October 10, 2019 / 10:25 AM / 8 days ago

CARE ratings for Indian debt instruments-Oct 10

    Oct 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 9, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abp Pvt Ltd                           ST Bk Fac          CARE A1+       590     Reaffirmed
(reduced from 122.0 Crore)
Abp Pvt Ltd                           Proposed           CARE A1+       500     Reaffirmed
                                      CommercialPaper
                                      (CP) issue#
# The outstanding CP and utilized bank borrowing will not exceed the overall sanctioned working
capital limit of the company
Adani Gas Ltd                         CP (CP) Issue      CARE A1+       1000    Reaffirmed
Jrj Sea Foods India Pvt Ltd           ST Bk Fac          -              -       Withdrawn
Narbada Forest Industries Pvt Ltd     ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Reaffirmed at CARE A4 and Withdrawn
Namdhari Rice And General Mills       ST Bk Fac          CARE D         15      -
Issuer not cooperating; based on best available information
Alps Hospital Ltd                     ST BkFac           CARE A1 (A One)40      Assigned
(Credit watch with developing implications)
Asian Tea And Exports Ltd             ST BkFac           CARE A4+       32.5    Reaffirmed
(Outlook: Stable)
Asian Tea Company Pvt Ltd             ST Bk Fac          CARE A4+       350     Reaffirmed
(Outlook: Stable)
Balaji Medical And Diagnostics ResearcST Bk Fac          CARE A1        160     Assigned
Centre
(Credit watch with developing implications)
Balmer Lawrie & Co. Ltd               ST Bk Fac          CARE A1+       600     Reaffirmed
C. Doctor India Pvt Ltd               ST Bk Fac          CARE A4        15      Reaffirmed
Celite Tyre Corporation               ST Bk Fac          CARE A4        127.5   Revised from
                                      (Non-FBL)                                 CARE D
Centrum Financial Services Ltd        CP                 CARE A2+       2000    Reaffirmed
Chola Spinning Mills Pvt Ltd          ST Bk Fac          CARE A3        26.1    Assigned
Coastal Gujarat Power Ltd             CPs                CARE A1+ (CE)  5000    Reaffirmed
Credit Enhancement&the above ratings are based on credit enhancement in the form of
unconditional and irrevocable corporate guarantee from Tata Power Company Limited (TPCL, rated
CARE AA; Stable).
Crosslay Remedies Ltd                 ST Bk Fac          CARE A1        100     Reaffirmed
(Credit watch with developing implications)
Dee Development Engineers Ltd         ST BkFac           CARE A2        2839.9  Reaffirmed
(reduced from298.90 Crore)
Drolia Electrosteels Pvt Ltd          ST Bk Fac          CARE A3        157.5   Reaffirmed
(Enhanced from Rs. 15.00 Crore)
Eureka Forbes Ltd                     ST Bk Fac          CARE A1+       442.5   Reaffirmed
(reduced from 53.25 Crore)
Fullerton India Home Finance Co. Ltd  CP (CP) Issue      CARE A1+       5000    Reaffirmed
Greenpark Hotels And Resorts Ltd      ST Bk Fac          CARE A2+       20      Reaffirmed
Gspc Lng Ltd                          STBk Fac           CARE A3+       600     Reaffirmed
(reduced from 1,601.39 Crore)
Gujarat State Petronet Ltd            ST Bk Fac          CARE A1+       1000    Reaffirmed
Hindalco Industries Ltd               ST Bk Fac TL       CARE A1+       10000   Reaffirmed
Hindalco Industries Ltd               CP (CP) issue      CARE A1+       10000   Reaffirmed
Hometrail Buildtech Pvt Ltd           ST Bk Fac          CARE A1        25      Assigned
Credit watch with developing
implications
Indostar Capital Finance Ltd          CP                 CARE A1+       20000   Reaffirmed
Indostar Home Finance Pvt. Ltd.       CP                 CARE A1+       2000    Reaffirmed
Jindal Saw Ltd                        ST Bk Fac          CARE A1+       50000   Reaffirmed
(enhanced from 4,450 Crore)
Jm Financial Asset Reconstruction Co. CP issue           CARE A1+       15000   Reaffirmed
Ltd
Jm Financial Capital Ltd              CP                 CARE A1+       16000   Reaffirmed
Jm Financial Home Loans Ltd           CP                 CARE A1+       1000    Reaffirmed
Jm Financial Products Ltd             CP                 CARE A1+       45000   Reaffirmed
Jm Financial Services Ltd             CP                 CARE A1+       11000   Reaffirmed
Leesun Ceramic Tiles Company          ST Bk Fac          CARE A4        5       Reaffirmed
(reduced from 1.25 Crore)
Lsk Projects Pvt Ltd                  ST Bk Fac          CARE A4        69.5    Reaffirmed
(enhanced from 5.45 Crore)
Max Healthcare Institute Ltd          ST Bk Fac          CARE A1        7.6     Reaffirmed
Mmtc Ltd                              ST Bk Fac-WCDL     CARE A2+       25000   Revised from
                                                                                CARE A1
(Under Credit watch with Developing Implications)
Msp Steel & Power Ltd                 ST BkFac           CARE A4+       1170    Revised from
                                                                                CARE A3
National Co-Operative Development     CP                 CARE A1+       21050   Reaffirmed
Corporation
Network18 Media & Investments Ltd     CP Issue           CARE A1+       15000   Reaffirmed
Ongc Tripura Power Co. Ltd            ST Bk Fac- LC/BG   CARE A1+       1500    Reaffirmed
Ongc Tripura Power Co. Ltd            ST BkFac- TL       CARE A1+       3000    Reaffirmed
Punjab National Bank                  CD                 CARE A1+       600000  -
Continues to be on credit watch
Pyro Electric Instruments Goa Pvt Ltd ST Bk Fac          CARE A4        -       Assigned
Sail- Rites Bengal Wagon Industry Pvt ST Bk Fac          CARE A3+       100     Assigned
