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CARE ratings for Indian debt instruments-Oct 1

    Oct 1  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of September 30, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adani Enterprises Ltd                 ST Bk Fac *        CARE A1        500     -
Placed on Credit Watch with Developing Implications/* Reclassified from long term / short term
bank facilities
Ample Textech Pvt Ltd                 ST Bk Fac          CARE A4        4.5     -
(Issuer not cooperating); Based on best available information
Anand Glass Works                     ST Bk Fac          CARE A4        15.2    -
(Issuer not cooperating); Based on best available information
Anv Construction Company              ST Bk Fac          CARE A4        90      -
(Issuer not cooperating); Based on best available information
Baba Malleshwar Rice Mill Pvt Ltd     ST Bk Fac          CARE A4;       2.1     -
(Issuer not cooperating); Based on best available information
Bajrang Nirman Pvt Ltd                ST Bk Fac          CARE A4        30      -
(Issuer not cooperating); Based on best available information
Brooks Laboratories Ltd               ST Bk Fac          CARE A4        10      Revised from
                                                                                CARE D and
                                                                                removed from INC
(reduced from 2.50 crs)
Deep Energy Resources Ltd (Formerly   ST Bk Fac          -              -       Withdrawn
Known As Deep Industries Ltd)
Deepak And Company Infra Pvt Ltd      ST Bk Fac          CARE A4+       53      Reaffirmed
Digital Circuits Pvt Ltd              ST Bk Fac          CARE A4        80      -
(Issuer not cooperating); Based on best available information
Emcee Engineering Works               ST Bk Fac          CARE D         60      -
(Issuer not cooperating); Based on best available information
Finfoot Lifestyle Pvt Ltd             ST Bk Fac          CARE D         2       -
(Issuer not cooperating); Based on best available information
Fleming Laboratories Ltd              ST Bk Fac          CARE A3+       80.5    Reaffirmed
Future Enterprises Ltd                ST non-fund based  CARE A4        6020    -
                                      Bk Fac – LC/BG
(Credit Watch with developing implications)
Gordhandas Gobindram                  ST Bk Fac          CARE A4;       76.5    -
(Issuer not cooperating); Based on best available information
Hal Offshore Ltd                      ST Bk Fac          CARE A4        3500    Revised from
                                                                                CARE A3+;
(Issuer not cooperating); Based on best available information
Hinduja Leyland Finance Ltd           CP                 CARE A1+       18000   Reaffirmed
I – Design Engineering Solutions Ltd  ST Bk Fac          CARE A3 (CE)   30      -
Ratings put under credit watch
Icon Cars Pvt Ltd                     ST Bk Fac          CARE A4        13      -
(Issuer not cooperating); Based on best available information
India Carbon Ltd                      ST Bk Fac          CARE A2+       476     Reaffirmed
(reduced from 79.47 crs)
Jagannath Polymers Ltd                ST Bk Fac          CARE A4        50      -
(Issuer not cooperating); Based on best available information
Jagannath Polypacks Ltd               ST Bk Fac          CARE A4        15      -
(Issuer not cooperating); Based on best available information
Kotak Mahindra Mutual Fund-Kotak LiquiOpen Ended Liquid  CARE A1+mfs    -       Assigned
Fund                                  Scheme
Kpl International Ltd                 ST Bk Fac          CARE A2+       1150    Reaffirmed
Laxmisree Ricemill Pvt Ltd            ST Bk Fac          CARE A4;       10.5    -
(Issuer not cooperating); Based on best available information
Lic Mutual Fund Asset Management      Open Ended Liquid  CARE A1+mfs    -       Assigned
