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CARE ratings for Indian debt instruments-Oct 15

    Oct 15  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of October 14, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
3B Films Pvt Ltd                      ST Bk Fac          CARE A4        20      Assigned
Alchem Trade Pvt Ltd (Erstwhile       ST BkFac           CARE A4;       30
Rockdude Imex Pvt Ltd)
(Issuer Not Cooperating)
Ashok Constructions                   ST Bk Fac          CARE A4;       20
(Issuer Not Cooperating)
Celkon Impex Pvt Ltd                  ST Bk Fac          -              0       Withdrawn
Garden Silk Mills Ltd                 ST Bk Fac          -              -       Withdrawn
Gb Global Ltd                         ST Bk Fac          -              -       Withdrawn
Jagdamba Agro Industries              ST Bk Fac          CARE A4;       30
(Issuer Not Cooperating)
Krupalu Rice Industries Pvt Ltd       ST Bk Fac          CARE A4;       10
(Issuer Not Cooperating)
Kuantum Papers Ltd                    ST Bk Fac          CARE A3+       944.9   Revised from
                                                                                CARE A2+
rating put under credit watch
Kuantum Papers Ltd                    ST Bk Fac          CARE A3+       20      Assigned
Maple Leaf Intelligent Solutions Pvt  ST Bk Fac          CARE A4;       60
Ltd
 (Issuer Not Cooperating)
Mohd Firoz Construction Company       ST BkFac           CARE A4;       35
(Issuer Not Cooperating)
Mutyala Agro Tech Llp                 ST BkFac           CARE A4;       18
(Issuer Not Cooperating)
Paxal Corporation                     ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4; and
                                                                                Withdrawn
(Issuer Not Cooperating)
R. L. Steels And Energy Ltd           ST                 CARE A4        721.4   Reaffirmed
Sabarkantha District Cooperative Milk ST Bk Fac          CARE A1+       6250    Reaffirmed
Producers Union Ltd
Shree Hari Steel Industries           ST BkFac           CARE A4;       40
(Issuer Not Cooperating)
Sunny View Estates Pvt. Ltd.          ST Fac- TL ^       CARE A2+ (CE)  750     Revised from
                                                                                CARE A1+ (CE)
(Under Credit watch with Developing Implications)^Credit enhancement in the form of an
unconditional, irrevocable and revolving DSRA Guarantee provided by Shapoorji
Pallonji and Company Private Limited (SPCPL, rated CARE A- / CARE A2+; under Credit Watch with
Negative Implications)
 
 
MEDIUM TERM RATINGS:
-------------------
Kuantum Papers Ltd                    LT/Medium term     CARE BBB (FD)  450     Revised from
                                      Fixed deposits                            CARE A- (FD);
                                                                                Negative
rating put under credit watch


LONG TERM RATINGS:
-------------------
3B Films Pvt Ltd                      LT / ST Bk Fac     CARE BB-;      130     Assigned
                                                         Stable /CARE A4
Ahill Apparel Exports Pvt Ltd         Long -term Bk Fac  CARE BB+;      279.2
                                                         Stable;
(Issuer Not Cooperating)
Alchem Trade Pvt Ltd (Erstwhile       LT BkFac           CARE B-;       19      Revised from
Rockdude Imex Pvt Ltd)                                                          CARE B;
(Issuer Not Cooperating)
Ashok Constructions                   Long -term Bk Fac  CARE B-;       50      Revised from
                                                                                CARE B;
(Issuer Not Cooperating)
B R Sponge And Power Ltd              LT Bk Fac          CARE BB; Stable140     Revised from
                                                                                CARE BB+;
                                                                                Stable
(Issuer Not Cooperating)
Baba Jhareshwar Multipurpose Himghar  LT Bk Fac          CARE B-;       68.6    Revised
Pvt Ltd                                                  Stable;                from CARE B;
                                                                                Stable;
(Issuer Not Cooperating)
Bellefonds                            LT BkFac           CARE B-;       80      Revised from
                                                         Stable;                CARE B; Stable
(Issuer Not Cooperating)
Celestial Solar Solutions Pvt Ltd     LT Bk Fac          CARE BBB;      708.4   Revised from
                                                         Stable;                CARE A-;
                                                                                Stable
(Issuer Not Cooperating)
Celkon Impex Pvt Ltd                  LT Bk Fac          -              0       Withdrawn
Epari'S Jewellers                     LT Bk Fac          CARE B;        120     Revised from
                                                         Stable;                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Finova Capital Pvt Ltd                LT Bk Fac          CARE BBB;      3650    Reaffirmed
                                                         Stable
Finova Capital Pvt Ltd                NCD (Secured NCD)  CARE BBB;      150     Reaffirmed
                                                         Stable