Ltd
Sapna Metal Processing Company        ST Bk Fac          CARE A4        12.5    Reaffirmed
Sbg Cleantech Project Co Five Pvt Ltd ST Bk Fac          CARE A1 (CE)   6100    Reaffirmed
(enhanced from 410 Crore)
Shakti Energy Solutions Pvt Ltd       ST Bk Fac          CARE A2+ (CE)  4.5     Reaffirmed
Shakti Pumps (India) Ltd              ST BkFac           CARE A2+       1800    Reaffirmed
(enhanced from Rs.100.00 crore Crore)*
Shivam Motors Pvt Ltd                 ST Bk Fac (FB)     CARE A4        30      -
Issuer Not Cooperating; Based on
Best Available Information
Shivam Motors Pvt Ltd                 ST Bk Fac          CARE A4        130     -
                                      (Non-Fund based)
Issuer Not Cooperating; Based on
Best Available Information
Shree Ramkrishna Exports Pvt Ltd      ST BkFac           CARE A2+       1144.3  Revised from
                                                                                CARE A1
Shri Arunachaleswarar Tex             ST Bk Fac          CARE A4        30      -
*Issuer did not cooperate; Based on best available information
Shriram Transport Finance Co. Ltd     CP Issue           CARE A1+       75000   Reaffirmed
Suditi Industries Ltd                 ST BkFac           CARE A3        10      Reaffirmed
Tgv Sraac Ltd                         ST Bk Fac          CARE A2+       269.5   Reaffirmed
The Delhi Flour Mills Co. Ltd         ST BkFac           CARE A3        11.7    -
Rating placed on credit watch with Developing Implications
The Ganges Manufacturing Co. Ltd      ST Bk Fac          CARE A4        30      Reaffirmed
Virdev Intermediates Pvt Ltd          ST Bk Fac          CARE A4+       40      Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Dhampur Sugar Mills Ltd               Medium-term Fixed  CARE A (FD)    300     Revised from
                                      Deposit                                   CARE A-

LONG TERM RATINGS:
-------------------
Aditya Birla Sun Life Capital         Close Ended        -              -       Withdrawn
Protection Oriented Fund – Series 24  Capital Protection
                                      Oriented Fund
Abp News Network Pvt Ltd              LT Bk Fac          CARE A+/Stable 850     Reaffirmed
(enhanced from 40.00 Crore)
Abp Pvt Ltd                           LT Bk Fac          -              -       Withdrawn
Abp Pvt Ltd                           Long/ST BkFac      CARE           2200    Reaffirmed
                                                         A+/Stable/A1+
(reduced from 230.0 Crore)
Aditya Birla Sun Life Capital         Close Ended        -              -       Withdrawn
Protection Oriented Fund – Series 22  Capital Protection
                                      Oriented Fund
Aditya Birla Sun Life Capital         Close Ended        -              -       Withdrawn
Protection Oriented Fund – Series 27  Capital Protection
                                      Oriented Fund
Aditya Birla Finance Ltd              Subordinated debt* -              -       Withdrawn
*CARE has withdrawn rating of sub debt issue amounting to Rs.300 crore as the company has fully
repaid the amount under the given issue
Aditya Birla Finance Ltd              Subordinated debt                 2500    Reaffirmed
Aditya Birla Sun Life Capital         Close Ended        -              -       Withdrawn
Protection Oriented Fund – Series 15  Capital Protection
                                      Oriented Fund
Aditya Birla Sun Life Capital         Close Ended        -              -       Withdrawn
Protection Oriented Fund – Series 28  Capital Protection
                                      Oriented Fund
Aditya Educational Society            LT / ST Bk Fac     CARE BBB- /    150     Revised from
                                                         Negative/A3            CARE BBB-
Aditya Educational Society            LT BkFac           CARE BBB-/     2300    Revised from
                                                         Negative               CARE BBB-
Almondz Global Infra Consultant Ltd   LT Bk Fac          CARE           266     Reaffirmed
                                                         BBB-/Negative
(reduced from Rs.27 crore Crore),Outlook Revised from Stable to Negative
Almondz Global Securities Ltd         LT Bk Fac          CARE           268.2   Reaffirmed
                                                         BBB-/Negative
(reduced from Rs.75 crore Crore),Outlook Revised from Stable to Negative
Alps Hospital Ltd                     LT BkFac           CARE A (Single 730     Reaffirmed
                                                         A)
(Credit watch with developing implications)
Amber Automobiles                     LT Bk Fac          CARE B/Stable  90      Reaffirmed
(Outlook: Stable)
Asian Tea And Exports Ltd             LT BkFac           CARE BB+/Stable47.5    Reaffirmed
(Outlook: Stable)
Asirvad Microfinance Ltd              LT Bk Fac          CARE A+/Stable 1000    Reaffirmed
(Outlook: Stable)
Asirvad Microfinance Ltd              NCD II             CARE A+/Stable 700     Reaffirmed
(Outlook: Stable)
Asirvad Microfinance Ltd              NCD III            CARE A+/Stable 330     Reaffirmed
(Outlook: Stable)
Avp Powerinfra Pvt Ltd                LT BkFac – TL      CARE A- (CE)   1334.9  Revised from
                                                                                CARE A
(CreditEnhancement)]; (Credit watch with developing implications)@ @ Structured payment
mechanism in the form of waterfall payment mechanism as per which in case of shortfall in funds
in any TRA Account the co-borrowers shall infuse funds from other TRA accounts to fund the
shortfall in the relevant TRA account as per the terms of the relevant TRA agreement.