Ltd-Lic Mf Liquid Fund                Scheme
M.G. Chariots Pvt Ltd                 ST Bk Fac          CARE A4;       1       -
(Issuer not cooperating); Based on best available information
Mahavir Polyplast Pvt Ltd             ST Bk Fac          CARE A4        42.5    -
(Issuer not cooperating); Based on best available information
Mrf Ltd                               ST Bk Fac          CARE A1+       10000   Reaffirmed
Nilachal Carbo Metalicks Pvt Ltd      ST Bk Fac          CARE A4        87.5    Reaffirmed
(Reduced from 9.43 crs)
Om Construction Company_Tikamgarh     ST Bk Fac          CARE A4        60      Reaffirmed
Pitti Engineering Ltd                 ST Bk Fac          -              0       Withdrawn
Pitti Engineering Ltd                 ST Bk Fac          CARE A2        1326.4  Reaffirmed
(Enhanced from 91.14 crs)
Radha-Rukman Packages Pvt Ltd         ST Bk Fac          CARE A4        5       -
(Issuer not cooperating); Based on best available information
Rattan Singh Builders Pvt Ltd         ST Bk Fac          CARE A4        200     -
(Issuer not cooperating); Based on best available information
Rockdrill Projects Pvt Ltd            ST Bk Fac          CARE A4        320     -
(Issuer not cooperating); Based on best available information
Rsb Transmissions (I) Ltd             ST Bk Fac          CARE A3        455     -
Ratings put under credit watch
Smk Petrochemicals India Pvt Ltd      ST Bk Fac          CARE A4;       7.5     -
(Issuer not cooperating); Based on best available information
Spencer Systems                       ST Bk Fac          CARE A4        16      Assigned
Sri Jagannath Transport Corporation   ST Bk Fac          CARE A4        80      -
(Issuer not cooperating); Based on best available information
Tata Housing Development Co. Ltd      CP Issue           CARE A1+       12000   Reaffirmed
Tata Value Homes Ltd                  CP Issue           CARE A1+       2000    Reaffirmed
 
 
MEDIUM TERM RATINGS:
-------------------
Future Enterprises Ltd                Fixed Deposit      CARE C (FD)    7000    -
                                      Programme
(Credit Watch with developing implications)
Mrf Ltd                               Fixed Deposit      -              -       Withdrawn
                                      programme
 

LONG TERM RATINGS:
-------------------
Aak Kamani Pvt Ltd                    LT / ST Bk Fac     CARE A;        6150    Revised from
                                                         Positive /CARE         CARE A;
                                                         A1                     Stable /CARE A2+
(Enhanced from 388.00 crs)
Adani Enterprises Ltd                 NCD (NCD) Issue    CARE A         4000    -
Placed on Credit Watch with Developing Implications
Adani Enterprises Ltd                 LT / ST Bk Fac     CARE A/CARE A1 149293.1-
Placed on Credit Watch with Developing Implications
Adani Enterprises Ltd                 LT Bk Fac #        CARE A+ (SO)   9106.9  -
Placed on Credit Watch with Developing Implications/# Rating is based on the Credit Enhancement
which is available in the form of a ring-fenced cash flow structure as per Trust and Retention
Account (TRA) agreement for priority in debt servicing of loans availed for funding the
implementation and operations of Parsa East & Kenta Basan (PEKB) coal block project within Adani
Enterprises Limited (AEL).
Adani Enterprises Ltd                 LT / ST Bk Fac #   CARE A+ (SO)   6100    -
                                                         /CARE A1+ (SO)
Placed on Credit Watch with Developing Implications/# Rating is based on the Credit Enhancement
which is available in the form of a ring-fenced cash flow structure as per Trust and Retention
Account (TRA) agreement for priority in debt servicing of loans availed for funding the
implementation and operations of Parsa East & Kenta Basan (PEKB) coal block project within Adani
Enterprises Limited (AEL).
