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CARE ratings for Indian debt instruments-Oct 23

   Oct 23  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of October 22, 2020.


COMPANY                              INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                    (RS.MLN)
-------                              ----------        ------        -----  ---------
SHORT TERM RATINGS:
-------------------
Abilities India Pistons And Rings    ST Bk Fac         CARE A4+      145    Reaffirmed
Continental Engines Pvt Ltd          ST Bk Fac         CARE A3+      1431   Assigned
Feedback Energy Distribution Co. Ltd ST Bk Fac- TL@    CARE A3 (CE)  600    -
(Revised from CARE A3+ (CE). Placed on Credit Watch with negative implications .
@Facilities are backed by unconditional and irrevocable corporate guarantee of Feedback Infra
Private Limited (FIPL, rated CARE BBB-/ CARE A3; Under Credit Watch with Negative Implications))
Feedback Infra Pvt Ltd               ST Bk Fac         CARE A3       718.8  -
(Revised from CARE A3+. Placed on Credit Watch with negative implications)
Forte Furniture Products India Pvt Lt(iii) ST Bk       CARE A4 (CE)  -      Withdrawn
                                     facility – Non-FBL
Pallavi Constructions                ST Bk Fac         CARE A4       70     -
(Rating moved to ISSUER NOT COOPERATING category)
Precision Infratech Pvt Ltd          ST Bk Fac         CARE A4+      150    Reaffirmed
Prg International Electricals Pvt Ltd FB – ST          CARE A4       80     -
                                     EPC/PCFC/FPB/FBD
(Issuer not cooperating; Based on best available information)
Mastana Foods Pvt Ltd                ST Bk Fac         -             -      Withdrawn
Metal Products                       ST Bk Fac         -             -      -
(Reaffirmed at CARE A4; ISSUER NOT COOPERATING)
Shriram Housing Finance Ltd          ST Bk Fac         -             -      Withdrawn
Prg International Electricals Pvt Ltd Non Fund Based – CARE A4       50     -
                                     ST BG/LC
(Issuer not cooperating; Based on best available information)
Shriram Housing Finance Ltd          CP                CARE A1+      1000   Reaffirmed
Titan Asia Pvt Ltd                   ST Bk Fac         CARE A4+      80     Reaffirmed
Universal Fertiliser Corporation     ST Bk Fac         CARE A4       10     Reaffirmed
 


LONG TERM RATINGS:
-------------------
Abhijeet Education Society           LT Bk Fac         CARE B+/ Stable 69.5 -
(Issuer not cooperating; Revised from CARE BB-; Stable)
Abilities India Pistons And Rings    LT Bk Fac         CARE BB+/     135.5  Reaffirmed
                                                       Stable
Aircel Cellular Ltd                  LT Fac*           CARE D        174790 -
(Issuer not cooperating; Based on best available information. 
*Part of Group facilities (interchangeable between Aircel Limited, Aircel Cellular Limited,
Dishnet Wireless Limited and Aircel Smart Money Limited)) 
Aircel Ltd                           LT Fac*           CARE D        174790 -
(Issuer not cooperating; Based on best available information. 
*Part of Group facilities (interchangeable between Aircel Limited, Aircel Cellular Limited,
Dishnet Wireless Limited and Aircel Smart Money Limited)) 
Aircel Smart Money Ltd               LT Fac*           CARE D        174790 -
(Issuer not cooperating; Based on best available information. 
*Part of Group facilities (interchangeable between Aircel Limited, Aircel Cellular Limited,
Dishnet Wireless Limited and Aircel Smart Money Limited)) 
Centrum Financial Services Ltd       NCDs (Proposed)   CARE BBB+/    2000   Assigned
                                                       Stable
Centrum Financial Services Ltd       Market Linked     CARE PP-MLD   1000   Assigned
                                     Debentures        BBB+/ Stable
                                     (Proposed)
Cgr Collateral Management Ltd        LT Bk Fac         CARE D        95     -
(Issuer not cooperating; Based on best available information)
Cloud 9 Infraspace Llp               LT Bk Fac         CARE BBB-;    250    Assigned
                                                       Stable
Continental Engines Pvt Ltd          LT Bk Fac         CARE BBB/     1069   Assigned
                                                       Stable
Deviprasad Shetty                    LT Bk Fac         CARE D        150    -
(Issuer not cooperating; Based on best available information)
Dishnet Wireless Ltd                 LT Fac*           CARE D        174790 -
(Issuer not cooperating; Based on best available information.