Avp Powerinfra Pvt Ltd                LT BkFac –         CARE A- (CE)   149     Revised from
                                      CashCredit                                CARE A
(Credit Enhancement)]; (Credit watch with developing implications)@ @ Structured payment
mechanism in the form of waterfall payment mechanism as per which in case of shortfall in funds
in any TRA Account the co-borrowers shall infuse funds from other TRA accounts to fund the
shortfall in the relevant TRA account as per the terms of the relevant TRA agreement.
Badoni Power Pvt Ltd                  LT BkFac – TermLoanCARE A- (CE)   1433    Revised from
                                                                                CARE A
(Credit Enhancement)];
(Credit watch with developing
implications)
Badoni Power Pvt Ltd                  LT BkFac –         CARE A- (CE)   124     Revised from
                                      CashCredit                                CARE A
(Credit Enhancement)];
(Credit watch with developing
implications)
Badoni Power Pvt Ltd                  LT BkFac – TermLoanCARE A+        310.1   Revised from
                                                         (CE)/Stable            CARE A
(Credit Enhancement)];
(Credit watch with developing
implications)
Balaji Medical And Diagnostics ResearcLT Bk Fac          CARE A         1387.1  Reaffirmed
Centre
(Credit watch with developing implications)
Balmer Lawrie & Co. Ltd               LT Bk Fac          CARE AA+/Stable125     Reaffirmed
(reduced from 15.00 Crore) (Outlook: Stable)
Balmer Lawrie & Co. Ltd               LT/ST Bk Fac       CARE AA+;      950     Reaffirmed
                                                         Stable/CARE A1+
(Outlook: Stable)
Banswara Biomass Energy Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Bhira Investments Ltd                 LT Bk Fac          -              -       Withdrawn
C. Doctor India Pvt Ltd               LT Bk Fac          CARE B+/Stable 17.5    Revised from
                                                                                CARE B
C. Doctor India Pvt Ltd               LT/ST BkFac        CARE           25      Revised from
                                                         B+/Stable/A4           CARE B
(Outlook: Stable)
Capri Global Housing Finance Ltd      LT Bk Facility     CARE A-/Stable 11000   Reaffirmed
Celite Tyre Corporation               LT Bk Fac (FBL)    CARE B/Stable  159     Revised from
                                                                                CARE D
(Outlook: Stable)
Centrum Financial Services Ltd        Market Linked      CARE           4500    Reaffirmed
                                      Debentures         A-/Negative
Outlook revised from
Stable to Negative
Centrum Financial Services Ltd        LT Bk Fac          CARE           3000    Reaffirmed
                                                         A-/Negative
Outlook revised from
Stable to Negative
Centrum Housing Finance Ltd           LT Bk Fac          CARE A-/Stable 3000    Reaffirmed
Chola Spinning Mills Pvt Ltd          LT Bk Fac          CARE           1799.9  Assigned
                                                         BBB-/Negative
Coastal Gujarat Power Ltd             NCDIssue           -              -       Withdrawn
Coastal Gujarat Power Ltd             NCDIssue           -              -       Withdrawn
Coastal Gujarat Power Ltd             NCDIssue           CARE AA (CE)   11100   Assigned
                                                         /Stable
(Credit Enhancement); Outlook: Stable]&the above ratings are based on credit enhancement in the
form of unconditional and irrevocable corporate guarantee from
Tata Power Company Limited (TPCL, rated CARE AA; Stable).
*CARE has assigned the final rating to the NCD s amounting to Rs. 1,110.00 crore based on the
submission of the corporate guarantee Debenture Trustee Deed and conformity of the same as per
the draft documents submitted at the time of assignment of provisional rating. CARE has also
obtained legal opinion from Sterling Associates on the validity of the transaction and structure
Coastal Gujarat Power Ltd             NCDIssue           CARE AA (CE)   27000   Reaffirmed
                                                         /Stable
&the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Tata Power Company Limited (TPCL, rated CARE AA; Stable). 
Coastal Gujarat Power Ltd             LT Bk Fac-         CARE AA (CE)   3250    Reaffirmed
                                      TermLoan           /Stable
(reduced from 1,300.00 Crore) ,(Credit Enhancement); Outlook: Stable]&the above ratings are
based on credit enhancement in the form of unconditional and irrevocable corporate guarantee
from Tata Power Company Limited (TPCL, rated CARE AA; Stable). 
