October 5, 2017 / 6:54 AM / in 16 days

CARE ratings for Indian debt instruments-Oct 5

    Oct 5 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 4, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agasti Sahakari Sakhar Karkhana Ltd   ST Bk Fac          CARE A4        50      Assigned
Ars Energy Pvt Ltd                    ST Bk Fac          CARE A2+       760     Reaffirmed
Arvind Fashions Ltd                   ST Bk Fac@         ProvCARE A1+   750     Reaffirmed
                                                         (SO)
@ The above facilities are proposed to be backed by the unconditional, irrevocable and
continuing corporate guarantee of Arvind Limited. The ratings shall be confirmed upon the
receipt of deed of guarantee and other documents to the satisfaction of CARE Ratings Limited
Arvind Fashions Ltd                   Proposed CP Issue  ProvCARE A1+   1000    Reaffirmed
                                      (carved out of     (SO)
                                      working capital limits)@
@ The above facilities are proposed to be backed by the unconditional, irrevocable and
continuing corporate guarantee of Arvind Limited. The ratings shall be confirmed upon the
receipt of deed of guarantee and other documents to the satisfaction of CARE Ratings Limited
Arvind Fashions Ltd                   Proposed CP Issue  ProvCARE A1+   500     Reaffirmed
                                      (Standalone)@      (SO)
@ The above facilities are proposed to be backed by the unconditional, irrevocable and
continuing corporate guarantee of Arvind Limited. The ratings shall be confirmed upon the
receipt of deed of guarantee and other documents to the satisfaction of CARE Ratings Limited
Arvind Lifestyle Brands Ltd           ST Bk Fac#         CARE A1+ (SO)  2751.2  Reaffirmed
# The above facilities are backed by the unconditional, irrevocable and continuing corporate
guarantee of Arvind Limited (Arvind; rated CARE AA; Stable/CARE A1+)
Arvind Lifestyle Brands Ltd           CP issue (Carved   CARE A1+ (SO)  1500    Reaffirmed
                                      Out)#
# The above facilities are backed by the unconditional, irrevocable and continuing corporate
guarantee of Arvind Limited (Arvind; rated CARE AA; Stable/CARE A1+)
Arvind Lifestyle Brands Ltd           CP issue           CARE A1+ (SO)  1000    Reaffirmed
                                      (Standalone)#
# The above facilities are backed by the unconditional, irrevocable and continuing corporate
guarantee of Arvind Limited (Arvind; rated CARE AA; Stable/CARE A1+)
C.L. Gupta Exports Ltd                ST Bk Fac          CARE A2        1062.5  Reaffirmed
Christy Friedgram Industry            ST Bk Fac          CARE A3        1000    Reaffirmed
(enhanced from 10crs)
Circle Infotech Pvt Ltd               ST Bk Fac          CARE A4        90      Reaffirmed
Deem Construction Company Pvt Ltd     ST Bk Fac 5        CARE A4+       50      Revised from
                                                                                CARE A3
Fullerton India Credit Co. Ltd        CP                 CARE A1+       10000   Assigned
Fusion Jewelry Manufacturing Company  ST Bk Fac          CARE A4        75      Assigned
Pvt Ltd
Future Consumer Ltd.                  ST Bk Fac (FB)     CARE A1        200     Reaffirmed
Future Consumer Ltd.                  ST Bk Facility     CARE A1        300     Reaffirmed
                                      (NonFB)
Future Consumer Ltd.                  CP                 CARE A1        1000    Reaffirmed
Gati Kausar India Ltd                 ST Bk Fac@         CARE A2+ (SO)  5       Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by Gati Limited
(rated CARE A- /CARE A2+)
Gati Ltd                              ST Bk Fac          CARE A2+       50      Reaffirmed
Geecy Engineering Pvt Ltd             ST Bk Fac          CARE A3+       210     Revised from
                                                                                CARE A3
Hilton Metal Forging Ltd              ST Bk Fac          CARE A4        250     Reaffirmed
Jm Financial Capital Ltd              CP                 CARE A1+       10000   Assigned
Jm Financial Capital Ltd              CP (IPO Financing) CARE A1+       15000   Assigned
Jm Financial Products Ltd             CP                 CARE A1+       45000   Assigned
Jm Financial Products Ltd             CP (IPO Financing) CARE A1+       45000   Assigned
