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CARE ratings for Indian debt instruments-Oct 10
October 10, 2017 / 7:34 AM / in 13 days

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, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aavantika Gas Ltd                     ST Bk Fac          CARE A1+       50      Assigned
Abc India Ltd                         ST Bk Fac          CARE A4+       70      Revised from
                                                                                CARE A3
Allure Gift Wraps Pvt Ltd             ST Bk Fac          CARE A4        46      Reaffirmed

Anjaney Ferro Alloys Ltd              ST Bk Fac          CARE A1        735     Reaffirmed
(enhanced from 19)
Avni Yarns Pvt Ltd                    ST Bk Fac          CARE A4        3.5     Reaffirmed
(Increased from 0.33)
B. Sureshkumar And Company            ST Bk Fac          CARE A4+       110     Reaffirmed
Binani Cement Ltd                     ST Bk Fac          CARE D         4360    Reaffirmed
Blue Ocean Biotech Pvt Ltd            ST Bk Fac          CARE A4        2.5     Assigned
Cesc Ltd                              ST Bk Fac          CARE A1+       2500    Reaffirmed
Cesc Ltd                              CP*                CARE A1+       13000   Reaffirmed
*The aggregate amount of CP and other working capital borrowings should be within the sanctioned
working capital limits of the company.
Chemfab Alkalis Ltd (Formerly Known AsST Bk Fac          CARE A2+       185     Assigned
Teamec Chlorates Ltd)
Diligent Pinkcity Center Pvt Ltd      ST Bk Fac          CARE A4        128     Reaffirmed
Emcure Pharmaceuticals Ltd            ST Bk Fac          CARE A1        1480    Revised from
                                                                                CARE A1+(SO)
(enhanced from 70.00 CR)
Edayar Zinc Ltd                       ST Bk Fac          CARE D         2470    Reaffirmed
Energy Development Co. Ltd            ST Bk Fac          CARE A4+       300     Revised from
                                                                                CARE A3+
Exicom Tele-Systems Ltd               ST Bk Fac          CARE A3+       500     Revised from
                                                                                CARE A3
(enhanced from 41.00 CR)
Fincare Small Finance Bank Ltd        ST instrumentsCP   CARE A2+       250     Reaffirmed
(reduced from Rs.75 crore)
Gennova Biopharmaceuticals Ltd        ST Bk Fac          CARE A1(SO)    70      Revised from
                                                                                CARE A1+(SO)
Harrisons Malayalam Ltd               ST Bk Fac          CARE A3        172.6   Reaffirmed
Hdfc Bank Ltd                         CDs                CARE A1+       400000  Reaffirmed
Hypercity Retail (India) Ltd          Bk FacNon-FB -     CARE A1(SO)    100     Reaffirmed
                                      ST-BG/LC ^
^ Backed by unconditional and irrevocable corporate guarantees of SSL.
Il& Fs Financial Services Ltd         CP (CP) / ST Debt  CARE A1+       12500   Reaffirmed
                                      (STD)
Indian Railway Finance Corporation LtdST Market          CARE A1+       120000  Reaffirmed
                                      Borrowing
                                      Programme (FY’18)
Indian Synthetic Rubber Pvt Ltd       ST Bk Fac          CARE A1        3500    Reaffirmed
(increased from Rs.300 crore)
Infrastructure Leasing & Financial    CP issue (CP) / ST CARE A1+       9750    Reaffirmed
Services Ltd                          Debt (STD)
Intex Technologies (India) Ltd        ST Bk Fac          CARE A2+       2740    Revised from
                                                                                CARE A1
(reduced from 411.00 CR)
Jupiter Solar Power Ltd               ST Bk Fac          CARE A4        684.4   Reaffirmed
Jm Ferro & Alloy Pvt Ltd              ST Bk Fac          CARE D         120     -
(Issuer not cooperating; Based on best available information)
Khadim India Ltd                      ST Bk Fac          CARE A2+       155     Revised from
                                                                                CARE A2
(reduced from Rs.16.00 crore)
Kothari Agritech Pvt Ltd              ST Bk Fac          CARE A3        550     Revised from
                                                                                CARE A4
(Enhanced from 42.00 CR)
L&T Finance Holdings Ltd              CP/ ST debt        CARE A1+       15000   Reaffirmed
L&T Finance Ltd.                      CP                 CARE A1+       185000  Reaffirmed
L&T Housing Finance Ltd               CP                 CARE A1+       35000   Reaffirmed
L&T Infra Debt Fund Ltd               CP                 CARE A1+       5000    Reaffirmed
L&T Infra Debt Fund Ltd               ST Bk Fac          CARE A1+       1500    Reaffirmed
L&T Infrastructure Finance Co. Ltd    CP                 CARE A1+       110000  Reaffirmed
Maxim Tubes Company Pvt Ltd           ST Bk Fac          CARE A3        500     Reaffirmed
(enhanced from Rs.20.00 crore)
Mirc Electronics Ltd (Mirc)           ST Bk Fac          CARE A4        1610    Reaffirmed
(reduced from 400.00 CR)
R3 Crop Care Pvt Ltd                  ST Bk Fac          CARE A4        266     -
(Issuer not cooperating; Based on best available information)
Raymond Ltd                           CP (CP) Issue      CARE A1+       5500    Reaffirmed
[enhanced from Rs.250 crore]
Seam Industries Ltd                   ST Bk Fac          CARE A2+(SO)   300     Reaffirmed
Shivalaya Construction Company Pvt LtdST Bk Fac          CARE A3+       4000    Reaffirmed
(Enhanced from 200 CR)
Sunil Hitech Solar (Dhule) Pvt Ltd    ST Bk Fac$         CARE A (SO)    174.5   Reaffirmed
                                                         /CARE A1 (SO)
$ backed by letter of comfort from PTC India Financial Services Limited
Shopper Stop Ltd                      ST Bk Fac          CARE A1        215     Reaffirmed
Shopper Stop Ltd                      CP*                CARE A1        1000    Reaffirmed
*The CP/STD issue shall be maintained such that the outstanding CP/STD & fund based working
capital limit utilized will not exceed the lesser of sanctioned fund based limits or the Drawing
Power at any point of time.
Shyamali Cold Storage Pvt Ltd         Long/ST Bk Fac     CARE A4        2.5     Assigned
State Bank Of India                   CD Programme^      CARE A1+       60000   Reaffirmed
^Transferred from State Bank of Bikaner and Jaipur to SBI consequent to the merger with SBI
Stemkor International Pvt Ltd         ST Bk Fac          CARE A1(SO)    250@    Reaffirmed
@ backed by 100% fixed deposit margin
Sunil Hitech Engineers Ltd            ST Bk Fac          CARE A2+       4085    Reaffirmed
Tamil Nadu Newsprint And Papers Ltd   ST Bk Fac          CARE A1        3250    Reaffirmed
The Indian Hotels Co. Ltd             ST Bk Fac Non-Fund CARE A1+       300     Reaffirmed
                                      Based
The Indian Hotels Co. Ltd             CP                 CARE A1+       4000    Reaffirmed
The Sukhjit Starch & Chemicals Ltd    ST Bk Fac          CARE A1        500     Reaffirmed
Torry Harris Seafoods Pvt Ltd         ST Bk Fac          CARE A4+       125     Assigned
Universal Cables Ltd                  ST Bk Fac          CARE A2+       4750    Reaffirmed
Vindhya Telelinks Ltd                 ST Bk Fac          CARE A1+       11762.6 Reaffirmed
White House Tiles Pvt Ltd             ST Bk Fac          CARE D         7.5     -
(Issuer not cooperating; Based on best available information)
Weizmann Forex Ltd                    ST Bk Fac –        CARE A2        85      Revised from
                                      Non-fund based                            CARE A3+
(Reduced from Rs.48.50 crore)
Zuventus Healthcare Ltd               ST Bk Fac          CARE A1        100     Reaffirmed