Coastal Gujarat Power Ltd             LT Bk Fac- Fund    CARE AA (CE)   2000    Reaffirmed
                                      based              /Stable
(Credit Enhancement); Outlook: Stable]&the above ratings are based on credit enhancement in the
form of unconditional and irrevocable corporate guarantee from Tata Power Company Limited (TPCL,
rated CARE AA; Stable). 
Crosslay Remedies Ltd                 LT Bk Fac          CARE A         2450    Reaffirmed
(Credit watch with developing implications)
Dbl Chandikhole Bhadrak Highways Pvt  LT BkFac – TL      CARE A-/Stable 4850    Reaffirmed
Ltd
Dedicated Freight Corridor CorporationIssuer Rating*     CARE AAA       -       Reaffirmed
Of India Ltd                                             (Is)/Stable
Dee Development Engineers Ltd         LT BkFac           CARE           409.6   Reaffirmed
                                                         A-/Negative
(enhanced from 31.15 Crore) ,Outlook revised from  Stable to Negative
Dee Development Engineers Ltd         LT/Shortterm Bk FacCARE           4922.5  Reaffirmed
                                                         A-/Negative
(enhanced from 464.25 Crore),Outlook revised from  Stable to Negative
Devki Devi Foundation                 LT Bk Fac          CARE A         1264.8  Reaffirmed
Dhampur International Pte Ltd         LT /ST - Fund      -              -       Withdrawn
                                      based/Non Fund
                                      based
Dhampur Sugar Mills Ltd               LT Bk Fac – TL     CARE A/Stable  3167    Revised from
                                                                                CARE A-
(reduced from 443.78 Crore)
Dhampur Sugar Mills Ltd               LT Bk Fac – Fund   CARE A/Stable  11000   Revised from
                                      based                                     CARE A-
(reduced from 1180.00 Crore)
Drolia Electrosteels Pvt Ltd          LT Bk Fac          CARE           640.6   Reaffirmed
                                                         BBB-/Stable
(Reduced from Rs. 66.48 Crore)
Eluru Jute Mills Pvt Ltd              LT Bk Fac          CARE BB+/Stable572.5   Reaffirmed
Eluru Jute Mills Pvt Ltd              LT/ST Bk Fac       CARE           2.5     Reaffirmed
                                                         BB+/Stable/A4+
Eureka Forbes Ltd                     Issuer Ratings     CARE           -       Reaffirmed
                                                         A+(Is)/Negative
(outlook revised to Negative)
Eureka Forbes Ltd                     LT Bk Fac          CARE           2660    Reaffirmed
                                                         A+/Negative
(enhanced from 261.50 Crore),(outlook revised to Negative)
Forbes And Co. Ltd                    LT Bk Fac          CARE           1100    Reaffirmed
                                                         A+/Negative
(outlook revised to Negative)
Forbes And Co. Ltd                    Proposed NCDs      CARE           1000    Reaffirmed
                                                         A+/Negative
(outlook revised to Negative)
Fullerton India Home Finance Co. Ltd  LT Debt Programme  CARE           32500   Revised from
                                                         AAA/Stable             CARE AA+
(enhanced from 3,000 Crore)
Fullerton India Home Finance Co. Ltd  Subordinated Debt  CARE           2500    Assigned
                                                         AAA/Stable
Galaxy Real Estate Developers And     LT Bk Fac          -              -       Withdrawn
Builders Pvt Ltd
Gazebo Constructions Pvt Ltd          LT Bk Fac          CARE B/Stable  50      -
Issuer not cooperating;
Based on best available
information
Gpt Healthcare Pvt Ltd                Non - Convertible  -              -       Withdrawn
                                      Debentures
Gpt Healthcare Pvt Ltd                LT Bk Fac          CARE BBB/Stable500     Revised from
                                                                                CARE BBB-
(enhanced from 5.00 Crore)
Greenpark Hotels And Resorts Ltd      LT Bk Fac          CARE A/Stable  1030    Reaffirmed
(Enhanced from 23.00 Crore)
Gsfc Agrotech Ltd                     LT Bk Fac          CARE A/Stable  490     Assigned
Gsfc Agrotech Ltd                     LT / ST BkFac      CARE           200     Assigned
                                                         A/Stable/A1
Gspc Lng Ltd                          LT BkFac           CARE BBB/Stable12086.1 Revised from
                                                                                CARE BBB+
(enhanced from 1,048.61 Crore)
Gspc Lng Ltd                          LT/ ST Bk Fac      CARE           15313.9 Revised from
                                                         BBB/Stable             CARE
                                                         /CARE A3+              BBB+;
Stable / CARE A3+
(enhanced from 150.00)
Gspl India Gasnet Ltd                 LT / ST BkFac      CARE AA+ (CE)  400     Reaffirmed
                                                         / Stable/A1+
                                                         (CE)
(Credit Enhancement
Gspl India Transco Ltd                LT / ST BkFac      CARE AA+ (CE)  250     Reaffirmed
                                                         / Stable/A1+
                                                         (CE)
(Credit Enhancement
Gujarat State Petronet Ltd            LT Bk Fac          CARE AA+/Stable8870.5  Reaffirmed
(reduced from 1,169.96 Crore)
