October 4, 2018 / 10:46 AM / 4 months ago

CARE ratings for Indian debt instruments-Oct 4

   Oct 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 3, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agnibina Rice Mills Pvt Ltd           ST Fac             CARE A4        3.5     Assigned
Airo Lam Ltd                          ST Bk Fac          CARE A3        62.5    Revised from
                                                                                A4
Ajanta Pharma Ltd                     ST Bk Fac          CARE A1+       450     Reaffirmed

Aussee Oats India Ltd.                ST Bk Fac          CARE A1 (SO)   40*     Reaffirmed
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
Aussee Oats India Ltd.                ST Bk Fac          Provisional    40*     Assigned
                                                         CARE A1 (SO)
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
Bharat Petroleum Corporation Ltd      CP Issue           CARE A1+       35000   Reaffirmed
(enhanced from Rs.2,000 crore Crore)
Capital First Home Finance Ltd        CP                 CARE A1+       7000    Reaffirmed
Db Corp. Ltd.                         ST Bk Fac – Non    CARE A1+       2227.5  Reaffirmed
                                      Fund Based
(reduced from Rs.247.75 crore Crore)
Diamond Footcare Udyog Pvt Ltd        ST Bk Fac          CARE A4        45      -
(Issuer Not Cooperating)
Elegant Overseas                      ST Bk Fac          CARE A4        290     Reaffirmed
Eros International Media Ltd          ST Bk Fac          CARE A3        1870    Revised from
                                                                                CARE A3+
Fiotex Cotspin Pvt Ltd                ST BkFac           CARE A3        209     Revised from
                                                                                CARE A4+
Florida Electrical Industries Ltd     ST Bk Fac          CARE A4        20      Assigned
Future Consumer Ltd                   ST Bk Fac(FB)     CARE A1        700     Reaffirmed
(enhanced from Rs.20.00 crore)
Future Consumer Ltd                   ST Bk Facility     CARE A1        250     Reaffirmed
                                      (Nonfund-based)
Future Consumer Ltd                   CP                 CARE A1        1000    Reaffirmed
Future Enterprises Ltd.               ST Bk Fac (Non     CARE A1+       6020    Reaffirmed
                                      Fund based)
Future Enterprises Ltd.               ST Bk Fac (TL)     CARE A1+       500     Reaffirmed
Future Enterprises Ltd.               CP (Standalone)^   CARE A1+       1500    Reaffirmed
^ As per undertaking submitted by FEL the outstanding CP including working capital 
borrowings will not exceed lower of the sanctioned working capital limits or 
drawing power at any point of time.
Future Enterprises Ltd.               CP (Carved Out)    CARE A1+       1500    Reaffirmed
Future Enterprises Ltd.               CP                 CARE A1+       2500    Reaffirmed
Future Retail Ltd                     ST Bk Fac (Non     CARE A1+       25000   Reaffirmed
                                      Fund based)
Future Retail Ltd                     CP (carved out of  CARE A1+       6500    Reaffirmed
                                      working capital
                                      limits)
Future Retail Ltd                     CP (Standalone)^   CARE A1+       6000    Reaffirmed
^ As per undertaking submitted by FEL the outstanding CP including working 
capital borrowings will not exceed lower of the sanctioned working capital limits
or drawing power at any point of time.