Jm Financial Services Ltd             CP                 CARE A1+       11000   Assigned
Jyoti Strips Pvt Ltd                  ST Bk Fac          CARE A3+       2420    Reaffirmed
Kamdar & Associates                   ST Bk Fac          CARE A3        816     Reaffirmed
Karnavati Polyester Pvt Ltd           ST Bk Fac          CARE A4+       0.5     Assigned
Khedut Solvexp Pvt Ltd                ST Bk Fac          CARE A4        30      Reaffirmed
Mercator Oil And Gas Ltd              ST Bk Fac          CARE A3+ (SO)  1240    Reaffirmed
Mrf Ltd                               ST Bk Fac          CARE A1+       5500    Reaffirmed
Panchvati Ship Breakers               ST Bk Fac          CARE A3        806     Reaffirmed
Rapicut Carbides Ltd                  ST Bk Fac          CARE A3+       37.5    Reaffirmed
Repco Home Finance Ltd                CP                 CARE A1+       2500    Reaffirmed
S. Prince High Tech Pvt Ltd           ST Bk Fac          CARE A4        35      Assigned
Safe And Secure Logistics Pvt Ltd     ST Bk Fac          CARE A4        5       Reaffirmed
Sagar Laxmi Ship Breakers             ST Bk Fac          CARE A3        816     Reaffirmed
Sarva Mangalam Gajanan Steel Pvt Ltd  ST Bk Fac          CARE A4        2       Reaffirmed
Shilchar Technologies Ltd             ST Bk Fac          CARE A2+       250     Assigned
Shriram Transport Finance Co. Ltd     CP Issue           CARE A1+       50000   Assigned
Status Seramik India Pvt Ltd          ST Bk Fac          -              -       Withdrawn
Suresh Jain Industries                ST Bk Fac          CARE A4        1.3     Assigned
Susheel Engineers                     ST Bk Fac          CARE A4        14      Assigned
Tata Motors Ltd                       CPs                CARE A1+       50000   Assigned
Tata Power Renewable Energy Ltd       CP                 CARE A1+       10000   Assigned
Tata Power Solar System Ltd           CP                 CARE A1+ (SO)  4000    Assigned
Tata Power Solar System Ltd           Proposed CP        ProvCARE A1+   2000    Assigned
                                                         (SO)
Tulsi Dye Chem Pvt Ltd                ST Bk Fac          CARE A3        502.5   Reaffirmed
MEDIUM TERM RATINGS:
-------------------
Mrf Ltd                               Fixed deposit      CARE AAA(FD)   500     Reaffirmed
                                      programme
Ncl Industries Ltd                    Fixed Deposit      CARE BBB (FD)  650     Reaffirmed
                                      programme
(enhanced from Rs.50 crore)
Omaxe Ltd                             Medium-term        CARE BBB (FD)  2000    Reaffirmed
                                      instrumentsFixed
                                      Deposit

LONG TERM RATINGS:
-------------------
Adani Agri Logistics (Dewas) Ltd      LT Bk Fac          CARE BBB+      178.3   Reaffirmed
reduced from Rs.25.02 crore)
Adani Agri Logistics (Dewas) Ltd      LT/ST Bk Fac       CARE BBB+/CARE 21.5    Reaffirmed
                                                         A3+
Adani Agri Logistics (Mp) Ltd         LT Bk Fac          CARE BBB+      195.5   Reaffirmed
(reduced from Rs.26.32 crore)
Adani Agri Logistics (Mp) Ltd         LT/ST Bk Fac       CARE BBB+/CARE 21.5    Reaffirmed
                                                         A3+
Adani Agri Logistics (Ujjain) Ltd     LT Bk Fac          CARE BBB+      161.4   Reaffirmed
(reduced from Rs. 25.16 crore)
Adani Agri Logistics (Ujjain) Ltd     LT/ST Bk Fac       CARE BBB+/CARE 21.5    Reaffirmed
                                                         A3+
Agasti Sahakari Sakhar Karkhana Ltd   LT Bk Fac          CARE B         50      Assigned
Ahmedabad Maliya Tollway Ltd          (i) LT Bk Fac*     CARE A-        9000    Assigned
*CARE has outstanding long term rating of  CARE BBB+  for the bank facilities amounting
Rs.1,111.42 crore of Ahmedabad Maliya Tollway Limited which has been refinanced using the
proceeds of the above rated bank facilities and NCDs. The rating of CARE BBB+ will be withdrawn
upon receipt of no due certificate from the lenders
Ahmedabad Maliya Tollway Ltd          (ii) NCD issue@    CARE AA (SO)   1750    Assigned
@ Backed by unconditional and irrevocable Sponsor Support Undertaking and Put Option agreement
on the NCDs provided by L&T Infrastructure Development Projects Limited (LTIDPL; rated ‘CARE AA;
Stable’). 