MEDIUM TERM RATINGS:
-------------------

Hdfc Bank Ltd                         Fixed Deposits     CARE AAA(FD)   -       Reaffirmed
L&T Housing Finance Ltd               FD                 CARE AA+(FD)   1000    Reaffirmed
The Sukhjit Starch & Chemicals Ltd    FD                 CARE A+(FD)    180     Reaffirmed


LONG TERM RATINGS:
-------------------
Aavantika Gas Ltd                     LT Bk Fac          CARE A+        200     Assigned
Abc India Ltd                         LT Bk Fac          CARE BB+       163.9   Revised from
                                                                                CARE BBB-
(reduced from Rs.18.89 cr)
Alkey Synthetics Pvt Ltd              LT Bk Fac          CARE BB        48.2    -
ISSUER NOT COOPERATING
Allure Gift Wraps Pvt Ltd             LT Bk Fac          CARE BB        66.8    Revised from
                                                                                CARE BB-
(increased from 1.99 crore)
Anjaney Ferro Alloys Ltd              LT Bk Fac          CARE A         60      Reaffirmed
(reduced from 18.5)
Aquarelle India Pvt Ltd               LT Bk Fac          CARE BBB+      920     Reaffirmed
Avni Yarns Pvt Ltd                    LT Bk Fac          CARE BB        64.6    Reaffirmed
(Increased from 5.93)
Bank Of Baroda                        Basel III          CARE AA        15000   Reaffirmed
                                      Compliant Tier I
                                      Perpetual Bonds issue #
Bank Of Baroda                        Additional Tier I  CARE AA        20000   Reaffirmed
                                      Bonds (Basel III
                                      compliant) #
* Includes green shoe option of Rs. 1,000 crore
Bank Of Baroda                        Upper Tier II      CARE AA+       50000   Reaffirmed
                                      Bonds @
Bank Of Baroda                        Perpetual Bonds    CARE AA+       19117   Reaffirmed
Bank Of Baroda                        Lower Tier II BondsCARE AAA       5000    Reaffirmed
Bank Of Baroda                        Tier II Bonds      CARE AAA       20000   Reaffirmed
                                      (Basel III
                                      compliant)^
* Includes green shoe option of Rs. 1,000 crore
Belstar Investment And Finance Pvt LtdLT Bk Fac          CARE A         11000   Reaffirmed
(enhanced from 600 CR)
Binani Cement Ltd                     LT Bk Fac          CARE D         23042.7 Reaffirmed
Binani Industries Ltd                 LT Bk Fac (TL)     CARE D         4749.3  Reaffirmed
Blue Ocean Biotech Pvt Ltd            LT Bk Fac          CARE BB        262.9   Assigned
Cesc Ltd                              LT Bk Fac          CARE AA        17801.2 Reaffirmed
Chemfab Alkalis Ltd (Formerly Known AsLT Bk Fac          CARE A-        215     Assigned
Teamec Chlorates Ltd)
Crossword Bookstore Ltd               LT Bk Fac $        CARE A(SO)     80      Reaffirmed
$ Backed by unconditional and irrevocable corporate guarantees of SSL
Crossword Bookstore Ltd               LT / ST Bk Fac-    CARE A(SO)     100     Reaffirmed
                                      Working Capital    /CARE A1(SO)
                                      Limits $
$ Backed by unconditional and irrevocable corporate guarantees of SSL
Crossword Bookstore Ltd               LT / ST Bk Fac-    CARE A(SO)     50      Reaffirmed
                                      Working Capital    /CARE A1(SO)
                                      Limits #
# To be Backed by unconditional and irrevocable corporate guarantees of SSL
Diligent Pinkcity Center Pvt Ltd      LT Bk Fac          CARE BB-       767.9   Reaffirmed
Edayar Zinc Ltd                       LT Bk Fac          CARE D         150     Reaffirmed
Emcure Pharmaceuticals Ltd            LT Bk Fac          CARE A+        9910.7  Revised from
                                                                                CARE AA-
(enhanced from 845.25 CR)
Emcure Pharmaceuticals Ltd            LT / ST Bk Fac     CARE A+ /CARE  5360    Revised from
                                                         A1                     CARE AA- /
                                                                                CARE A1+
(enhanced from 387.00 CR)
Energy Development Co. Ltd            LT Bk Fac          CARE BB+       100     Revised from
                                                                                CARE BBB-
Exicom Tele-Systems Ltd               LT Bk Fac          CARE BBB       338.5   Revised from
                                                                                CARE BBB-
(enhanced from 27.50 CR)
Fincare Small Finance Bank Ltd        LT Bk Fac          CARE A-        1253.8  Reaffirmed
(reduced from Rs.200 crore)
Fincare Small Finance Bank Ltd        LT inst Non        CARE A-        350     Reaffirmed
                                      convertible issue
Gennova Biopharmaceuticals Ltd        LT Bk Fac          CARE A+(SO)    308     Revised from
                                                                                CARE AA-(SO)
(reduced from 33.05)
Gennova Biopharmaceuticals Ltd        LT / ST Bk Fac     CARE A+(SO)    130     Revised from
                                                         /CARE A1(SO)           CARE AA-(SO)
                                                                                / CARE A1+(SO)