Gati Kintetsu Express Pvt Ltd         CP                 CARE A1+       500     Reaffirmed
(reduced from 110 Crore)
Gati Kintetsu Express Pvt Ltd         ST Bk Fac          CARE A1+       400     Reaffirmed
(enhanced from 30 Crore)
Ginni Filaments Ltd                   ST Bk Fac          CARE A3        580     Reaffirmed
Gobind Sugar Mills Ltd                ST Bk Fac - Bk     CARE A3        25      Reaffirmed
                                      Guarntee
Sperry International Pvt Ltd          ST Bk Fac          CARE D         168     Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Hospitality Education Services        ST Bk Fac          CARE A4        115     Revised from
International                                                                   CARE A4
(Issuer Not Cooperating)
(Enhanced from Rs. 4.80 crore Crore)
Hvr Projects Pvt Ltd                  ST Bk Fac          CARE A4        10      -
(Issuer Not Cooperating)
Iclean Hollow Metal Systems Pvt Ltd   ST Bk Fac@         CARE A2+ (SO)  40      Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by 
Integrated Cleanroom Technologies Private Limited (rated CARE A; Stable/CARE A2+)
Innovare Labs Pvt Ltd                 ST Bk Fac          CARE A3        110     Reaffirmed
Integrated Cleanroom Technologies Pvt ST Bk Fac          CARE A2+       280     Reaffirmed
Ltd
(Reduced from 35.00 Crore)
Ishwar Cables Pvt Ltd                 ST Bk Fac          CARE A4        10      Reaffirmed
K S Infra Transmission Pvt Ltd        ST Bk Fac          CARE A4        40      Reaffirmed
(enhanced from 2.00 Crore)
Kaveri Ceramic                        ST Bk Fac          CARE A4+       15      Reaffirmed
Kriti Nutrients Ltd                   ST BkFac           CARE A2        40      Assigned
Makcur Laboratories Ltd               ST Bk Fac          CARE A4        27.5    Reaffirmed
(reduced from 3.25 Crore)
Mithra Kyokuto Special Purpose VehicleST Bk Fac          CARE A4        20      Assigned
Company Pvt Ltd
Pal Enterprises                       ST Bk Fac          CARE A4        150     Assigned
Rajdeep Construction                  ST Bk Fac          CARE A4        30      Assigned
Ranergy Solutions Pvt Ltd             ST Bk Fac          CARE A4        20      Assigned
Rimjhim Ispat Ltd                     ST Bk Fac          CARE A3+       1850    Revised from
                                                                                CARE A3
S. Prince High Tech Pvt Ltd           ST BkFac           CARE A4        35      -
(Issuer Not Cooperating)
Saptagir Camphor Ltd                  ST Bk Fac          CARE A1        96.6    Reaffirmed
Sperry Plast Ltd                      ST Bk Fac          CARE D         265     -
(Issuer Not Cooperating)
Sms Lifesciences India Ltd            ST Bk Fac          CARE A2        10      Reaffirmed
Suditi Industries Ltd                 ST Bk Fac          CARE A3        20      Reaffirmed
T.C. Terrytex Ltd                     ST Bk Fac          -              -       Withdrawn
Udupi Power Corporation Ltd           ST Bk Fac          CARE A2+       3730    Revised from
                                                                                CARE A2
Usha Martin Ltd                       ST BkFac           CARE A4+       22750   -
Placed on credit watch with positive implications
Velox Automation Pvt Ltd              ST Bk Fac          -              -       Withdrawn
Vrijesh Corporation                   ST Bk Fac          CARE A3        57.5    Assigned


LONG TERM RATINGS:
-------------------
Adani Power Maharashtra Ltd           LT Bk Fac          CARE A-        144802.4Reaffirmed
Adani Power Maharashtra Ltd           LT / ST Bk Fac     CARE A- /CARE  9100    Reaffirmed
                                                         A2
Adani Power Rajasthan Ltd             LT Bk Fac ^        Provisional    450     Assigned
                                                         CARE A-(SO)
^ The rating assigned is based on the proposed credit enhancement in the form 
of 25% of the facility amount to be kept as margin in the form of Fixed Deposit 
(FD) under lien with the lender; along with security of first and exclusive pledge 
of promoters’ unencumbered shares of Adani Ports and Special Economic Zone Limited
(APSEZ) and/or Adani Transmission Limited (ATL) such that the value of these shares
provides a cover of at least 1.5 times of the facility amount (net of cash
margin) throughout the tenor of the facility.