Garden Silk Mills Ltd                 LT Bk Fac          -              -       Withdrawn
Gb Global Ltd                         LT Bk Fac          -              -       Withdrawn
Gb Global Ltd                         NCDs               -              -       Withdrawn
Geoxa Logistics                       LT Bk Fac          CARE D;        66
(Issuer Not Cooperating)
Geoxa Steels Pvt Ltd                  LT Bk Fac          CARE D;        50
(Issuer Not Cooperating)
G-Next Media Pvt Ltd                  LT / ST Bk Fac     CARE B+ /CARE  21.5    Revised from
                                                         A4;                    CARE BB /
                                                                                CARE A4;
(Issuer Not Cooperating)
G-Next Media Pvt Ltd                  LT Bk Fac          CARE B+;       115     Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Golden Mandhir Retail Pvt Ltd         LT Bk Fac          CARE B-;       360.8   Revised from
                                                         Stable;                CARE B; Stable
(Issuer Not Cooperating)
Gopalpur Ports Ltd                    Fund Based BkFac-  CARE BBB (CE); 14000   Revised from
                                      LT TL                                     CARE A- (CE)
Gopalpur Ports Ltd                    Non Fund Based     CARE BBB (CE); 500
                                      BkFac – BG
Gopalpur Ports Ltd                    Fund Based – CC    CARE BBB (CE); 250
                                      Limits
Gopalpur Ports Ltd                    LER* Limit - LT    CARE BBB (CE); 250
                                      (Derivative)
                                      Facility
*Loan Equivalent Risk. 
Green Space Infraheights Pvt Ltd      LT Bk Fac          CARE BB-;      400     Reaffirmed
                                                         Negative               and outlook
                                                                                revised from  
                                                                                stable and 
                                                                                removed from INC
High Point Properties Pvt. Ltd.       NCDs^              CARE A- (CE)   1000    Revised from
                                                                                CARE A+ (CE)
(Under Credit watch with Developing Implications)^Credit enhancement in the form of an
unconditional, irrevocable and revolving DSRA Guarantee provided by Shapoorji
Pallonji and Company Private Limited (SPCPL, rated CARE A- / CARE A2+; under Credit Watch with
Negative Implications)
High Point Properties Pvt. Ltd.       NCDs^              CARE A- (CE)   1250    Revised from
                                                                                CARE A+ (CE)
(Under Credit watch with Developing Implications)^Credit enhancement in the form of an
unconditional, irrevocable and revolving DSRA Guarantee provided by Shapoorji
Pallonji and Company Private Limited (SPCPL, rated CARE A- / CARE A2+; under Credit Watch with
Negative Implications)
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund X Plan B -Close – Ended
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund XI Plan B-Capital Protection Oriented Fund
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund IX Plan G to J
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund X Plan C to H
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund XI Plan F to I
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund XII Plan B
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund XIII Plan A and B
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund XIV Plan B
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund XV Plan A and D
Ikf Home Finance Ltd                  LT Bk Fac          CARE A-; Stable2000    Reaffirmed
(Enhanced from Rs.50 crore Crore)
Ikf Home Finance Ltd                  NCDIssue           CARE A-;       1000    Reaffirmed
                                                         Stable
Indian Receivable Trust 17            Series A PTCs      CARE BBB (SO)  -       Reaffirmed
2018
(Originator: Reliance Commercial
Finance Ltd)
rating removed from credit watch
Indian Receivable Trust 18 –          Series A1 PTCs     -              -       Withdrawn
Feb2019
(Originator: Reliance
Commercial Finance Ltd)
Indian Receivable Trust 18 –          Series A2 PTCs     CARE A (SO)    -       Reaffirmed
Feb2019 (Originator: Reliance                                                   and removed
Commercial Finance Ltd)                                                         from credit
                                                                                watch
Indian Receivable Trust 19 –          Series A2 PTCs     CARE A (SO)    -       Reaffirmed
Feb2019 (Originator: Reliance
Commercial Finance Ltd) -
Indian Receivable Trust 19 –          Series A3 PTCs     CARE A (SO)    -       Reaffirmed
Feb2019
(Originator: Reliance 
Commercial Finance Ltd)
Ishita Buildcon Pvt Ltd               LT Bk Fac          CARE C;        100     Revised from
                                                                                CARE B-
(Issuer Not Cooperating)
Jagdamba Agro Industries              LT Bk Fac          CARE B-; Stable35.9    Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating)