Gujarat State Petronet Ltd            Long/ST BkFac      CARE           26000   Reaffirmed
                                                         AA+/Stable/A1+
(reduced from 2,800.00 Crore)
Gujarmal Modi Hospital And Research   LT Bk Fac          CARE A         150     Reaffirmed
Centre For Medical Sciences
Hindalco Industries Ltd               LT Bk Fac – TL     CARE AA+/Stable96801.2 Reaffirmed
(reduced from Rs.11,230.87 crore Crore)
Hindalco Industries Ltd               LT Bk Fac – Fund   CARE AA+/Stable16425   Reaffirmed
                                      Based
Hindalco Industries Ltd               NCD issue          CARE AA+/Stable60000   Reaffirmed
Hindalco Industries Ltd               LT/ST Bk Fac – Non CARE           115905  Reaffirmed
                                      Fund Based         AA+/Stable/A1+
Hinduja Tech Ltd                      LT/ST BkFac        CARE           350     Reaffirmed
                                                         BBB+/Stable/A2
Hometrail Buildtech Pvt Ltd           LT Bk Fac          CARE A         1344.3  Reaffirmed
*(enhanced from 62.11 Crore)Credit watch with developing
implications,* On account of transfer of credit limits of Hometrail Estate Private Limited which
was merged in Hometrail Buildtech Private Limited as per NCLT order effective from October, 2018
Hometrail Estate Pvt Ltd              LT Bk Fac (Fund    -              -       Withdrawn
                                      Based)
India Mortgage Guarantee Corporation  Issuer Rating      CARE AA+       -       Reaffirmed
Pvt Ltd                                                  (Is)/Stable
Indostar Capital Finance Ltd          LT debt programme  CARE           99000   Reaffirmed
                                                         AA-/Stable
(Outlook revised from Positive to Stable )
Indostar Capital Finance Ltd          Market-linked      CARE PP-MLD    1000    Reaffirmed
                                      Debentures         AA-/Stable
(Outlook revised from Positive to Stable )
Jain Sons Finlease Ltd                NCD Issue          CARE           1000    Reaffirmed
                                                         BBB-/Positive
Outlook revised
from Stable to Positive
Jindal Saw Ltd                        LT Bk Fac          CARE AA/Stable 26064   Reaffirmed
(reduced from 2,743.44 Crore)
Jindal Saw Ltd                        NCDs- II           CARE AA/Stable 400     Reaffirmed
(reduced from 70.00 Crore)
Jindal Saw Ltd                        NCDs- III          CARE AA/Stable 2500    Reaffirmed
Jm Financial Asset Reconstruction Co. NCDs               CARE           20000   Reaffirmed
Ltd                                                      AA-/Stable
Jm Financial Asset Reconstruction Co. LT Bk Fac          CARE           6500    Reaffirmed
Ltd                                                      AA-/Stable
Jm Financial Home Loans Ltd           NCDs               CARE AA/Stable 1000    Reaffirmed
Jm Financial Products Ltd             NCDs               CARE AA/Stable 25000   Reaffirmed
Jrj Sea Foods India Pvt Ltd           LT Bk Fac          -              -       Withdrawn
K V Developers                        Long- term Bk Fac  CARE BB-/Stable180     Reaffirmed
Kaze Energy Ltd                       LT Bk Fac          CARE B+        2836.1  Reaffirmed
(reduced from Rs. 288.53 crore Crore),Outlook revised from
 Credit watch with negative implications to Credit watch with developing implications
Kec International Ltd                 LT Bk Fac (Fund    CARE AA-/Stable24000   Reaffirmed
                                      Based)
(enhanced from 1,800.00 Crore)
Kec International Ltd                 LT/ST              CARE           146000  Reaffirmed
                                      BkFac(Non-Fund     AA-/Stable /A1+
                                      Based)
(enhanced from11,200.00 Crore)
Kedar Cotton Industries               LT Bk Fac          CARE B+/Stable 121.6   Reaffirmed
(reduced from 12.23 Crore)
Lalithaa Jewellery Mart Pvt Ltd       LT Bk Fac          CARE BBB-      6500    -
Issuer not cooperating; Based on best available information
Leesun Ceramic Tiles Company          LT Bk Fac          CARE B+/Stable 57.3    Reaffirmed
(reduced from 6.94 Crore)
Lsk Projects Pvt Ltd                  LT Bk Fac          CARE B+/Stable 17.5    Reaffirmed
Maanaveeya Development & Finance Pvt LLT Bk Fac          CARE A-/Stable 600     Reaffirmed
Maihar Alloys Pvt Ltd                 LT Bk Fac          CARE BB/Stable 90      Revised from
                                                                                CARE BB-
Malwa Power Pvt Ltd                   LT Bk Fac@         CARE A-        92.4    Reaffirmed
                                                         (CE)/Negative
(enhanced from 7.66 Crore),@Backed by unconditional and irrevocable corporate guarantee provided
by Dee Development Engineers Limited (DDEL, rated CARE A-; Negative/ CARE A2)
Mangalore Chemicals And Fertilizers LtLT BkFac           CARE BBB/Stable2670.8  Revised from
                                                                                CARE BBB+
(reduced from Rs.283.21 crore Crore)
Mangalore Chemicals And Fertilizers LtLT/ ST Bk Fac      CARE           21679.2 Revised from
                                                         BBB/Stable/A3          CARE BBB+
(enhanced from Rs. 2151.79 crore Crore)
Mawana Sugars Ltd                     LT Bk Fac          CARE BB+/Stable1500    Assigned
Mawana Sugars Ltd                     LT Bk Fac          CARE BB+/Stable1464    Assigned
Mawana Sugars Ltd                     LT / ST BkFac      CARE           36      Revised From