Ars Energy Pvt Ltd                    LT Bk Fac          CARE A-        2296.5  Reaffirmed
Arvind Fashions Ltd                   LT/ ST Bk Fac#     CARE AA (SO)   500     Reaffirmed
                                                         /CARE A1+ (SO)
# The above facilities are backed by the unconditional, irrevocable and continuing corporate
guarantee of Arvind Limited (Arvind; rated CARE AA; Stable/CARE A1+) 
Arvind Fashions Ltd                   LT Bk Fac@         ProvCARE AA    1750    Reaffirmed
                                                         (SO)
@ The above facilities are proposed to be backed by the unconditional, irrevocable and
continuing corporate guarantee of Arvind Limited. The ratings shall be confirmed upon the
receipt of deed of guarantee and other documents to the satisfaction of CARE Ratings Limited 
Arvind Lifestyle Brands Ltd           LT Bk Fac#         CARE AA (SO)   3403.9  Reaffirmed
# The above facilities are backed by the unconditional, irrevocable and continuing corporate
guarantee of Arvind Limited (Arvind; rated CARE AA; Stable/CARE A1+) 
Arvind Lifestyle Brands Ltd           NCD issue          CARE AA (SO)   750     Reaffirmed
                                      (Outstanding)#
# The above facilities are backed by the unconditional, irrevocable and continuing corporate
guarantee of Arvind Limited (Arvind; rated CARE AA; Stable/CARE A1+) 
Arvind Lifestyle Brands Ltd           LT Bk Fac@         ProvCARE AA    1500    Reaffirmed
                                                         (SO)
@ the above facility is proposed to be backed by the unconditional, irrevocable and continuing
corporate guarantee of Arvind Limited. The ratings shall be confirmed upon the receipt of deed
of guarantee and other documents to the satisfaction of CARE Ratings Limited 
Associated Power Structures Pvt Ltd   LT Bk Fac          CARE BBB+      866.3   Reaffirmed
(enhanced from 81.17crs)
Associated Power Structures Pvt Ltd   LT / ST Bk Fac     CARE BBB+      3033    Revised from
                                                         /CARE A2               CARE BBB+ /
                                                                                CARE A3+
(enhanced from 182.10crs)
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   9810    Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   500     Final Rating
Avanse Financial Services Ltd         LT Bk Fac          ProvCARE       1690    Reaffirmed
                                                         AA+(SO)
Biyani Shikshan Samiti                LT Bk Fac          CARE BB+       424.7   Assigned
Blue Circle Organics Pvt Ltd          LT Bk Fac          CARE BBB-      255.6   Revised from
                                                                                CARE BB
Blue Circle Organics Pvt Ltd          Long/ST Bk Fac     CARE BBB-      300     Revised from
                                                         /CARE A3               CARE BB /
                                                                                CARE A4
C.L. Gupta Exports Ltd                LT Bk Fac          CARE A-        198.8   Reaffirmed
(reduced from 31.29crs)
Christy Friedgram Industry            LT Bk Fac          CARE BBB       1500    Reaffirmed
(enhanced from 10crs)
Circle Infotech Pvt Ltd               LT Bk Fac          CARE BB-       75      Reaffirmed
Deem Construction Company Pvt Ltd     LT Bk Fac          CARE BB+       100     Revised from
                                                                                CARE BBB-
Deem Construction Company Pvt Ltd     LT Bk Fac/ST Bk FacCARE BB+ /CARE 290     Revised from
                                                         A4+                    CARE BBB-
                                                                                /CARE A3
Dhingra Exports                       LT Bk Fac/ ST Bk   CARE B+ /CARE  100     Reaffirmed
                                      Fac                A4
Dhule Palesner Tollway Ltd            NCD issue          CARE A         4825    Reaffirmed
Dhule Palesner Tollway Ltd            Senior long-TL     CARE A         5292.9  Reaffirmed
Dhule Palesner Tollway Ltd            Subordinate        CARE A-        860     Reaffirmed