Agnibina Rice Mills Pvt Ltd           LT Bk Fac          CARE B+        76.5    Assigned
Airo Lam Ltd                          LT Bk Fac          CARE BBB-      10.7    Revised from
                                                                                CARE BB+
(reduced from 3.09 Crore)
Airo Lam Ltd                          LT Bk Fac/ ST      CARE BBB-      170     Revised from
                                      BkFac              /CARE A3               CARE BB+
Ajanta Pharma Ltd                     LT/ST Bk Fac       CARE AA/CARE   750     Reaffirmed
                                                         A1+
Amun Solarfarms Ltd                   LT Bk Fac- TL      CARE BBB       826.7   Revised from
                                                                                CARE BBB-
Arg Developers Pvt Ltd                LT Bk Fac          CARE C         493.7   Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Aussee Oats India Ltd.                LT Bk Fac          CARE A (SO)    10*     Reaffirmed
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
Aussee Oats India Ltd.                LT Bk Fac          Provisional    20*     Assigned
                                                         CARE A (SO)
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
Avighna Solarfarms Ltd                LT Bk Fac- TL      CARE BBB       826.7   Revised from
                                                                                CARE BBB-
Behl Motors Pvt Ltd                   LT Bk Fac          CARE BB-       90      Reaffirmed
Best Capital Services Ltd             LT BkFac           CARE BB        200     Revised from
                                                                                CARE BB-
(enhanced from 13 Crore)
Bhanushri Realities                   LT Bk Fac          CARE BB-       144.7   Revised from
                                                                                CARE B+
(Enhanced from 13.60 Crore)
Bharat Petroleum Corporation Ltd      NCD                CARE AAA       13000   Reaffirmed
Bharat Petroleum Corporation Ltd      NCD (Proposed)     CARE AAA       7000    Reaffirmed
Bloom Foods And Beverages Pvt. Ltd.   LT BkFac           CARE A (SO)    50*     Final Rating
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
Bloom Foods And Beverages Pvt. Ltd.   LT BkFac           CARE A (SO)    100*    Reaffirmed
(enhanced from Rs.5.00 crore Crore), 
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
Bright Style Fabrics Pvt Ltd          LT Bk Fac          CARE BB-       56.3    Reaffirmed
Calyx Merlin Buildcon Llp             LTBk Fac           CARE B         200     -
(Issuer Not Cooperating)
Capital First Home Finance Ltd        LT Bk Fac          CARE AA+       16110.1 Reaffirmed
Capital First Home Finance Ltd        LT NCD             CARE AA+       5000    Reaffirmed
Capital First Home Finance Ltd        Subordinated debt  CARE AA+       1000    Reaffirmed
Ceejay Finance Ltd                    LT Bk Fac          CARE BBB-      150     Reaffirmed
Dar Credit & Capital Ltd.             LT Bk Fac          CARE BBB-      1000    Reaffirmed
Db Corp. Ltd.                         LT Bk Fac- TL      -              -       Withdrawn
Db Corp. Ltd.                         LT Bk Fac- Fund    CARE AAA       1500    Reaffirmed
                                      Based
(reduced from Rs.155.00 crore Crore)
Db Corp. Ltd.                         LT Bk Fac – Non    CARE AAA       22.5    -
                                      Fund Based
Diamond Footcare Udyog Pvt Ltd        LT Bk Fac          CARE BB-       517.8   -
(Issuer Not Cooperating)
Ecostar Goel Properties Llp           LT Bk Fac          CARE B         175     -