Adani Enterprises Ltd                 Proposed Principal CARE PP-MLD A  5000    Assigned
                                      Protected Market
                                      Linked Debenture (MLD) Issue
Alfa One Hi-Tech Infra Pvt Ltd        LT Bk Fac          CARE C         50      -
(Issuer not cooperating); Based on best available information
Allahabad Bank                        Perpetual Bonds    -              0       Withdrawn
Allahabad Bank                        Upper Tier II      -              0       Withdrawn
                                      Unsecured
                                      Subordinated Bonds (Series I)
Allahabad Bank                        Upper Tier II      -              0       Withdrawn
                                      Unsecured
                                      Subordinated Bonds (Series II)
Allahabad Bank                        Subordinated Tier  -              0       Withdrawn
                                      II Bonds
Ample Textech Pvt Ltd                 LT Bk Fac          CARE B; Stable;26.2    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Amul Feed Pvt Ltd                     LT Bk Fac          CARE D;        104     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Anand Glass Works                     LT Bk Fac          CARE C; Stable 68.3    -
(Issuer not cooperating); Based on best available information
Annapurna Dal Mill                    LT Bk Fac          CARE B; Stable 52.8    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Anv Construction Company              LT Bk Fac          CARE B+; Stable60      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Ardent Properties Pvt Ltd             LT Bk Fac- TL      CARE AA; Stable700     Reaffirmed
(reduced from 100.00 crs)
Ardent Properties Pvt Ltd             LT Bk Fac- Fund    CARE AA; Stable1000    Reaffirmed
                                      Based- CC
Ardent Properties Pvt Ltd             NCDs Issue         CARE AA; Stable1000    Reaffirmed
                                      (outstanding)
Baba Bhubaneswar Cold Storage Pvt Ltd LT Bk Fac          CARE B-; Stable66.6    Revised from
                                                                                CARE B; Stable
(Issuer not cooperating); Based on best available information
Baba Malleshwar Rice Mill Pvt Ltd     LT Bk Fac          CARE B+;       90.4    Revised from
                                                                                CARE BB-
(Issuer not cooperating); Based on best available information
Bajrang Nirman Pvt Ltd                LT Bk Fac          CARE B+; Stable20      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Brij Bhoomi Expressway Pvt Ltd        LT Bk Fac – TL     CARE BBB-;     1177.6  Reaffirmed
                                                         Stable
(Reduced from 120.73 crs)
Brooks Laboratories Ltd               LT Bk Fac          CARE B; Stable 294.1   Revised from
                                                                                CARE D and
                                                                                removed from INC
(enhanced from 27.46 crs)
D. P. Bansal Commercial Company Pvt   LT Bk Fac          CARE B-;       73.5    Revised from
Ltd                                                                             CARE B;
(Issuer not cooperating); Based on best available information
Datt Realinfra Pvt Ltd                LT Bk Fac          CARE BB-;      86      Revised from
                                                         Stable                 CARE B+;
                                                                                Stable
removed from Issuer NonCooperation/(reduced from 9.00 CRS)
Deep Energy Resources Ltd (Formerly   LT Bk Fac          -              -       Withdrawn
Known As Deep Industries Ltd)
Deep Energy Resources Ltd (Formerly   LT/ ST Bk Fac      -              -       Withdrawn
Known As Deep Industries Ltd)
Deepak And Company Infra Pvt Ltd      LT Bk Fac          CARE BB; Stable50.8    Reaffirmed
(Reduced from 7.00 crs)
Digital Circuits Pvt Ltd              LT Bk Fac          CARE B-; Stable168     -
(Issuer not cooperating); Based on best available information
Digital Circuits Pvt Ltd              LT / ST Bk Fac     CARE B-;       12      -
                                                         Stable /CARE A4
(Issuer not cooperating); Based on best available information
Emcee Engineering Works               Long -term Bk Fac  CARE D         190.3   -
(Issuer not cooperating); Based on best available information
Esko Casting & Electronics Pvt Ltd    LT Bk Fac          CARE BBB+;     66      Reaffirmed
                                                         Negative
Finfoot Lifestyle Pvt Ltd             LT Bk Fac          CARE D         98.4    -
(Issuer not cooperating); Based on best available information
Fleming Laboratories Ltd              LT Bk Fac          CARE BBB;      190     Reaffirmed
                                                         Stable
Fleming Laboratories Ltd              LT / ST Bk Fac     CARE BBB;      20      Reaffirmed
                                                         Stable /CARE
                                                         A3+
Future Enterprises Ltd                LT - TL            CARE C         5500    -
(Credit Watch with developing implications)