                                                         BB+/Stable/A4+         CARE BB
(reduced from 25.00 Crore)
Max Healthcare Institute Ltd          LT Bk Fac          CARE A         4280.3  Reaffirmed
Mmtc Ltd                              LT BkFac- CC       CARE A-        8550    Revised from
                                                                                CARE A
(Under Credit watch
with Developing Implications)
Mmtc Ltd                              LT BkFac- TL       CARE A-        2000    Assigned
(Under Credit watch
with Developing Implications)
Mmtc Ltd                              LT/ ST Bk Fac-     CARE A-/A2+    53230   Revised from
                                      LC/BG                                     CARE A
(Under Credit watch
with Developing Implications)
Msp Steel & Power Ltd                 LT BkFac           CARE BB+/Stable5381.4  Revised from
                                                                                CARE BBB-
Namdhari Rice And General Mills       LT Bk Fac          CARE D         115     -
Issuer not cooperating; based
on best available information
Narayani Laminates Pvt Ltd            LT Bk Fac          CARE B+/Stable 118.2   Assigned
Narayani Laminates Pvt Ltd            Long/ST BkFac      CARE           1.8     Assigned
                                                         B+/Stable/A4
Narbada Forest Industries Pvt Ltd     LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
Reaffirmed at CARE BB-;Stable and Withdrawn
National Co-Operative Development     LT Bonds           CARE AA/Stable -       Reaffirmed
Corporation
National Co-Operative Development     Long /ST BkFac     CARE           200000  Reaffirmed
Corporation                                              AA/Stable/A1+
National Highways Authority Of India  LT TFBs            CARE AAA/Stable100000  Reaffirmed
(Outlook: Stable)
National Highways Authority Of India  LT TFBs            CARE AAA/Stable50000   Reaffirmed
(Outlook: Stable)
National Highways Authority Of India  LT TFBs            CARE AAA/Stable190000  Reaffirmed
(Outlook: Stable)
National Highways Authority Of India  LT Borrowing       CARE AAA/Stable331180  Reaffirmed
                                      Programme for
                                      FY16-17
(Outlook: Stable)
National Highways Authority Of India  LT Borrowing       CARE AAA/Stable505330  Reaffirmed
                                      Programme for
                                      FY17-18
(Outlook: Stable)
National Highways Authority Of India  LT Borrowing       CARE AAA/Stable612170  Reaffirmed
                                      Programme for
                                      FY18-19
(Outlook: Stable)
National Highways Authority Of India  LT Borrowing       CARE AAA/Stable750000  Reaffirmed
                                      Programme for
                                      FY18-20
(Outlook: Stable)
Network18 Media & Investments Ltd     Proposed NCD       -              -       Withdrawn
                                      Issue*
*The rating assigned to the proposed Non-Convertible Debenture issue was withdrawn at the
request of the client since there is no outstanding on the same    
Network18 Media & Investments Ltd     LT/ST Bk Fac       CARE           5000    Reaffirmed
                                                         AAA/Stable/A1+
(reduced from 1,000 Crore)
Newry Properties Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Nuclear Power Corporation Of India LtdBonds              CARE           14142   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Nuclear Power Corporation Of India LtdNCDs Issue         CARE           15000   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Nuclear Power Corporation Of India LtdNCDs Issue         CARE           20000   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Nuclear Power Corporation Of India LtdNCDs Issue         CARE           22000   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Nuclear Power Corporation Of India LtdNCDs Issue         CARE           22000   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Nuclear Power Corporation Of India LtdNCDs Issue         CARE           35000   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Nuclear Power Corporation Of India LtdNCDs Issue         CARE           20000   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Nuclear Power Corporation Of India LtdNCDs Issue         CARE           25000   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Nuclear Power Corporation Of India LtdLT Bk limits       CARE           47000   Reaffirmed
                                                         AAA/Stable
(Outlook: Stable)
Om Communication                      LT Bk Fac          CARE B+/Stable 80      Reaffirmed
Ongc Tripura Power Co. Ltd            LT BkFac- TL       CARE AA/Stable 20240   Revised from
                                                                                CARE AA-
(reduced from 2,121.88 Crore),(Outlook: Stable)
Ongc Tripura Power Co. Ltd            LT BkFac- CC       CARE AA/Stable 2000    Revised from
                                                                                CARE AA-
(Outlook: Stable)
Ostro Anantapur Pvt Ltd               LT BkFac – TL      CARE A- (CE)   5495.8  Revised from
                                                                                CARE A
(Credit watch
with developing implications
Ostro Anantapur Pvt Ltd               LT BkFac –         CARE A- (CE)   436     Revised from
                                      CashCredit                                CARE A
(Credit watch