(Issuer Not Cooperating)
Elegant Overseas                      LT Bk Fac          CARE BB-       1.1     Reaffirmed
Engineers India Ltd                   Long/ ST Bk Fac    CARE AAA/CARE  14152.6 Reaffirmed
                                                         A1+
(reduced from Rs.1415.61 crore Crore)
Eros International Media Ltd          LT Bk Fac          CARE BBB-      5630    Revised from
                                                                                CARE BBB+
Fiotex Cotspin Pvt Ltd                LT BkFac           CARE BBB-      1263.6  Revised from
                                                                                CARE BB+
(reduced from Rs.131.53 crore Crore)
First Reliable Industries             LT Bk Fac          CARE B+        200     Assigned
Florida Electrical Industries Ltd     LT Bk Fac          CARE BB-       100     Assigned
Florida Electrical Industries Ltd     LT/ST Bk Fac       CARE BB- /CARE 90      Assigned
                                                         A4
Future Consumer Ltd                   NCD                -              -       Withdrawn
Future Consumer Ltd                   LT Bk Fac(FB)      CARE A         2500    Reaffirmed
(reduced from Rs.280.00
crore)
Future Consumer Ltd                   LT Bk Facility     CARE A         500     Reaffirmed
                                      (Term Loan)
(enhanced from Rs.24.35 crore)
Future Consumer Ltd                   NCD                CARE A         1000    Reaffirmed
Future Consumer Ltd                   Long/ST Bk Fac (FB)CARE A;        650     Reaffirmed
                                                         Stable/CARE A1
Future Enterprises Ltd.               LT Bk Fac (TL)     CARE AA-       9610.6  Reaffirmed
Future Enterprises Ltd.               LT Bk Fac (TL)     CARE AA-       5576.6  Reaffirmed
Future Enterprises Ltd.               LT Bk Fac (Fund    CARE AA-       6250    Reaffirmed
                                      Based)
Future Enterprises Ltd.               LT NCDs            CARE AA-       2850    Reaffirmed
(reduced from Rs.900.00 crore Crore)
Future Enterprises Ltd.               LT NCDs            CARE AA-       2000    Reaffirmed
(reduced from Rs.600.00 crore Crore)
Future Enterprises Ltd.               LT NCDs            CARE AA-       13475   Reaffirmed
Future Enterprises Ltd.               LT NCDs            CARE AA-       9490    Reaffirmed
Future Enterprises Ltd.               LT NCDs            CARE AA-       9500    Reaffirmed
Future Enterprises Ltd.               LT NCDs            CARE AA-       5500    Reaffirmed
Future Enterprises Ltd.               LT NCDs            CARE AA-       2000    Reaffirmed
Future Retail Ltd                     LT Bk Fac (TL)     CARE AA-       2650    Reaffirmed
(enhanced from Rs.200.00 crore Crore)
Future Retail Ltd                     LT Bk Fac (Fund    CARE AA-       32500   Reaffirmed
                                      Based)
Gati Kintetsu Express Pvt Ltd         LT Bk Fac          CARE A+        2351.3  Reaffirmed
(enhanced from 213 Crore)
Ginni Filaments Ltd                   LT Bk Fac          CARE BBB-      2641.9  Reaffirmed
(Decreased from 275.12 Crore)
Gobind Sugar Mills Ltd                LT Bk Fac- Working CARE BBB-      1420    Reaffirmed
                                      capital Fac
(reduced from 171.34 Crore)
Gobind Sugar Mills Ltd                LT Bk Fac- TL      CARE BBB-      148.3   Assigned
Gobind Sugar Mills Ltd                LT Bk Fac*TL       CARE BBB+ (SO) 1406.7  Reaffirmed
(enhanced from 126.16 Crore), 
* The long-term facility (term loan) of Rs.140.67 crore is backed by an
 unconditional and irrevocable corporate guarantee provided by Zuari Global Limited.