(enhanced from 4.00)
Gravity Ferrous Pvt Ltd               LT Bk Fac          CARE BBB-      150.9   Reaffirmed
Gravity Ferrous Pvt Ltd               LT/ST Bk Fac       CARE BBB-      100     Assigned
Harrisons Malayalam Ltd               LT Bk Fac          CARE BBB-      908     Reaffirmed
Hdfc Bank Ltd                         Lower Tier II Bond*-              50      Withdrawn
Hdfc Bank Ltd                         Additional Tier I  CARE AA+       150000  Reaffirmed
                                      bonds (Basel III)
Hdfc Bank Ltd                         Lower Tier II BondsCARE AAA       103970  Reaffirmed
Hdfc Bank Ltd                         Upper Tier II BondsCARE AAA       34159   Reaffirmed
Hdfc Bank Ltd                         Perpetual Bonds    CARE AAA       12000   Reaffirmed
Hdfc Bank Ltd                         Tier II bond       CARE AAA       100000  Reaffirmed
                                      (Basel III)
Hdfc Bank Ltd                         Infrastructure     CARE AAA       300000  Reaffirmed
                                      Bonds
Hypercity Retail (India) Ltd          Bk FacFB - LT-TL ^ CARE A(SO)     3518.3  Reaffirmed
^ Backed by unconditional and irrevocable corporate guarantees of SSL.
Hypercity Retail (India) Ltd          LT-NCD             CARE A(SO)     500     Withdrawal
Hypercity Retail (India) Ltd          Bk FacFB - LT/     CARE A(SO)     400     Reaffirmed
                                      ST-CC ^            /CARE A1(SO)
^ Backed by unconditional and irrevocable corporate guarantees of SSL.
Hypercity Retail (India) Ltd          Bk Fac-FB-LTTL$    CARE BBB+ (SO) 82.5    Reaffirmed
$Backed by letter of comfort of Shoppers Stop Ltd. (SSL)
Hypercity Retail (India) Ltd          Bk FacFB-LT/ST $   CARE BBB+(SO)  200     Reaffirmed
                                                         /CARE A2
$Backed by letter of comfort of Shoppers Stop Ltd. (SSL)
Icici Prudential Fund Series Xiii A & Close-Ended Cap    CARE AAAmfs(so)-       Assigned
                                      Protection
                                      Oriented Fund
Il& Fs Financial Services Ltd         Perpetual Debt     CARE AA+       1500    Reaffirmed
Il& Fs Financial Services Ltd         NCDs               CARE AAA       48289   Reaffirmed
Il& Fs Financial Services Ltd         Non-convertible    CARE AAA       2500    Reaffirmed
                                      Redeemable
                                      Cumulative PS
Il& Fs Financial Services Ltd         Subordinate Debt   CARE AAA       11000   Reaffirmed
Il& Fs Financial Services Ltd         LT Bk Fac          CARE AAA       5000    Reaffirmed
Il&Fs Energy Development Co. Ltd      LT Bk Fac – Term   CARE A+        10378.5 Reaffirmed
                                      Loa
Il&Fs Energy Development Co. Ltd      LT Bk Fac – CC     CARE A+        500     Reaffirmed
Il&Fs Energy Development Co. Ltd      LT Non Fund based  CARE A+        500     Reaffirmed
                                      Bk Fac – BG
Il&Fs Energy Development Co. Ltd      NCD                CARE A+        5000    Reaffirmed
Il&Fs Tamilnadu Power Company Ltd     LT Fund based -Bk  CARE BBB+      56087.6 Reaffirmed
                                      Fac
Indian Agro And Food Industries Ltd   LT Bk Fac          CARE A+        2942.1  Assigned
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       15700   Reaffirmed
                                      Programme (FY’07)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       24210   Reaffirmed
                                      Programme (FY’08)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       48790   Reaffirmed
                                      Programme (FY’09)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       45298.3 Reaffirmed
                                      Programme (FY’10)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       57314.7 Reaffirmed
                                      Programme (FY’11)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       113850  Reaffirmed
                                      Programme (FY’12)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       81060.4 Reaffirmed
                                      Borrowing
                                      Programme (FY’13)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       88283.4 Reaffirmed
                                      Borrowing
                                      Programme (FY’14)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       26250   Reaffirmed
                                      Borrowing
                                      Programme (FY’15)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       192000  Reaffirmed
                                      Borrowing
                                      Programme (FY’16)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       409850  Reaffirmed
                                      Borrowing
                                      Programme (FY’17)
Indian Railway Finance Corporation LtdST Market BorrowingCARE AAA       80000   Reaffirmed
Indian Railway Finance Corporation LtdLT Market          CARE AAA       400000  Reaffirmed
                                      Borrowing
                                      Programme (FY’18)