with developing implications
Ostro Anantapur Pvt Ltd               LT BkFac – TL      CARE A+        1254    Revised from
                                                         (CE)/Stable            CARE A
(Credit watch
with developing implications
Ostro Jaisalmer Pvt Ltd               LT BkFac –         CARE A- (CE)   167     Revised from
                                      CashCredit                                CARE A
                                                                                [Single A
(Credit watch
with developing implications,* Sanctioned amount SPV-wise, total amount not to exceed Rs.100
crore on an aggregate basis as per the sanctioned
Ostro Jaisalmer Pvt Ltd               LT BkFac – TermLoanCARE A- (CE) @ 2698.8  Revised from
                                                                                CARE A
                                                                                [Single A
(Credit watch
with developing implications,@ Structured payment mechanism in the form of waterfall payment
mechanism as per which in case of shortfall in fu
Ostro Jaisalmer Pvt Ltd               LT BkFac – TermLoanCARE A+        469.4   Revised from
                                                         (CE)/Stable^           CARE A
                                                                                [Single A
(Credit watch
with developing implications,^Change in rating methodology with ratings for Sr. No. 2 now backed
by unconditional and irrevocable corporate gu
Ostro Madhya Wind Pvt Ltd             LT BkFac – TermLoanCARE A- (CE)   4779.8  Revised from
                                                                                CARE A
(Credit watch with developing
implications)
Ostro Madhya Wind Pvt Ltd             LT BkFac –         CARE A- (CE)   559     Revised from
                                      CashCredit                                CARE A
(Credit watch with developing
implications)
Ostro Urja Wind Pvt Ltd               LT BkFac – TermLoanCARE A- (CE)   3645.5  Revised from
                                                                                CARE A
(Credit watch with developing
implications)
Ostro Urja Wind Pvt Ltd               LT BkFac –         CARE A- (CE)   402     Revised from
                                      CashCredit                                CARE A
(Credit watch with developing
implications)
Ostro Urja Wind Pvt Ltd               LT BkFac – TermLoanCARE A+        904.3   Revised from
                                                         (CE)/Stable            CARE A
(Credit watch with developing
implications)
Prathamesh Solarfarms Ltd             LT BkFac – TermLoanCARE A- (CE)   2711.7  Revised from
                                                                                CARE A
(Credit watch with developing
implications)
Prathamesh Solarfarms Ltd             LT BkFac –         CARE A- (CE)   119     Revised from
                                      CashCredit                                CARE A
(Credit watch with developing
implications)
Prathamesh Solarfarms Ltd             LT BkFac – TermLoanCARE A+        580.6   Revised from
                                                         (CE)/Stable            CARE A
(Credit watch with developing
implications)
Prem Industries_(Karnal)              LT BkFac           CARE B+/Stable 96.1    -
Issuer not cooperating; Based on
best available information
Punjab National Bank                  Basel III          CARE A+        15000   -
                                      Compliant Tier I
                                      Bonds
Continues to be on credit watch
Punjab National Bank                  Infrastructure     CARE AA        20000   -
                                      Bonds
Continues to be on credit watch
Punjab National Bank                  Infrastructure     CARE AA        30000   -
                                      Bonds
Continues to be on credit watch
Punjab National Bank                  Basel III          CARE AA        20000   -
                                      Compliant Tier
                                      IIBonds
Continues to be on credit watch
Punjab National Bank                  Upper Tier II BondsCARE AA-       9900    -
Continues to be on credit watch
Punjab National Bank                  Upper Tier II BondsCARE AA-       20000   -
Continues to be on credit watch,* PNB has exercised call option for Rs.2,500 crores of Upper
Tier-II Bonds and Rs.500 crores of perpetual bonds, debenture trustee
certificate is awaited for withdrawal of rating on these instruments.
Punjab National Bank                  Perpetual Bonds    CARE AA-       5630    -
                                      (BaselII)
Continues to be on credit watch
Punjab National Bank                  Perpetual Bonds    CARE AA-       3795    -
                                      (BaselII)
Continues to be on credit watch
Punjab National Bank                  Perpetual          CARE AA-       7000    -
                                      Bonds(BaselII)
Continues to be on credit watch,* PNB has exercised call option for Rs.2,500 crores of Upper
Tier-II Bonds and Rs.500 crores of perpetual bonds, debenture trustee
certificate is awaited for withdrawal of rating on these instruments.
Punjab National Bank                  Upper Tier II BondsCARE AA-       10000   -
Continues to be on credit watch,* PNB has exercised call option for Rs.2,500 crores of Upper
Tier-II Bonds and Rs.500 crores of perpetual bonds, debenture trustee
certificate is awaited for withdrawal of rating on these instruments.  