Kalosona Himghar Udyog Pvt Ltd        LT BkFac           CARE B; Stable;62      Revised From
                                                                                CARE B+;
                                                                                Stable;
(Issuer Not Cooperating)
Kgn Motors Pvt Ltd                    LT Bk Fac          CARE D;        148.9
(Issuer Not Cooperating)
Krupalu Rice Industries Pvt Ltd       LT Bk Fac          CARE B+;       67.2    Revised from
                                                         Stable;                CARE BB-
(Issuer Not Cooperating)
Kuantum Papers Ltd                    LT Bk Fac          CARE BBB       6278.9  Revised from
                                                         (Triple B)             CARE A-;
                                                                                Negative
rating put under credit watch /(reduced from 634.69 Crore)
Laxmi Engineering Industries (Bhopal) LT Bk Fac          CARE D;        282.5
Pvt Ltd
(Issuer Not Cooperating)
Laxmi Engineering Industries (Bhopal) LT/ ST Bk Fac      CARE D;        100
Pvt Ltd
(Issuer Not Cooperating)
Mahalaxmi Buildwell Enterprises Pvt   LT Bk Fac          CARE B;        70      Revised from
Ltd                                                      Stable;                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Maple Leaf Intelligent Solutions Pvt  LT Bk Fac          CARE B+;       10      Revised from
Ltd                                                      Stable;                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Mohd Firoz Construction Company       LT BkFac           CARE B-;       20      Revised From
                                                         Stable;                CARE B;
                                                                                Stable;
(Issuer Not Cooperating)
Mukti Firms Pvt Ltd                   LT BkFac           CARE B-;       75.9    Revised From
                                                         Stable;                CARE B;
                                                                                Stable;
(Issuer Not Cooperating)
Mutyala Agro Tech Llp                 LT BkFac           CARE B-;       38.3    Revised From
                                                         Stable;                CARE B;
                                                                                Stable;
(Issuer Not Cooperating)
Narendranath Agency                   LT BkFac           CARE B-;       70      Revised From
                                                         Stable;                CARE B; Stable
(Issuer Not Cooperating)
Nvr Infrastructure And Services Pvt   LT Bk Fac          CARE BBB+;     623.5   Revised from
Ltd                                                      Stable;                CARE A; Stable
(Issuer Not Cooperating)
Ozone Projects Pvt Ltd                NCD Issue          CARE D         1263    Revised from
                                                                                CARE C and
                                                                                removed from INC
(Issuer Not Cooperating)
Paikar Real Estates Pvt Ltd           LT Bk Fac (TL)^    CARE BBB (CE); 1156.2  Revised from
                                                                                CARE A- (CE)
Under credit watch with developing implications)^Credit enhancement in the form of Letter of
Comfort (LoC) extended by Shapoorji Pallonji and Company Private Limited
(SPCPL; rated ‘CARE A-/A2+; under Credit Watch with Negative Implications)’.
Paxal Corporation                     LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+ and
                                                                                Withdrawn
(Issuer Not Cooperating)
Pnp Maritime Services Pvt. Ltd.       LT Bk Fac^         CARE BBB+ (CE) 734.2   Revised from
                                                                                CARE A (CE)
(Under Credit watch with Developing Implications) /(reduced from 86.77 Crore)^ An unconditional
and irrevocable corporate guarantee from Shapoorji Pallonji and Company Private Limited [SPCPL,
rated CARE A-(Credit Watch with Negative Implications)/A2+(Credit Watch with Negative
Implications)] for maintaining revolving Debt Service Reserve Account (DSRA) for an amount
payable towards one quarter interest and one quarter principal for immediately succeeding
quarter during the tenure of the facility. However, upon occurrence of an Event of Default, the
accelerated repayments of the outstanding loan will not be covered by DSRA guarantee, and shall
be restricted to next scheduled debt servicing obligation 
Ps Srijan Developers Llp              LT Bk Fac          --             0       Withdrawn
R. L. Steels And Energy Ltd           LT                 CARE BB-;      693.3   Revised from
                                                         Stable                 CARE B+;Stable
(Reduced from 77.19 Crore)
R. L. Steels And Energy Ltd           LT/ST              CARE BB-;      610.7   Reaffirmed
                                                         Stable/CARE A4         CARE
                                                                                B+;Stable/ CARE
                                                                                A4