Future Enterprises Ltd                LT fund based Bk   CARE C         6250    -
                                      Fac – CC
(Credit Watch with developing implications)
Future Enterprises Ltd                NCD Issue          CARE C         18000   -
(Credit Watch with developing implications)
Future Enterprises Ltd                NCD Issue          CARE D         3320    Revised from
                                                                                CARE C
rating removed from credit watch with developing implications
Future Enterprises Ltd                NCD Issue          CARE D         5920    -
Gajanand Rice Mill                    LT Bk Fac          CARE B+; Stable90      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Gajanand Rice Mill                    LT / ST Bk Fac     CARE B+;       70.3    Revised from
                                                         Stable /CARE A4        CARE BB-;
                                                                                Stable / CARE A4
(Issuer not cooperating); Based on best available information
Golden Feeds                          LT Bk Fac          CARE BB+;      90      -
                                                         Stable;
(Issuer not cooperating); Based on best available information
Gordhandas Gobindram                  LT Bk Fac          CARE B; Stable;60      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Hal Offshore Ltd                      LT Bk Fac          CARE BB+;      2030    Revised from
                                                         Stable;                CARE BBB;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Heritage Max Realtech Pvt Ltd         Debentures-NCD     CARE D         4000    -
(Issuer not cooperating); Based on best available information
Hinduja Leyland Finance Ltd           NCD-II             -              -       Withdrawn
Hinduja Leyland Finance Ltd           NCD-V              -              -       Withdrawn
Hinduja Leyland Finance Ltd           NCD-VI             -              -       Withdrawn
Hinduja Leyland Finance Ltd           NCD-VII            -              -       Withdrawn
Hinduja Leyland Finance Ltd           NCD-XI             -              -       Withdrawn
Hinduja Leyland Finance Ltd           NCD-XIV            -              -       Withdrawn
Hinduja Leyland Finance Ltd           NCD-XV             -              -       Withdrawn
Hinduja Leyland Finance Ltd           NCD-XVI            -              -       Withdrawn
Hinduja Leyland Finance Ltd           LT Bk Fac          CARE AA-;      177030  Reaffirmed
                                                         Stable
Hinduja Leyland Finance Ltd           NCD-XVII           CARE AA-;      2000    Reaffirmed
                                                         Stable
Hinduja Leyland Finance Ltd           NCD-XVIII          CARE AA-;      5000    Reaffirmed
                                                         Stable
Hinduja Leyland Finance Ltd           NCD-XIX            CARE AA-;      5500    Reaffirmed
                                                         Stable
Hinduja Leyland Finance Ltd           Subordinated Debt-ICARE AA-;      350     Reaffirmed
                                                         Stable
Hinduja Leyland Finance Ltd           Subordinated       CARE AA-;      1800    Reaffirmed
                                      Debt-II            Stable
Hinduja Leyland Finance Ltd           Subordinated       CARE AA-;      2000    Reaffirmed
                                      Debt-III           Stable
Hinduja Leyland Finance Ltd           Subordinated       CARE AA-;      2000    Reaffirmed
                                      Debt-IV            Stable
Hinduja Leyland Finance Ltd           Subordinated Debt-VCARE AA-;      2000    Reaffirmed
                                                         Stable
Hinduja Leyland Finance Ltd           Subordinated Debt  CARE AA-;      1500    Reaffirmed
                                      - Principal        Stable
                                      Protected Market linked debenture
I – Design Engineering Solutions Ltd  LT Bk Fac          CARE BBB (CE); 30.4    -
Ratings put under credit watch
Icon Cars Pvt Ltd                     LT Bk Fac          CARE B-;       109.5   Revised from
                                                         Stable;                CARE B; Stable
(Issuer not cooperating); Based on best available information
India Carbon Ltd                      LT Bk Fac          CARE BBB+;     524     Revised from
                                                         Stable                 CARE A-;
                                                                                Negative
(enhanced from 20.53 crs)
Indian Bank                           Additional Tier I  CARE AA;       10000   Revised from
                                      Perpetual Bonds    Negative               CARE AA+ and
                                      (Basel III) @                             Removed from
                                                                                Credit  
                                                                                Watch
'@CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as below:
 The bank has full discretion at all times to cancel coupon payments.