Punjab National Bank                  Upper Tier II BondsCARE AA-       30000   -
Continues to be on credit watch
Pyro Electric Instruments Goa Pvt Ltd LT Bk Fac          CARE BB-/Stable54      Assigned
Pyro Electric Instruments Goa Pvt Ltd Long/ST Bk Fac     CARE BB-;      0       Assigned
                                                         Stable/CARE A4
Rbl Bank Ltd                          Tier II Bonds      CARE AA-/Stable8000    Reaffirmed
                                      (Basel III)
(Rupees Eight Hundred crore only Crore)
Rock Regency Hotels Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Sail- Rites Bengal Wagon Industry Pvt LT Bk Fac          CARE BBB/Stable1113.2  Reaffirmed
Ltd
(enhanced from Rs.89.92 crore Crore)
Saket City Hospitals Pvt Ltd          LT Bk Fac          CARE A         3017.2  Reaffirmed
Sapna Metal Processing Company        LT Bk Fac          CARE BB-/Stable84.2    Reaffirmed
(Reduced from 8.99 Crore)
Sarvesh Builders (India) Pvt Ltd      NCDs               CARE D         1300    Revised from
                                                                                CARE BB-
Shakti Energy Solutions Pvt Ltd       LT Bk Fac          CARE A-        229     Reaffirmed
                                                         (CE)/Stable
Shakti Pumps (India) Ltd              LT BkFac           CARE A-/Stable 934.9   Reaffirmed
(reduced from Rs.110.25 crore Crore)
Shivam Motors Pvt Ltd                 LT Bk Fac (FB)     CARE BB-/Stable650     Revised from
                                                                                CARE BB
Issuer Not Cooperating; Based on
Best Available Information
Shree Ramkrishna Exports Pvt Ltd      LT / ST Bk Fac     CARE           15500   Revised from
                                                         A/Stable/A2+           CARE A+;
                                                                                Stable/CARE A1
(reduced from 1,653.98 Crore)
Shree Siddhivinayak Realhomes Pvt. LtdNCDs               CARE D         3950    Revised from
                                                                                CARE BB-
(Rs. Three hundred and ninety five crore only Crore)
Shri Arunachaleswarar Tex             Long -term Bk Fac  CARE B/Stable  117     Revised from
                                                                                CARE B+
Shriram Transport Finance Co. Ltd     NCDs               CARE           21781.9 Reaffirmed
                                                         AA+/Stable
(reduced from Rs.2,905.34 crore Crore)
Shriram Transport Finance Co. Ltd     Subordinated Debt  CARE           14244.9 Reaffirmed
                                                         AA+/Stable
(reduced from Rs.1,493.30 crore Crore)
Shriram Transport Finance Co. Ltd     NCDs (Public Issue)CARE           100000  Reaffirmed
                                                         AA+/Stable
Sidharth Oils                         LT BkFac           CARE B/Stable  60      -
*Issuer did not cooperate; Based on best available information
Singh Techno Infra Pvt Ltd            LT Bk Fac          CARE B/Stable  65      Revised from
                                                                                CARE B+ Stable
*Issuer did not cooperate; Based on best available information
Siva Constructions                    LT Bk Fac          -              -       Revised and
                                                                                Withdrawn
Stci Finance Ltd                      LT Bk Fac          CARE AA-/Stable15000   Reaffirmed
Stci Finance Ltd                      NCDs               CARE AA-/Stable9400    Reaffirmed
(Reduced from 1000 Crore)
Suditi Industries Ltd                 LT BkFac           CARE           270     Reaffirmed
                                                         BBB-/Stable
Outlook revised
from Stable to Negative
Sumetco Alloys Pvt Ltd                Long- Term Bk Fac  -              -       Reaffirmed
                                                                                and Withdrawn
Tata Steel Ltd                        NCDs               -              -       Withdrawn
Tata Steel Ltd                        LT BkFac           CARE AA/Stable 228000  Reaffirmed
Tata Steel Ltd                        NCDs               CARE AA/Stable 110000  Reaffirmed
Tata Steel Ltd                        Perpetual Bonds    CARE AA-/Stable22750   Reaffirmed
Tgv Sraac Ltd                         LT Bk Fac          CARE A-        2164.9  Revised from
                                                                                CARE A-
(reduced from 273.34 Crore)
Tgv Sraac Ltd                         LT/ST Bk Fac       CARE           3241.1  Revised from
                                                         A-/Negative /          CARE A-
                                                         A2+
(enhanced from 316.26 Crore)
The Delhi Flour Mills Co. Ltd         LT Bk Fac – TL     CARE BBB-      1597    -
Rating placed on credit watch with Developing Implications
The Delhi Flour Mills Co. Ltd         LT BkFac – CC      CARE BBB-      1145    -
Rating placed on credit watch with Developing Implications
The Ganges Manufacturing Co. Ltd      LT Bk Fac          CARE BB-/Stable45      Reaffirmed
(reduced from 7.00 Crore)
Truetzschler India Pvt Ltd            LT Bk Fac          CARE AA/Stable 160     Reaffirmed
Truetzschler India Pvt Ltd            LT/ST BkFac        CARE           100     Reaffirmed
                                                         AA/Stable/A1+
Vfpl Asipl Jv Company                 LT Bk Fac          CARE BB+/Stable306     Reaffirmed
Virdev Intermediates Pvt Ltd          LT Bk Fac          CARE BB+/Stable-       Reaffirmed
#CARE has withdrawn the rating assigned to the term loan facility of the company as the term
loans has been fully repaid
Wonder Home Finance Ltd               LT Bk Fac @        CARE A-        1000    Assigned
                                                         (CE)/Stable
@- The above rating is provisional and shall be confirmed once company furnishes evidence
supporting execution of unconditional and irrevocable corporate guarantee by R. K. Marble
Private Limited (RKMPL; rated CARE A-; Stable/CARE A2+) and confirms the final repayment terms
of the loan. 
--------------------------------------------------------------------------------------------
$: 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@thomsonreuters.com)
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