Green Space Infraheights Pvt Ltd      LT Bk Fac          CARE BB        400     Reaffirmed
Hemkund Energy Pvt Ltd                LT Bk Fac          CARE BB-       148.6   Assigned
Hospitality Education Services        LT Bk Fac          -              -       Withdrawn
International
Hvr Projects Pvt Ltd                  LT Bk Fac          CARE B         124.4   -
(Issuer Not Cooperating)
Hypercity Retail India Ltd.           LT Bk Fac          -              -       Withdrawn
Hypercity Retail India Ltd.           LT/ST Bk Facility  -              -       Withdrawn
Iclean Hollow Metal Systems Pvt Ltd   LT Bk Fac@         CARE A (SO)    80      Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by 
Integrated Cleanroom Technologies Private Limited (rated CARE A; Stable/CARE A2+
Inductotherm (India) Pvt Ltd          LT Bk Fac          CARE AA+       150     Reaffirmed
Inductotherm (India) Pvt Ltd          LT/ST Bk Fac       CARE AA+/CARE  700     Reaffirmed
                                                         A1+
(enhanced from Rs.50 Crore)
Innovare Labs Pvt Ltd                 LT Bk Fac          CARE BBB-      773.5   Reaffirmed
Integrated Cleanroom Technologies Pvt LT Bk Fac          CARE A         612.6   Reaffirmed
Ltd
(enhanced from 47.13 Crore)
Integrated Cleanroom Technologies Pvt LT Bk Fac/         CARE A /CARE   1310    Reaffirmed
Ltd                                   Shortterm Bk Fac   A2+
(enhanced from 80.00 Crore)
Ishwar Cables Pvt Ltd                 LT Bk Fac          CARE BB-       60      Revised from
                                                                                CARE B+
Ishwar Metal Industries               LT Bk Fac          CARE BB        320     Revised from
                                                                                CARE BB-
Ishwar Metal Industries               LT / ST Bk Fac     CARE BB /CARE  325     Revised from
                                                         A4                     CARE BB-
Juhi Alloys Ltd                       LT Bk Fac          CARE BBB       200     Revised from
                                                                                CARE BB+
K S Infra Transmission Pvt Ltd        LT Bk Fac          CARE B+        60      Reaffirmed
(enhanced from 4.00 Crore)
Kaveri Ceramic                        LT Bk Fac          CARE BB-       30      Reaffirmed
(reduced from 3.50 Crore)
Krishna Tuff Pvt Ltd                  Long- term Bk Fac  CARE B+        22.4    Assigned
Krishna Tuff Pvt Ltd                  Long- term/ ST Bk  CARE B+/CARE A440      Assigned
                                      Fac
Kriti Nutrients Ltd                   Long / ST Bk Fac   CARE BBB+      520     Reaffirmed
                                                         /CARE A2
Kuber Concast                         LT Bk Fac          CARE BB-       65.9    Assigned
Madura Micro Finance Ltd              LT BkFac           CARE BBB+      2055.5  Revised from
                                                                                CARE BBB+
Madura Micro Finance Ltd              NCD issue-I        CARE BBB+      400     Revised from
                                                                                CARE BBB+
Madura Micro Finance Ltd              NCD issue-II       CARE BBB+      330     Revised from
                                                                                CARE BBB+
Madura Micro Finance Ltd              NCD issue-III      CARE BBB+      400     Revised from
                                                                                CARE BBB+
Makcur Laboratories Ltd               LT Bk Fac          CARE BB        15.3    Reaffirmed
(reduced from 3.15 Crore)
Makcur Laboratories Ltd               LT/ST BkFac        CARE BB/CARE   100     Reaffirmed
                                                         A4
(enhanced from 7.00 Crore)
Mangalore Chemicals And Fertilizers Ltd LT/ STBk Fac     CARE BBB+      23337.3 Revised from
                                                         /CARE A3+              CARE BBB
(reduced from 2435.00 Crore)
Menon Pistons Ltd                     ST Bk Fac –Fund    CARE A2 /CARE  310     Reaffirmed
                                      BasedLT Bk Fac     BBB+                   Assigned
                                      –Non Fund Based
Menon Pistons Ltd                     LT Bk Fac- Fund    CARE BBB+      180     Reaffirmed
                                      Based
(reduced from Rs. 25.00 Crore)