Indian Synthetic Rubber Pvt Ltd       LT Bk Fac          CARE A         2500    Revised from
                                                                                CARE A
Indianoil Skytanking Pvt Ltd          LT Bk Fac          CARE AA        280     Reaffirmed
Infiniti Retail Ltd                   NCD                CARE A+        1500    Reaffirmed
Infiniti Retail Ltd                   NCD                CARE A+        1000    Reaffirmed
Infiniti Retail Ltd                   LT/ST Bk Fac       CARE A+ /CARE  1250    Reaffirmed
                                                         A1
Infrastructure Leasing & Financial    NCD                CARE AAA       61419.4 Reaffirmed
Services Ltd
Infrastructure Leasing & Financial    Subordinate Debt   CARE AAA       68.5    Reaffirmed
Services Ltd
Infrastructure Leasing & Financial    LT Bk Fac          CARE AAA       4000    Reaffirmed
Services Ltd
Infrastructure Leasing & Financial    Redeemable PS      CARE AAA(RPS)  15000   Reaffirmed
Services Ltd
Intex Technologies (India) Ltd        LT Bk Fac          CARE A-        1382.8  Revised from
                                                                                CARE A
(reduced from 162.00 CR)
J S Spintex Ltd                       LT Bk Fac          CARE BB-       167.4   -
(Issuer not cooperating; Based on best available information)
J.L Autoparts Pvt Ltd                 LT Bk Fac (TL)     CARE BB+       100     Assigned
J.R.R. Constructions Pvt Ltd          LT Bk Fac          CARE B         56      -
(Issuer not cooperating; Based on best available information)
Jammu And Kashmir Bank Ltd            Lower Tier II BondsCARE AA-       6000    Reaffirmed
Jaora Nayagaon Toll Road Company Pvt  LT Bk Fac          CARE A+        5099.4  Reaffirmed
Ltd
(reduced from 546.11 CR)
Jm Ferro & Alloy Pvt Ltd              LT Bk Fac          CARE D         75      -
(Issuer not cooperating; Based on best available information)
Jupiter Solar Power Ltd               LT Bk Fac          CARE BB-       1170.9  Revised from
                                                                                CARE B
(reduced from 130.73 CR)
Karnataka Bank Ltd                    Lower Tier II BondsCARE A         4795    Reaffirmed
Khadim India Ltd                      LT Bk Fac          CARE A-        1373.1  Revised from
                                                                                CARE BBB+
(reduced from Rs.147.49 crore)
Kothari Agritech Pvt Ltd              LT Bk Fac          CARE BBB-      450     Revised from
                                                                                CARE BB
(Enhanced from 31.50 CR)
L&T Finance Holdings Ltd              NCD                CARE AA+       10000   Reaffirmed
L&T Finance Holdings Ltd              Compulsorily       CARE AA+(RPS)  22710   Reaffirmed
                                      Redeemable
                                      NonConvertible Cumulative PS
(reduced from Rs.2,311 crore)
L&T Finance Ltd.                      Perpetual Debt     CARE AA        5000    Reaffirmed
L&T Finance Ltd.                      NCD                CARE AA+       101250  Reaffirmed
L&T Finance Ltd.                      NCD (Public Issue) CARE AA+       6000    Reaffirmed
L&T Finance Ltd.                      Subordinated Debt  CARE AA+       13000   Reaffirmed
L&T Finance Ltd.                      LT Bk Fac          CARE AA+       143000  Reaffirmed
L&T Housing Finance Ltd               Perpetual Debt     CARE AA        1000    Reaffirmed
L&T Housing Finance Ltd               LT Bk Fac          CARE AA+       29000   Reaffirmed
L&T Housing Finance Ltd               NCD                CARE AA+       57000   Reaffirmed
L&T Housing Finance Ltd               Subordinated Debt  CARE AA+       3000    Reaffirmed
L&T Infra Debt Fund Ltd               NCD                CARE AAA       50000   Reaffirmed
L&T Infrastructure Finance Co. Ltd    Perpetual debt     CARE AA        4000    Reaffirmed
L&T Infrastructure Finance Co. Ltd    LT Bk Fac          CARE AA+       80000   Reaffirmed
L&T Infrastructure Finance Co. Ltd    NCD                CARE AA+       95000   Reaffirmed
L&T Infrastructure Finance Co. Ltd    Infrastructure     CARE AA+       18000   Reaffirmed
                                      Bonds
L&T Infrastructure Finance Co. Ltd    Sub. Bonds         CARE AA+       17000   Reaffirmed
Madhav (Phoolsagar Niwas Shahpura     LT Bk Fac          CARE A-        1153.6  Reaffirmed
Corridor) Highways Pvt Ltd
(enhanced from 105.28 CR)
Madhav (Phoolsagar Niwas Shahpura     LT/ST Bk Fac       CARE A- /CARE  77.5    Reaffirmed
Corridor) Highways Pvt Ltd                               A2+
Madhav (Sehora Silodi Corridor)       LT Bk Fac          CARE A-        679.2   Reaffirmed
Highways Pvt Ltd
(enhanced from 54.93 CR)
Madhav (Sehora Silodi Corridor)       LT/ST Bk Fac       CARE A- /CARE  115     Assigned
Highways Pvt Ltd                                         A2+
Madhav Infra Projects Ltd             LT Bk Fac          CARE BBB+      1821.3  Reaffirmed
(enhanced from 162.79 CR)
Madhav Infra Projects Ltd             LT/ST Bk Fac       CARE BBB+      3800    Revised from
                                                         /CARE A2               CARE BBB+ /
                                                                                CARE A3+
(enhanced from 239.00 CR)