R.K. Engineers Sales Ltd              LT Bk Fac (CC)     CARE BBB;      50      Reaffirmed
                                                         Stable
R.K. Engineers Sales Ltd              LT/ST BkFac (BG)   CARE BBB;      900     Reaffirmed
                                                         Stable/CARE A2
Rda Energy Pvt Ltd                    LT Bk Fac          --             0       Withdrawn
Rudra Solarfarms Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Sabarkantha District Cooperative Milk LT Bk Fac          CARE AA+;      1154.8  Reaffirmed
Producers Union Ltd                                      Stable
Sabarkantha District Cooperative Milk LT/ST Bk Fac       CARE AA+;      400     Reaffirmed
Producers Union Ltd                                      Stable/CARE A1+
(enhanced from Rs.10.00 crore Crore)
Sd Svp Nagar Redevelopment Pvt. Ltd.  NCDs^              CARE A- (CE)   677.6   Revised from
                                                                                CARE A+ (CE)
(Under Credit watch with Developing Implications) /(reduced from 75.00 Crore)^Credit enhancement
in the form of an unconditional, irrevocable and revolving DSRA Guarantee provided by Shapoorji
Pallonji and Company Private Limited (SPCPL, rated CARE A- / CARE A2+; under Credit Watch with
Negative Implications)
Shapoorji Pallonji Forbes Shipping LtdLT Bk Fac@         CARE BBB+ (CE) 1174.2^ Revised from
                                                                                CARE A (CE)
(Under Credit watch with Developing Implications)/(reduced from 154.07 Crore) /^ECB-I- USD
16.028mn @ INR 73.26
@unconditional and irrevocable DSRA guarantee from Shapoorji Pallonji and Company Pvt. Ltd.
(SPCPL, rated CARE A-/CARE A2+ ;Credit Watch with negative Implications; downgraded in September
2020) for maintenance of debt service reserve equivalent to next instalment of scheduled
principal and interest amount throughout the tenure of the facility. However, upon occurrence of
Event of Default, the accelerated repayments of the outstanding loan will not be covered by DSRA
guarantee, and shall be restricted to next scheduled debt servicing obligation.
Shapoorji Pallonji Oil And Gas Pvt LtdLT Bk Fac^         CARE A- (CE)   1072.5  Revised from
                                                                                CARE A+ (CE)
(Under Credit watch with Developing Implications)   /(reduced from 182.25 Crore) /^ backed by
credit enhancement in the form of an unconditional, irrevocable and revolving Debt Service
Reserve Account (DSRA) guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL;
rated CARE A-/CARE A2+; under Credit Watch with Negative Implications)
Shree Hari Steel Industries           LT BkFac           CARE B;        60      Revised
                                                         Stable;                fromCARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Shree Radhey Radhey Ispat Pvt Ltd     LT Bk Fac          CARE BB; Stable150     Assigned
Sri Laxmi Narasimha Rice Industry     LT Bk Fac          CARE D;        60
(Issuer Not Cooperating)
Sunny View Estates Pvt. Ltd.          NCDs^              -              Nil     Withdrawn
 ^Credit enhancement in the form of an unconditional, irrevocable and revolving DSRA Guarantee
provided by Shapoorji Pallonji and Company Private Limited (SPCPL, rated CARE A- / CARE A2+;
under Credit Watch with Negative Implications)
Sunny View Estates Pvt. Ltd.          NCDs^              CARE A- (CE)   2000    Revised from
                                                                                CARE A+ (CE)
(Under Credit watch with Developing Implications)^Credit enhancement in the form of an
unconditional, irrevocable and revolving DSRA Guarantee provided by Shapoorji
Pallonji and Company Private Limited (SPCPL, rated CARE A- / CARE A2+; under Credit Watch with
Negative Implications)
Suryapet Khammam Road Pvt Ltd         LT BkFac           CARE A-;       6000    Reaffirmed
                                                         Stable                 and Final
                                                                                Rating assigned
(Reduced from 704.84 Crore)
Toolfab Engineering Industries Pvt LtdLT Bk Fac          CARE B+;       199.2   Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Uttam Plastomers Pvt Ltd              LT Bk Fac          CARE BB-;      130     Revised from
                                                         Stable;                CARE BB;
                                                                                Stable
(Issuer Not Cooperating)
Vatika Infracon Pvt Ltd               NCD                CARE C(Stable) 1289    -
CARE has sought confirmation from the Debenture trustee, Investor and client pertaining to
the payment towards coupon and redemption of the bond. No formal confirmation has been received
from them so far.
As per debenture trustee, no information is available from the company on payment of NCD.
Vrindaa Crafts Pvt Ltd                LT Bk Fac          CARE B-;       110     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Vtr Marketing Pvt Ltd                 LT BkFac           CARE B-;       71.7
                                                         Stable;
(Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@refinitiv.com)
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