Mithra Kyokuto Special Purpose VehicleLT Bk Fac          CARE BB-       70      Reaffirmed
Company Pvt Ltd
(reduced from 8.00 Crore)
National Highways Authority Of India  LT TFBs            CARE AAA       100000  Reaffirmed
National Highways Authority Of India  LT TFBs            CARE AAA       50000   Reaffirmed
National Highways Authority Of India  LT TFBs            CARE AAA       190000  Reaffirmed
National Highways Authority Of India  LT Borrowing       CARE AAA       331180  Reaffirmed
                                      Programme for
                                      FY16-17
National Highways Authority Of India  LT Borrowing       CARE AAA       590000  Reaffirmed
                                      Programme for
                                      FY17-18
National Highways Authority Of India  LT Borrowing       CARE AAA       620000  Reaffirmed
                                      Programme for
                                      FY18-19
Natsteel Asia Pte Ltd                 LT Bk Fac*         CARE AA- (SO)  134000.3Assigned
*equivalent to USD 1865 million converted at 71.85 INR|USD
Pal And Paul Builders Ltd             LT/ST Bk Fac       CARE B+/CARE A4140     Assigned
Paliwal & Sons                        LT Bk Fac          CARE BB-       132.5   Assigned
Promptec Renewable Energy Solutions Pvt LT Bk Fac        CARE A-        200     Placed on
Ltd                                                                             Credit Watch
                                                                                with Positive
                                                                                Implications
Promptec Renewable Energy Solutions Pvt LT Bk Fac        CARE A- /CARE  150     Placed on
Ltd                                                      A2+                    Credit Watch
                                                                                with Positive
                                                                                Implications
Rajdeep Construction                  LT Bk Fac          CARE BB-       70      Assigned
Rajkamal Electric Press               LT Bk Fac          CARE BB        67.2    Assigned
Ranergy Solutions Pvt Ltd             LT Bk Fac          CARE B+        96.6    Reaffirmed
(Reduced from 12.78 Crore)
Reliance Industries Ltd               Proposed NCDs      CARE AAA       100000  Assigned
Renew Wind Energy (Varekarwadi) Pvt Ltd LT Bk Facility   CARE BBB+      2390    Assigned
Rimjhim Ispat Ltd                     LT Bk Fac          CARE BBB       2566.2  Revised from
                                                                                CARE BBB-
Rimjhim Stainless Ltd                 LT Bk Fac          CARE BBB       1214.8  Revised from
                                                                                CARE BBB-
Rising Bhadla 2 Pvt Ltd               LT BkFac           CARE BBB+      3388.5  Revised from
                                                                                CAREBBB-
Rural Electrification Corporation Ltd Market Borrowing   -              -       Withdrawn
                                      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       86235   Reaffirmed
                                      programme (FY’12)
(reduced from 11,594 Crore)
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA       75442   Reaffirmed
                                      programme (FY’13)
(reduced from 11,692.61 Crore)
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA       147230  Reaffirmed
                                      programme (FY’14)
(reduced from 20,273.00 Crore)
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA       209050  Reaffirmed
                                      programme (FY’15)
(reduced from 23,515.00 Crore)
Rural Electrification Corporation Ltd LT Market          CARE AAA       126310  Reaffirmed
                                      Borrowing
                                      Programme for FY16
(reduced from 13,631.00 Crore)
Rural Electrification Corporation Ltd LT Market          CARE AAA       186000  Reaffirmed
                                      Borrowing
                                      Programme for FY17
(reduced from 18,600.00 Crore)
Rural Electrification Corporation Ltd Market borrowing   CARE AAA/CARE  600000# Reaffirmed
                                      programme for FY19 A1+
                                      – LT/ST
#Including ST market borrowing programme of Rs.9,000 cr as sublimit of 