*Part of Group facilities (interchangeable between Aircel Limited, Aircel Cellular Limited,
Dishnet Wireless Limited and Aircel Smart Money Limited)) 
Feedback Energy Distribution Co. Ltd LT – Fund based–  CARE BBB- (CE) 1816.8  -
                                     TL@
(Revised from BBB+ (CE); Stable. Placed on Credit Watch with negative implications . 
@Facilities are backed by unconditional and irrevocable corporate guarantee of Feedback Infra
Private Limited (FIPL, rated CARE BBB-/ CARE A3; Under Credit Watch with Negative Implications))
Feedback Energy Distribution Co. Ltd LT Bk Fac- CC@    CARE BBB- (CE)   280    -
(Revised from BBB+ (CE); Stable. Placed on Credit Watch with negative implications.
@Facilities are backed by unconditional and irrevocable corporate guarantee of Feedback Infra
Private Limited (FIPL, rated CARE BBB-/ CARE A3; Under Credit Watch with Negative Implications))
Feedback Energy Distribution Co. Ltd Long /ST – Bk Fac CARE BBB-     490    -
                                     – Non fund based  (CE)/CARE A3
                                     BG/LC@            (CE);
(Revised from BBB+ (CE)/ CARE A3+ (CE); Stable. Placed on Credit Watch with negative
implications.
@Facilities are backed by unconditional and irrevocable corporate guarantee of Feedback Infra
Private Limited (FIPL, rated CARE BBB-/ CARE A3; Under Credit Watch with Negative Implications))
Feedback Highways Omt Pvt Ltd        LT Bk Fac-Fund    CARE BBB- (CE)  210  -
                                     Based – CC@
(Revised from BBB+ (CE); Stable. Placed on Credit Watch with negative implications . 
@Facilities are backed by unconditional and irrevocable corporate guarantee of Feedback Infra
Private Limited (FIPL, rated CARE BBB-/ CARE A3; Under Credit Watch with Negative Implications)
Feedback Highways Omt Pvt Ltd        LT/ST Bk Fac-Non  CARE BBB-     150    -
                                     fund based BG/LC@  (CE)/CARE A3
                                                       (CE);
(Revised from BBB+ (CE)/ CARE A3+ (CE); Stable. Placed on Credit Watch with negative
implications.
@Facilities are backed by unconditional and irrevocable corporate guarantee of Feedback Infra
Private Limited (FIPL, rated CARE BBB-/ CARE A3; Under Credit Watch with Negative Implications) 
Feedback Infra Pvt Ltd               LT/ST Bk Fac      CARE BBB-     3010   -
                                                       /CARE A3;
(Revised from BBB+; Stable/ CARE A3+. Placed on Credit Watch with negative implications)
Feedback Infra Pvt Ltd               LT Bk Fac         CARE BBB-;    3016.2 -
(Revised from BBB+; Stable. Placed on Credit Watch with negative implications)
Feedback Infra Pvt Ltd               LT – Compulsorily CARE BBB-;    500    -
                                     Convertible
                                     Debentures
(Revised from BBB+; Stable. Placed on Credit Watch under negative implication)
Feedback Infra Pvt Ltd               LT – Non-         CARE BBB-;    300    -
                                     Convertible
                                     Debentures
(Revised from BBB+; Stable. Placed on Credit Watch under negative implications)
Forte Furniture Products India Pvt Ltd(i)LT Bk facility CARE AAA (CE); 315  Reaffirmed
                                     – Overdraft*      Stable
(* backed by credit enhancement in the form of unconditional and irrevocable Standby Letter of
Credit from ING Bank, Netherlands)
Forte Furniture Products India Pvt Ltd Unsupported     CARE BB       -      -
                                     Rating^
(^Note: Unsupported Rating does not factor in the explicit credit enhancement)
Forte Furniture Products India Pvt Lt(ii) LT Bk        CARE BB (CE); -      Withdrawn
                                     facility - CC     Stable
Harikishan Tejmal & Company          LT/ST Bk Fac      CARE D/CARE D; 220   -
(“ISSUER NOT COOPERATING; Based on best available information”)
Hinduja National Power Corporation Ltd Bk Fac-Fund     CARE A-;     58785.2 -
                                     based-LT-TL
(Revision in credit watch from Developing Implications to Negative Implications.