 The coupon is to be paid out of current year profits. However, if the current year s profits
are not sufficient, coupon
payment may be paid subject to availability of sufficient revenue reserves and/or credit balance
in profit and loss account
provided the bank meets the minimum regulatory requirements for Common Equity Tier I [CET I],
Tier I and Total Capital Ratios at all times and subject to the requirements of capital buffer
frameworks as prescribed by the Reserve Bank of India      .
 The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5%
before March 31, 2019, and 6.125%, on and after April 1, 2021, or written-off / converted into
common equity shares on occurrence of trigger event called point of non-viability (PONV). The
PONV trigger shall be determined by RBI.
 Any delay in the payment of interest/principal (as the case may be) due to invocation of any
of the features mentioned above would constitute as an event of default as per CARE s definition
of default and as such these instruments may exhibit a somewhat sharper migration of the rating
compared with the conventional subordinated debt instruments.
Indian Bank                           Additional Tier I  CARE AA;       20000   Revised from
                                      Perpetual Bonds    Negative               CARE AA+ and
                                      (Basel III) @                             Removed from
                                                                                Credit
                                                                                Watch
'@CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as below:
 The bank has full discretion at all times to cancel coupon payments.
 The coupon is to be paid out of current year profits. However, if the current year s profits
are not sufficient, coupon payment may be paid subject to availability of sufficient revenue
reserves and/or credit balance in profit and loss account provided the bank meets the minimum
regulatory requirements for Common Equity Tier I [CET I], Tier I and Total Capital
Ratios at all times and subject to the requirements of capital buffer frameworks as prescribed
by the Reserve Bank of India      .
 The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5%
before March 31, 2019, and 6.125%, on and after April 1, 2021, or written-off / converted into
common equity shares on occurrence of trigger event called point of non-viability (PONV). The
PONV trigger shall be determined by RBI.
 Any delay in the payment of interest/principal (as the case may be) due to invocation of any
of the features mentioned above would constitute as an event of default as per CARE s definition
of default and as such these instruments may exhibit a somewhat sharper migration of the rating
compared with the conventional subordinated debt instruments.
Indian Bank                           Tier II Bonds      CARE AAA;      10000   Reaffirmed
                                      (Basel III)#       Negative               and removed
                                                                                from Credit
                                                                                Watch
#Tier II Bonds under Basel III are characterized by a  Point of Non-Viability  (PONV) trigger
due to which the investor may suffer loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Indian Bank                           Infrastructure     CARE AAA;      10000   Reaffirmed
                                      Bonds (Proposed)   Negative               and removed
                                                                                from Credit
                                                                                Watch
Indian Bank                           Tier II Bonds      CARE AAA;      6000    Reaffirmed
                                      (Basel III)#       Negative               and removed
                                                                                from Credit
                                                                                Watch
#Tier II Bonds under Basel III are characterized by a  Point of Non-Viability  (PONV) trigger
due to which the investor may suffer loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Indian Bank                           Tier II Bonds      CARE AAA;      20000   Reaffirmed
                                      (Basel III)#       Negative               and removed
                                                                                from Credit
                                                                                Watch
#Tier II Bonds under Basel III are characterized by a  Point of Non-Viability  (PONV) trigger
due to which the investor may suffer loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Indian Bank                           Tier II Bonds      CARE AAA;      -       Assigned
                                      (Basel III)#       Negative
#Tier II Bonds under Basel III are characterized by a  Point of Non-Viability  (PONV) trigger
