk Fac CARE BBB-/    346.9  Reaffirmed
                                                       Stable
Salas Pharmaceuticals Pvt Ltd        LT Bk Fac         CARE B-;      94.4   -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable;)
Saran Alloys Pvt Ltd                 LT Bk Fac         CARE B;       63.5   -
                                                       Stable;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;
Stable)
Sgs Marketing                        LT Bk Fac         CARE C; Stable 25     -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable)
Sgs Marketing                        LT / ST Bk Fac    CARE C; Stable 20     -
                                                       /CARE A4;
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B;
Stable / CARE A4;)
Shri Lal Mahal Ltd                   LT Bk Fac         CARE D;       167.3  -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Shri Lal Mahal Ltd                   LT / ST Bk Fac    CARE D;       8402.7 -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Shri Lal Mahal Ltd                   LT / ST Bk Fac    CARE D;       2930   -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sri Lakshmivenkateshwara Rice Mill   LT Bk Fac         CARE C;       48.4   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B-;
Sri Ranga Textiles Pvt Ltd           LT Bk Fac         CARE B+;      85.4   -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE BB-;)
Sumicot Ltd                          LT Bk Fac         CARE BB       438.3  -
(Placed on Credit watch with Negative Implications)
Sumicot Ltd                          LT / ST Bk Fac    CARE BB/CARE  200    -
                                                       A4
(Placed on Credit watch with Negative Implications)
Tathva Projects Pvt Ltd              LT Bk Fac         CARE B-;      3      -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+;)
The Delhi Flour Mills Co. Ltd        LT Bk Fac – TL    CARE BBB+;    1181   -
                                                       Stable
(Revised from CARE BBB- and removed from Under Credit watch with Developing Implications; Stable
outlook assigned)
The Delhi Flour Mills Co. Ltd        LT Bk Fac – CC    CARE BBB+;    150    -
                                                       Stable
(Revised from CARE BBB- and removed from Under Credit watch with Developing Implications; Stable
outlook assigned)
Trimula Sponge Iron Pvt Ltd          LT Bk Fac         CARE BB-;     60     -
                                                       Stable
(Revised from CARE BB+; Stable and moved to ISSUER NOT COOPERATING category)
Vel Tech Rangarajan Dr. Sagunthala R&D LT Bk Fac       CARE BB+;     1330   Assigned
Institute Of Science And Technology                    Stable
Venkatalakshmi Paper And Boards Pvt Ltd LT Bk Fac      CARE BBB-/    743.1  Reaffirmed
                                                       Negative
(Reduced from 75.60 Crore)
Windsor Industries Pvt Ltd           LT Bk Fac         CARE BBB/     99     -
                                                       Stable
(Revised from CARE BBB+; Stable and moved to 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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