total MBP of Rs.60,000 cr for FY19
Rural Electrification Corporation Ltd Market Borrowing   CARE AAA/CARE  550000* Reaffirmed
                                      programme for FY18 A1+
*including short term borrowing programme of Rs. 5,000 crore as sublimit of total MBP for FY18
S. Prince High Tech Pvt Ltd           LT BkFac           CARE B+        100     -
(Issuer Not Cooperating)
S.N. Dairy Foods Pvt Ltd              LT Bk Fac          CARE BB-       124.3   -
(Issuer Not Cooperating)
Sadashiv Castings Pvt Ltd             LT Bk Fac          CARE B+        265     Rating
                                                                                revised from
                                                                                CARE D
(Issuer Not Cooperating) (enhanced from Rs.22.00 crore Crore)
Salasar Balaji Cold Storage           LT Bk Fac          CARE B;        58.5    -
(Issuer Not Cooperating)
Saptagir Camphor Ltd                  LT Bk Fac          CARE A+        1150    Reaffirmed
(enhanced from Rs.60 crore Crore)
Sasan Power Ltd                       LT BkFac -TL,      CARE BBB+      175750  Revised from
                                      Hedge Limits and                          CARE A-
                                      Fundbased Working Capital
Sasan Power Ltd                       LT/ST Bk Fac –     CARE           3000    Revised from
                                      Non FBL            BBB+ /CARE A2          CARE A-
                                      (Bk Guarantee)    
Shree Azad Transport Company Pvt. Ltd.LT Bk Fac          CARE BB-       75      -
(Issuer Not Cooperating)
Shri Tirupati Steelcast Ltd           LT BkFac           CARE BBB-      436.5   Reaffirmed
Shubham Propmart Pvt Ltd              LT Bk Fac          CARE D         98.1    Reaffirmed
Siddhi Laxmi Motors                   LT Bk Fac          CARE B+        88.9    Assigned
Siro Clinpharm Pvt Ltd                LT/ ST Bk Fac      CARE BBB/CARE  75      Reaffirmed
                                                         A3
Sms Lifesciences India Ltd            LT Bk Fac          CARE BBB+      320     Reaffirmed
(enhanced from 19.50 Crore)
Sms Lifesciences India Ltd            LT/ST BkFac        CARE BBB+      415     Reaffirmed
                                                         /CARE A2
(enhanced from 30.00 Crore)
Sorento Granito Pvt Ltd               LT/ST Bk Fac       CARE B+/CARE A4177.5   -
(Issuer Not Cooperating)
Sperry Plast Ltd                      LT Bk Fac          CARE D         1410.7  -
(Issuer Not Cooperating)
Sri Lakshmi Venkatadri Agro Food      LT Bk Fac          CARE BB-       68      Reaffirmed
Industries
Stci Finance Ltd                      NCDs               CARE AA-       10000   Reaffirmed
Suditi Industries Ltd                 LT Bk Fac          CARE BBB-      260     Reaffirmed
(enhanced from 21.10 Crore)
Suryakala Laboratories Pvt Ltd        LT Bk Fac          CARE BB-       98      Assigned
Suryakala Laboratories Pvt Ltd        Long/ST BkFac      CARE BB-/CARE  10      Assigned
                                                         A4
Sushma Buildtech Ltd                  LT Bk Fac          CARE BB+       1049.1  Reaffirmed
(reduced from 112.57 Crore)
T.C. Terrytex Ltd                     LT Bk Fac          -              -       Withdrawn
Talettutayi Solar Projects Four Pvt LtLT Bk Fac          CARE BBB+      2930    Revised from
                                                                                CARE BBB-
(Reduced from Rs.308.00 crore Crore)
Talwalkars Better Value Fitness Ltd   LT Bk Fac (TL)     CARE AA        850.9   Reaffirmed
(Reduced from 110.09 Crore)
Talwalkars Better Value Fitness Ltd   Proposed LT        CARE AA        250     Assigned
                                      NonConvertible
                                      Debenture
Talwalkars Lifestyle Ltd              LT Bk Fac (TL)     CARE AA        2129.8  Reaffirmed
( Reduced from 237.98 Crore)
Talwalkars Lifestyle Ltd              Proposed LT        CARE AA        250     Assigned
                                      NonConvertible
                                      Debenture
Tamil Nadu Civil Supplies Corporation LT Bk Fac@         CARE A- (SO)   200     Reaffirmed
@ backed by unconditional and irrevocable guarantee from Government of Tamil Nadu
 (GoTN) for the bank facilities vide GO Ms. No. 137 Finance (Loans & Advances Cell) 
 Department dated April 24, 2018.The guarantee is valid for a period of three years 
 with effect from January 20, 2018.