due to which the investor may suffer loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Jagannath Plastipacks Ltd             LT Bk Fac          CARE B; Stable 50      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Jagannath Polymers Ltd                LT Bk Fac          CARE B; Stable 70      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Jagannath Polypacks Ltd               LT Bk Fac          CARE B; Stable 75      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Joy Mahaprovu Cold Storage Pvt Ltd    LT Bk Fac          CARE B         80      -
(Issuer not cooperating); Based on best available information
Jr Toll Road Pvt Ltd                  LT Bk Fac          CARE D         3890    -
(Issuer not cooperating); Based on best available information
Kaushalya Spinners                    LT Bk Fac          CARE B+;       94.5    Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Kec International Ltd                 LT Bk Fac          CARE AA-;      24000   Reaffirmed
                                                         Stable
Kec International Ltd                 LT / ST Bk Fac     CARE AA-;      146000  Reaffirmed
                                                         Stable /CARE
                                                         A1+
Kolkata-One Excelton Pvt Ltd          LT Bk Fac- CC      CARE AA; Stable2000    Reaffirmed
Kpl International Ltd                 LT Bk Fac          CARE BBB+;     764.1   Reaffirmed
                                                         Stable
(reduced from 86.14 crs)
Lalta Prasad Shaw And Company         LT Bk Fac          CARE BB-;      60      Revised from
                                                         Negative               CARE BB;
                                                                                Stable
outlook revised from stable
Laxmisree Ricemill Pvt Ltd            LT Bk Fac          CARE C; Stable 55.9    Revised from
                                                                                CARE B-;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
M J Home Furnishing                   LT Bk Fac          CARE B; Stable;40.5    -
(Issuer not cooperating); Based on best available information
M.G. Chariots Pvt Ltd                 LT Bk Fac          CARE B-; Stable99      Revised from
                                                                                CARE B;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Mahalaxmi Builders And Developers     LT Bk Fac          CARE B; Stable 140     Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Mahamaya Steel Industries Ltd         LT Bk Fac          CARE BBB-;     487.1   Reaffirmed
                                                         Stable
(Reduced from 56.73 crs)
Mahamaya Steel Industries Ltd         LT / ST Bk Fac     CARE BBB-;     200     Reaffirmed
                                                         Stable /CARE A3
Mahavir Polyplast Pvt Ltd             LT Bk Fac          CARE B-; Stable87.5    Revised from
                                                                                CARE B; Stable
“(Issuer not cooperating); Based on best available information
Mainak Agro Food Product              LT Bk Fac          CARE B; Stable 45.4    Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Malwa Solar Power Generation Pvt Ltd  LT Bk Fac          CARE A+; Stable1711.2  Reaffirmed
(reduced from 178.70 crs)
Mrf Ltd                               NCD (Series II)    -              -       Withdrawn
Mrf Ltd                               Proposed TL/ NCD   -              -       Withdrawn
Mrf Ltd                               Proposed NCD       -              -       Withdrawn
Mrf Ltd                               LT Bk Fac          CARE AAA;      17000   Reaffirmed
                                                         Stable
Mrf Ltd                               NCD (Series III)   CARE AAA;      1800    Reaffirmed
                                                         Stable
Mrf Ltd                               LT/ ST Bk Fac      CARE AAA;      10000   Assigned
                                                         Stable/CARE A1+
N. M. Rubbers                         LT Bk Fac          CARE B-;       90      Revised from
                                                         Stable;                CARE B; Stable
(Issuer not cooperating); Based on best available information
Nilachal Carbo Metalicks Pvt Ltd      LT Bk Fac          CARE B+; Stable96.4    Reaffirmed
(Enhanced from 7.62 crs)
Om Construction Company_Tikamgarh     LT Bk Fac          CARE BB-;      20      Reaffirmed
                                                         Stable
Pitti Engineering Ltd                 LT Bk Fac          CARE BBB+;     3552.4  Reaffirmed
                                                         Stable
(Enhanced from 253.58 crs)
Pitti Engineering Ltd                 LT / ST Bk Fac     CARE BBB+;     105     Reaffirmed
                                                         Stable /CARE A2
Poornasai Agro Industries             LT Bk Fac          CARE B; Stable;51.1    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Princeton Infrastructure Pvt Ltd      LT Bk Fac-Fund     -              -       Withdrawn
                                      based- CC
Radha-Rukman Packages Pvt Ltd         LT Bk Fac          CARE C         217.2   Revised from
                                                                                CARE B-
“(Issuer not cooperating); Based on best available information