Madhav Infracon (Bk Corridor) Pvt Ltd LT Bk Fac          CARE A-(SO)    275     Revised from
                                                                                CARE BBB+(SO)
(Enhanced from 16.52 CR)
Madhav Solar (Karnataka) Pvt Ltd      LT Bk Fac          CARE A-(FD)    481.9   Revised from
                                                                                CARE BBB+(FD)
(reduced from 52.19 CR)
Madhav Solar (Karnataka) Pvt Ltd      LT/ST Bk Fac       CARE A-(FD)    77.5    Revised from
                                                                                CARE BBB+(SO)
                                                                                / CARE A2(SO)
Mahindra And Mahindra Financial       NCD                CARE AAA       32000   Reaffirmed
Services Ltd
Mahindra And Mahindra Financial       Subordinated Debt  CARE AAA       16000   Reaffirmed
Services Ltd
Maxim Tubes Company Pvt Ltd           LT Bk Fac          CARE BBB-      147.4   Reaffirmed
(enhanced from Rs.10.00 crore)
Maxim Tubes Company Pvt Ltd           LT/ST Bk Fac       CARE BBB-      334     Reaffirmed
                                                         /CARE A3
(enhanced from Rs.10.00 crore)
Mirc Electronics Ltd (Mirc)           TL                 CARE BB        75.9    Reaffirmed
(reduced from 50.00 CR)
Mirc Electronics Ltd (Mirc)           LT Bk Fac          CARE BB        1330    Reaffirmed
(reduced from 150.00 CR)
Mother Lam Pvt Ltd                    LT Bk Fac          CARE D         115.8   -
(Issuer not cooperating; Based on best available information)
Nrss Xxxi (B) Transmission Ltd (NrsstlNCD                CARE AAA(SO)   6800    -
Ornate Buildcon Developers            Proposed TL        -              -       Withdrawn
P. D. Agrawal Infrastructure Ltd      LT Bk Fac          CARE BBB+      250     Reaffirmed
P. D. Agrawal Infrastructure Ltd      LT/ST Bk Fac       CARE BBB+      900     Reaffirmed
                                                         /CARE A2
R3 Crop Care Pvt Ltd                  LT Bk Fac          CARE BB-       30      Revised from
                                                                                CARE BB
(Issuer not cooperating; Based on best available information)
Reliance Gas Pipelines Ltd            LT Bk Fac – Rupee  CARE AAA       17090   Reaffirmed
                                      TL
Rural Electrification Corporation Ltd Market Borrowing   -              -       Reaffirmed
                                      programme for FY 07
Rural Electrification Corporation Ltd Market Borrowing   -              -       Reaffirmed
                                      programme for FY 17
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA       6852    Reaffirmed
                                      Programme (FY’08)
Rural Electrification Corporation Ltd LT Market          CARE AAA       36462   Reaffirmed
                                      Borrowing
                                      programme (FY’09)
Rural Electrification Corporation Ltd LT Market          CARE AAA       58494   Reaffirmed
                                      Borrowing
                                      programme (FY’10)
Rural Electrification Corporation Ltd LT Market          CARE AAA       101697.8Reaffirmed
                                      Borrowing
                                      programme (FY’11)
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA       11594   Reaffirmed
                                      programme (FY’12)
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA       116926.1Reaffirmed
                                      programme (FY’13)
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA       235150  Reaffirmed
                                      programme (FY’14)
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA       136310  Reaffirmed
                                      programme (FY’15)
Rural Electrification Corporation Ltd LT Market          CARE AAA       186000  Reaffirmed
                                      Borrowing
                                      Programme for FY16
Rural Electrification Corporation Ltd LT Market          CARE AAA       -       Reaffirmed
                                      Borrowing
                                      Programme for FY17
Sai Silks (Kalamandir) Ltd            LT Bk Fac          CARE BBB+      1042    Reaffirmed
(reduced from 113.58 CR)
Sansar Trust June 2017                Series A PTC       -              -       Withdrawn
Sansar Trust June 2017                Second Loss        -              -       Withdrawn
                                      Facility
Seam Industries Ltd                   LT Bk Fac          CARE A-(SO)    386.1   Reaffirmed
(Reduced from 40.15 cr)
Shivalaya Construction Company Pvt LtdLT Bk Fac          CARE BBB+      450     Reaffirmed
(Enhanced from 30 CR)
Shopper Stop Ltd                      LT Bk Fac          CARE A         7426.7  Reaffirmed
Shopper Stop Ltd                      NCD                CARE A         1000    Reaffirmed
Shree Birdev Finance Pvt Ltd          LT Bk Fac          CARE BB        200     Reaffirmed
(enhanced from Rs.15 crore)
Shyamali Cold Storage Pvt Ltd         LT Bk Fac          CARE B         59      Assigned
Srei Equipment Finance Ltd            Secured NCD        CARE AA-       1500    Assigned
                                      (Series XIV)