Tamil Nadu Transmission Corporation Ltd Bond Issue*      CARE A- (SO)   6954.5  Reaffirmed
(Reduced from 1,000.00 Crore) , 
*The bonds carry an unconditional and irrevocable guarantee for the repayment 
of principal and payment of interest from the Government of Tamil Nadu (GoTN) 
issued by Finance (Loans & Advances Cell) Department vide G.O.Ms.No.278 dated
July 01, 2009.
Tamil Nadu Transmission Corporation Ltd Bond Issue^       CARE A- (SO)   244.4   Reaffirmed
(Reduced from 69.10 Crore), 
^The bonds carry an unconditional and irrevocable guarantee for the repayment of
 principal and payment of interest from the Government of Tamil Nadu (GoTN)
 issued by Finance (Loans & Advances Cell) Department vide G.O.Ms.No.27 dated
January 28, 2009.
Tamil Nadu Transmission Corporation LtBond Issue^        CARE A- (SO)   1812.8  Reaffirmed
(Reduced from 530.90 Crore) ,
^The bonds carry an unconditional and irrevocable guarantee for the repayment of
 principal and payment of interest from the Government of Tamil Nadu (GoTN)
 issued by Finance (Loans & Advances Cell) Department vide G.O.Ms.No.27 dated
January 28, 2009.
The Ruby Mills Ltd                    Bk Fac – Fund      -              -       Withdrawn
                                      Based – LT-TL
The Ruby Mills Ltd                    Bk Fac – Fund      -              -       Withdrawn
                                      Based – LT- CC
The Ruby Mills Ltd                    Bk Fac – Non Fund  -              -       Withdrawn
                                      Based -ST– LC/BG
The Tamil Nadu Industrial Investment  Bond Issue*        CARE A- (SO)   1500    Reaffirmed
Corporation Ltd
*The bonds carry an unconditional and irrevocable guarantee for the repayment 
of principal and payment of interest from the Government of Tamil Nadu (GoTN)
issued by Finance (Loans & Advances Cell) Department vide G.O.Ms.No.354 dated
October 01, 2012.
Udupi Power Corporation Ltd           LT Bk Fac          CARE A-        46631.5 Revised from
                                                                                CARE BBB+
Varam Capital Pvt Ltd                 LT Bk Fac          CARE BB        1000    Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Velox Automation Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Vijaykant Dairy And Food Products Ltd LT Bk Fac          -              -       Withdrawn
Vrijesh Corporation                   LT Bk Fac          CARE BBB-      90      Assigned
                                                         (Triple B
                                                         Minus; Outlook: Stable)
Wisemore Advisory Pvt Ltd             NCDs (Tranche I) # CARE BB (SO)   2098    Reaffirmed
# Credit enhancement in the form of pledge of unencumbered shares of Renew Power Limited (RPL)
Wisemore Advisory Pvt Ltd             NCDs (Tranche II) #CARE BB (SO)   653.5   Reaffirmed
                                                                                and final
                                                                                rating assigned
# Credit enhancement in the form of pledge of unencumbered shares of Renew Power Limited (RPL)
--------------------------------------------------------------------------------------------
$: 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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