(enhanced from 4,878.52))
Hinduja National Power Corporation Ltd Bk Fac-Fund     CARE A-;      12900  -
                                     based-LT-CC
(Revision in credit watch from Developing Implications to Negative Implications)
Hinduja National Power Corporation Ltd Bk Fac-Fund     CARE A-;      1750   Assigned
                                     based-LT-BG/LC
Hlf Cv Trust 2020 Originator: Hinduja Series A PTC     CARE AAA (SO) -      -
Leyland Finance Ltd
Jm Financial Products Ltd            NCDs              CARE AA/ Stable  -   -
(Reaffirmed and Withdrawn)
Jnana Bandhu Education Trust         LT Bk Fac         CARE B-;Stable 65    -
(Issuer not cooperating; Revised from CARE B; Stable)
Maharshtra State Electricity         LT Bk Fac FB– TL  -             -      -
Distribution Co. Ltd
(Reaffirmed at CARE BBB+; Stable and Withdrawn)
Mastana Foods Pvt Ltd                LT Bk Fac         -             -      Withdrawn
Metal Products                       LT Bk Fac         -             -      -
(Reaffirmed at CARE B; Stable; ISSUER NOT COOPERATING)
Modern Machinery Store               LT/ST Bk Fac      CARE D/CARE D;  3    -
(ISSUER NOT COOPERATING; Based on best available information)
Modern Machinery Store               LT Bk Fac         CARE D;       93     -
(ISSUER NOT COOPERATING; Based on best available information)
Navami Plaza Pvt Ltd                 LT Bk Fac         CARE B+;Stable 100   -
(Issuer not cooperating; Based on best available information)
Nufarm Frozens Pvt Ltd               LT Bk Fac         CARE BB-/     180    Assigned
                                                       Stable
Ongc Petro Additions Ltd             NCDs (Proposed)   -             -      Withdrawn
Pallavi Constructions                LT Bk Fac         CARE B/ Stable70     -
(Rating moved to ISSUER NOT COOPERATING category)
Precision Infratech Pvt Ltd          LT Bk Fac         CARE BB+;     11.5   Assigned
                                                       Negative
Precision Infratech Pvt Ltd          LT Bk Fac         CARE BB+;     115    Reaffirmed
                                                       Negative
(Outlook revised from Stable)
Precision Infratech Pvt Ltd          LT/ST Bk Fac      CARE BB+;     573.5  Reaffirmed
                                                       Negative /CARE
                                                       A4+
(Outlook revised from Stable)
Prg International Electricals Pvt Ltd FB – LT TL       CARE BB-/     409.9  -
                                                       Stable
(Issuer not cooperating; Revised from CARE BB; Stable;)
Prg International Electricals Pvt Ltd FB – LTCC        CARE BB-/     60     -
                                                       Stable
(Issuer not cooperating; Revised from CARE BB; Stable;)
Sankar Cotton Traders                LT Bk Fac         CARE D;       100    -
(Rating continues to remain under ISSUER NOT COOPERATING category and Revised from CARE B+)
Shriram Housing Finance Ltd          LT Bk Fac         CARE AA;      15000  -
                                                       Stable
(Revised from CARE AA+; Negative)
Shriram Housing Finance Ltd          NCDs issue-I      CARE AA;      1000   -
                                                       Stable
(Revised from CARE AA+; Negative)
Shriram Housing Finance Ltd          NCDs issue -III   CARE AA;      150    -
                                                       Stable
(Revised from CARE AA+; Negative)
Shriram Housing Finance Ltd          NCDs issue -V     CARE AA;      500    -
                                                       Stable
(Revised from CARE AA+; Negative)
Shriram Housing Finance Ltd          NCDs issue-VI     CARE AA;      300    -
                                                       Stable
(Revised from CARE AA+; Negative)
Shriram Housing Finance Ltd          NCDs issue-VII    CARE AA;      1750   -
                                                       Stable
(Revised from CARE AA+; Negative)
Shriram Housing Finance Ltd          NCDs issue-VIII   CARE AA;      2000   -
                                                       Stable
(Revised from CARE AA+; Negative)
Shriram Housing Finance Ltd          Sub-Ordinated Debt CARE AA;     500    -
                                     (Proposed)        Stable
(Revised from CARE AA+; Negative)
Sri Srinivasa Delinters              LT Bk Fac         CARE B+/Stable 80     -
(Revised from CARE BB-; Stable and moved to ISSUER NOT COOPERATING category based on best
available information)
Titan Asia Pvt Ltd                   LT Bk Fac         CARE BB;      55     Reaffirmed
                                                       Stable
Udupi Developers                     LT Bk Fac         CARE D;       147.5  -
(Issuer not cooperating; Based on best available information)
Universal Fertiliser Corporation     LT Bk Fac         CARE BB-/     72.5   Reaffirmed
                                                       Stable
Vikram Roller Flour Mills Ltd        LT/ST Bk Fac      CARE B-;      475    -
                                                       Stable/CARE A4;
(“ISSUER NOT COOPERATING; Revised from CARE B; Stable/ CARE A4;)
--------------------------------------------------------------------------------------------
$: 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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