State Bank Of India                   Tier I Bonds       CARE AA+       91000   Reaffirmed
                                      (Basel III)#
#CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as mentioned 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, i.e., payment of such coupon is likely to result in losses during the
current year, the balance of coupon payment may be made out of 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 and 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 March 31, 2019, or written-off / converted into
common equity shares on occurrence of the trigger event called point of non-viability (PONV).
The PONV trigger shall be determined by RBI.
- Any delay in 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 other subordinated debt instruments.

State Bank Of India                   Tier I Bonds       CARE AA+       3000    Reaffirmed
                                      (Basel III)#@
#CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as mentioned below: ? The bank has

State Bank Of India                   Tier I Bonds       CARE AA+       2000    Reaffirmed
                                      (Basel III)#&
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI,#CARE has
rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into consideration
its key features as mentioned 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, i.e.,
payment of such coupon is likely to result in losses during the current year, the balance of
coupon payment may be made out of 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 and 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 March 31, 2019, or written-off / converted into
common equity shares on occurrence of the trigger event called point of non-viability (PONV).
The PONV trigger shall be determined by
RBI.
- Any delay in 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 other subordinated debt instruments.

State Bank Of India                   Lower Tier II BondsCARE AAA       81328.4 Reaffirmed

State Bank Of India                   Upper Tier II BondsCARE AAA       117735  Reaffirmed

State Bank Of India                   Perpetual Bonds    CARE AAA       21650   Reaffirmed
                                      (Basel II)

State Bank Of India                   Tier II Bonds      CARE AAA       130000  Reaffirmed
                                      (Basel III)*
* Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may suffer a 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.

State Bank Of India                   Upper Tier II      CARE AAA       3000    Reaffirmed
                                      Bonds^
(Reduced from Rs.450 crore),^Transferred from State Bank of Bikaner and Jaipur to SBI consequent
to the merger with SBI

State Bank Of India                   Perpetual Bonds    CARE AAA       2000    Reaffirmed
                                      (Basel II)^
^Transferred from State Bank of Bikaner and Jaipur to SBI consequent to the merger with SBI

State Bank Of India                   Perpetual Bonds    CARE AAA       2600    Reaffirmed
                                      (Basel II)$
$Transferred from State Bank of Mysore to SBI consequent to the merger with SBI

State Bank Of India                   Upper Tier II      CARE AAA       3400    Reaffirmed
                                      Bonds$
$Transferred from State Bank of Mysore to SBI consequent to the merger with SBI

State Bank Of India                   Tier II Bonds      CARE AAA       5000    Reaffirmed
                                      (Basel III)*$
$Transferred from State Bank of Mysore to SBI consequent to the merger with SBI,* Tier II Bonds
under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger due to which the
investor may suffer a 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.