Raiganj Dalkhola Highways Ltd         LT Bk Fac (TL)     CARE D         3216.3  -
“(Issuer not cooperating); Based on best available information
Rattan Singh Builders Pvt Ltd         LT Bk Fac          CARE B+;       80      Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Rockdrill Projects Pvt Ltd            LT Bk Fac          CARE B; Stable 200     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Rsb Castings Ltd                      LT Fac             CARE BBB (CE)@ 610     -
Ratings put under credit watch/@backed by unconditional and irrevocable guarantee of RSB
Transmissions (I) Ltd
Rsb Transmissions (I) Ltd             LT Bk Fac          CARE BBB       5603.5  -
Ratings put under credit watch
Satin Housing Finance Ltd             Subordinate Debt   CARE BBB;      200     Reaffirmed
                                                         Stable
Satin Housing Finance Ltd             LT Bk Fac          CARE BBB+      88.5    Reaffirmed
                                                         (CE); Stable#
#Based on credit enhancement in the form of Letter of Comfort issued by Satin Creditcare Network
Limited (SCNL)/(reduced from 13.73crs)
Satin Housing Finance Ltd             LT Bk Fac          ProvCARE BBB+  411.5   Reaffirmed
                                      (Proposed)         (CE); Stable@
@Based on the proposed credit enhancement in the form of Letter of Comfort to be provided by
SCNL//(enhanced from 36.27 crs)
Shyam Tea Plantation                  LT Bk Fac          CARE B-;       69      Revised from
                                                                                CARE B;
(Issuer not cooperating); Based on best available information
Smk Petrochemicals India Pvt Ltd      LT Bk Fac          CARE B+;       107.5   Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Spencer Systems                       LT Bk Fac          CARE B-; Stable40      Assigned
Sri Jagannath Transport Corporation   LT Bk Fac          CARE BB-;      60      Revised from
                                                         Stable;                CARE BB;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Sri Srinivasa Agro Rice Industries    LT Bk Fac          CARE B; Stable 150     Revised from
                                                                                CARE B+;
                                                                                Stable
Tamilnadu Civil Supplies Corporation  LT Bk Fac@         CARE A-(CE);   200     Reaffirmed
                                                         Stable
@ backed by unconditional and irrevocable guarantee from Government of Tamil Nadu (GoTN) for the
bank facilities vide GO Ms. No. 137 Finance (Loans & Advances Cell) Department dated April 24,
2018.The guarantee is valid for a period of three years with effect from January 20, 2018.
Tata Housing Development Co. Ltd      NCD issue          CARE AA; Stable18000   Reaffirmed
                                      (outstanding)
Tata Housing Development Co. Ltd      LT/ST Bk Fac       CARE AA;       12000   Reaffirmed
                                                         Stable/CARE A1+
(enhanced from 950.00 crs)
Tata Housing Development Co. Ltd      Proposed NCD issue*ProvCARE AA;   3000    Assigned
                                                         Stable
*the above rating is provisional and will be confirmed once the company submits copies of
relevant executed documents, to the satisfaction of CARE.
Tata Value Homes Ltd                  NCD issue          -              -       Withdrawn
Tata Value Homes Ltd                  LT Bk Fac- Fund    CARE AA; Stable3700    Reaffirmed
                                      based
(enhanced from 350.00 crs)
Tata Value Homes Ltd                  LT Bk Fac- TL      CARE AA; Stable210     Assigned
Tata Value Homes Ltd                  NCD issue          CARE AA; Stable3000    Reaffirmed
                                      (outstanding)
Tirumala Cashew Industries            LT Bk Fac          CARE B+;       150     Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
Vardhman Spinners                     LT Bk Fac          CARE B+;       118.7   Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Veer Infra Projects                   LT / ST Bk Fac     CARE B; Stable 20      Revised from
                                                         /CARE A4;              CARE B+;
                                                                                Stable / CARE A4
(Issuer not cooperating); Based on best available information
Veer Infra Projects                   LT Bk Fac          CARE B; Stable;40      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Vibgyor Cv 2020 Originator: Kogta     Series A PTC       Prov CARE A-   -       -
Financial (India) Ltd                                    (SO)
Vindhyachal Expressway Pvt Ltd        LT Bk Fac          CARE BBB-;     4801.5  Reaffirmed
                                                         Stable
Wainganga Expressway Pvt Ltd          LT Bk Fac – TL     CARE BB+;      2989.9  Reaffirmed
                                                         Stable
--------------------------------------------------------------------------------------------
$: 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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