State Bank Of India                   Upper Tier II      CARE AAA       8000    Reaffirmed
                                      Bonds@
@Transferred from State Bank of Travancore to SBI consequent to the merger with SBI

State Bank Of India                   Perpetual Bonds    CARE AAA       1000    Reaffirmed
                                      (Basel II)@
@Transferred from State Bank of Travancore to SBI consequent to the merger with SBI

State Bank Of India                   Tier II Bonds      CARE AAA       5150    Reaffirmed
                                      (Basel III)*@
(Reduced from Rs.1,250 crore),@Transferred from State Bank of Travancore to SBI consequent to
the merger with SBI,* Tier II Bonds under Basel III are characterized by a ‘Point of
Non-Viability’ (PONV) trigger due to which the investor may suffer a 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.

State Bank Of India                   Lower Tier II      CARE AAA       1600    Reaffirmed
                                      Bonds&
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI

State Bank Of India                   Upper Tier II      CARE AAA       17500   Reaffirmed
                                      Bonds&
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI

State Bank Of India                   Perpetual Bonds    CARE AAA       6850    Reaffirmed
                                      (Basel II)&
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI

State Bank Of India                   Tier II Bonds      CARE AAA       7000    Reaffirmed
                                      (Basel III)*&
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI,* Tier II
Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger due to
which the investor may suffer a 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.

State Bank Of India                   Upper Tier II      CARE AAA       11516   Reaffirmed
                                      Bonds!
(Reduced from 1,451.60 crore) ! Transferred from State Bank of Patiala to SBI consequent to the
merger with SBI

State Bank Of India                   Perpetual Bonds    CARE AAA       3000    Reaffirmed
                                      (Basel II)!
! Transferred from State Bank of Patiala to SBI consequent to the merger with SBI

State Bank Of India                   Tier II Bonds      CARE AAA       9500    Reaffirmed
                                      (Basel III)*!
! Transferred from State Bank of Patiala to SBI consequent to the merger with SBI

Sunil Hitech Engineers Ltd            LT Bk Fac          CARE A-        3895    Reaffirmed
Sunil Hitech Engineers Ltd            LT/ST Bk Fac       CARE A- /CARE  2250    Reaffirmed
                                                         A2+
Sunil Hitech Solar (Dhule) Pvt Ltd    LT Bk Fac@         CARE BBB(so)   74.7    Reaffirmed
@backed by corporate guarantee provided by Sunil Hi Tech Engineers Limited
Surya Global Steel Tubes Ltd          LT Bk Fac          CARE A+        2503.3  Revised from
                                                                                CARE A
(enhanced from 233.81)
Surya Global Steel Tubes Ltd          Long/ST Bk Fac -   CARE A+ /CARE  3000    Revised from
                                      NFB                A1                     CARE A /
                                                                                Reaffirmed
(enhanced from 185.00)
Surya Global Steel Tubes Ltd          Long/ST Bk Fac -   CARE A+ /CARE  460     Revised from
                                      SLC                A1                     CARE A /
                                                                                Reaffirmed
Surya Roshni Ltd                      LT Bk Fac          CARE A+        9429.6  Revised from
                                                                                CARE A
(enhanced from 903.64)
Surya Roshni Ltd                      Long/ST Bk Fac -   CARE A+ /CARE  6700    Revised from
                                      NFB                A1                     CARE A /
                                                                                Reaffirmed
(enhanced from 570.00)
Surya Roshni Ltd                      Long/ST Bk Fac -   CARE A+ /CARE  500     Revised from
                                      SLC                A1                     CARE A /
                                                                                Reaffirmed
Tamil Nadu Newsprint And Papers Ltd   LT Bk Fac (TL)     CARE A         19448.5 Revised from
                                                                                CARE A+
Tamil Nadu Newsprint And Papers Ltd   LT / ST Bk Fac     CARE A /CARE A14250    Revised from
                                                                                CARE A+ /
                                                                                CARE A1
Tata Capital Financial Services Ltd   Perpetual Debt     CARE AA        6000    Reaffirmed
Tata Capital Financial Services Ltd   LT Bk Fac          CARE AA+       10850   Reaffirmed
Tata Capital Financial Services Ltd   NCD                CARE AA+       34640   Reaffirmed
Tata Capital Financial Services Ltd   Subordinated Debt  CARE AA+       20000   Reaffirmed
Tata Cleantech Capital Ltd            Subordinated debt  CARE AA+       1000    Reaffirmed
Tata Cleantech Capital Ltd            NCD                CARE AA+       3000    Reaffirmed
Tata Technologies Ltd                 LT / ST Bk Fac     CARE AA+ /CARE 2500    Reaffirmed
                                                         A1+
The Indian Hotels Co. Ltd             LT Bk Fac Fund     CARE AA+       1750    Reaffirmed
                                      Based
The Indian Hotels Co. Ltd             LT Bk FacTL        CARE AA+       2500    Reaffirmed
The Indian Hotels Co. Ltd             NCD                CARE AA+       14950   Reaffirmed
The Sukhjit Starch & Chemicals Ltd    ST Bk Fac          -              -       Withdrawn
The Sukhjit Starch & Chemicals Ltd    LT Bk Fac          CARE A+        1635    Reaffirmed
Thermal Powertech Corporation India LtLT Bk Fac          CARE A         90550.8 Reaffirmed
(Reduced from 9507.47)
Timezone Entertainment Pvt Ltd        LT Bk Fac          CARE BBB+(SO)  137.5*  Reaffirmed
*Backed by Shortfall undertaking by Shopper Stop Ltd
Timezone Entertainment Pvt Ltd        LT Bk FacProposed  CARE BBB+(SO)  62.5^   Reaffirmed
^ To be backed by the Shortfall Undertaking by Shoppers Stop Ltd.
Torry Harris Seafoods Pvt Ltd         LT Bk Fac          CARE BB        25      Assigned
Tourism Finance Corporation Of India LLT Subordinated    CARE A         1000    Reaffirmed
                                      Bonds
Tourism Finance Corporation Of India  LT Bonds           CARE A+        6815    Reaffirmed
Ltd
Tourism Finance Corporation Of India  CP                 CARE A+        1000    Reaffirmed
Ltd
Union Bank Of India                   Upper Tier II      CARE AA        10000   Revised from
                                      Bonds (Basel II) @                        CARE AA+
@CARE has rated the aforesaid Upper Tier II Bonds one notch lower than the Lower Tier II Bonds
in view of their increased sensitiveness to the Union Bank of India’s Capital Adequacy Ratio
(CAR), capital raising ability and profitability during the long tenure of the instruments. The
rating factors in the additional risk arising due to the existence of the lock in clause in
hybrid instruments. Any delay in payment of interest/principal (as the case may be) following
the invocation of the lock-in-clause, 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
rating compared to conventional subordinated debt instruments

Union Bank Of India                   Perpetual Bonds    CARE AA        20000   Revised from
                                      (Basel III)#                              CARE AA
#CARE has rated the aforesaid Basel III Compliant Additional Tier-I Bonds after taking into
consideration its key features as mentioned 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, i.e., payment of such coupon is likely to result in losses during the
current year, the balance of coupon payment may be made out of 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 and 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 March 31, 2019, or written-off / converted into
common equity shares on occurrence of the trigger event called point of non-viability (PONV).
The PONV trigger shall be determined by RBI. Any delay in 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 other subordinated debt instruments.

Union Bank Of India                   Lower Tier II      CARE BB+       8000    Revised from
                                      Bonds (Basel II)                          CARE AAA
Universal Cables Ltd                  LT Bk Fac          CARE A-        2750    Reaffirmed
Universal Cables Ltd                  LT / ST Bk Fac     CARE A- /CARE  40      Reaffirmed
                                                         A2+
Vindhya Telelinks Ltd                 LT Bk Fac          CARE AA-       6625    Reaffirmed
Vindhya Telelinks Ltd                 NCD                CARE AA-       1000    Reaffirmed
(Enhanced from Rs.50 Crore)
Waa Solar Pvt Ltd                     LT/ST Bk Fac       -              -       Withdrawn#
(reduced from 20.00 CR)
Waa Solar Pvt Ltd                     LT Bk Fac          CARE A-        985.7   Revised from
                                                                                CARE BBB+
(enhanced from 80.44 CR)
Walwhan Renewable Energy Ltd          LT Bk FacNon-Fund  CARE AA-       2400    Revised from
                                      Based - BGs                               CARE A
Walwhan Renewable Energy Ltd          LT Bk Fac          CARE AA-       7718.7  Revised from
                                                                                CARE A
Walwhan Renewable Energy Ltd          Proposed LT / ST   CARE AA- /CARE 12408.3 Revised from
                                      Bk Fac             A1+                    CARE A
Walwhan Renewable Energy Ltd          LT Bk Fac^         CARE AA(SO)    3000    Reaffirmed
^ To be backed by unconditional and irrevocable corporate guarantee by Tata Power Co. Limited
(Rated CARE AA,)
Walwhan Renewable Energy Ltd          LT Instruments -   CARE AA(SO)    12000   Reaffirmed
                                      NCD&
& Backed by unconditional irrevocable corporate guarantee by Tata Power Co. Limited (Rated CARE
AA,)
Weizmann Forex Ltd                    LT Bk Fac – TL     CARE A-        216.3   Revised from
                                                                                CARE BBB+
(Enhanced from Rs.16.63 crore)
Weizmann Forex Ltd                    LT Bk Fac –        CARE A-        2275    Revised from
                                      Working Capital                           CARE BBB+
(Enhanced from Rs.205.50 crore)
White House Tiles Pvt Ltd             LT Bk Fac          CARE D         133     -
(Issuer not cooperating; Based on best available information)
Zuventus Healthcare Ltd               LT Bk FacTL        CARE A+        900     Reaffirmed
Zuventus Healthcare Ltd               LT / ST Bk Fac     CARE A+ /CARE  600     Reaffirmed
                                                         A1
(enhanced from 48.50 CR)
--------------------------------------------------------------------------------------------
$: 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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