                                      long-TL@
@the debt shall be utilized for meeting first major maintenance expenditure and shall be
subordinate to the existing loans and non-convertible debenture as per terms of no objection
certificate issued by National Highways Authority of India (NHAI; rated ‘CARE AAA; Stable’)    
Fullerton India Credit Co. Ltd        NCDs               CARE AAA       25000   Reaffirmed
(enhanced from Rs.2,078.50crs)
Fullerton India Credit Co. Ltd        Subordinated Debt  CARE AAA       4500    Reaffirmed
Fullerton India Credit Co. Ltd        LT Bk Fac          CARE AAA       10000   Reaffirmed
(enhanced from Rs. 150 crorecrs)
Future Consumer Ltd.                  LT Bk Fac (FB)     CARE A         3000    Reaffirmed
(enhanced from Rs. 240.00 crore)
Future Consumer Ltd.                  Long/ST Bk Fac (FB)CARE A         400     Reaffirmed
Future Consumer Ltd.                  LT Bk Facility (TL)CARE A         243.5   Reaffirmed
Future Consumer Ltd.                  NCD                CARE A         1000    Reaffirmed
Future Consumer Ltd.                  NCD                CARE A         600     Reaffirmed
Gati Kausar India Ltd                 LT Bk Fac – CC@    CARE A- (SO)   50      Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by Gati Limited
(rated CARE A- /CARE A2+)
Gati Kausar India Ltd                 NCDs               CARE BB+       1200    Reaffirmed
Gati Ltd                              LT Bk Fac          CARE A-        2091.2  Reaffirmed
(Enhanced from 54.30crs)
Gati Ltd                              Medium Term Fixed  CARE A-        500     Reaffirmed
                                      Deposits
Geecy Engineering Pvt Ltd             Long/ST Bk Fac     CARE BBB /CARE 90      Revised from
                                                         A3+                    CARE BBB- /
                                                                                CARE A3
Ghcl Ltd                              LT Bk Fac          CARE A         8707.8  Revised from
                                                                                CARE A-
Ghcl Ltd                              LT/ST Bk Fac       CARE A /CARE A112150   Revised from
                                                                                CARE A- /CARE
                                                                                A2+
(enhanced from Rs.1,115 crore)
Gujarat Gas Ltd                       LT / ST Bk Fac     CARE AA /CARE  20000   Reaffirmed
                                                         A1+
Gyan Shakti Education Welfare Trust   LT Bk Fac          CARE D         100     Assigned
Harita Seating Systems Ltd            LT Bk Fac          CARE A-        278     Reaffirmed
Harita Seating Systems Ltd            Long/ ST Bk Fac    CARE A-        50      Reaffirmed
Hilton Metal Forging Ltd              LT Bk Fac          CARE BB-       70      Reaffirmed
Janani Exports                        LT Bk Fac          CARE BB+       150     Reaffirmed
Jyoti Strips Pvt Ltd                  LT Bk Fac          CARE BBB       500     Reaffirmed
Kamdar & Associates                   LT Bk Fac          CARE BBB-      100     Reaffirmed
Karnavati Polyester Pvt Ltd           LT Bk Fac          CARE BB+       57      Assigned
Khedut Solvexp Pvt Ltd                LT Bk Fac          CARE BB        457.9   Reaffirmed
L&T Housing Finance Ltd               NCDs               CARE AA+       57000   Reaffirmed
(Enhanced from Rs.4,200 crore)
Madhya Pradesh Financial Corporation  (A) LT Bk Fac #    CARE A- (SO)   3000    Reaffirmed
(enhanced from 100.00crs)
# backed by unconditional and irrevocable guarantee extended by Government of Madhya Pradesh
Madhya Pradesh Financial Corporation  (C) LT Bond Issue #CARE A- (SO)   2000    Reaffirmed
# backed by unconditional and irrevocable guarantee extended by Government of Madhya Pradesh
Madhya Pradesh Financial Corporation  (B) LT Bk Fac @    ProvCARE A-    2500    Assigned
                                                         (SO)
@Proposed to be backed by unconditional and irrevocable guarantee by Government of Madhya
Pradesh. These ratings are ‘provisional’ and shall be confirmed upon submission of guarantee
deed to the satisfaction of CARE. 
Mercator Oil And Gas Ltd              LT Bk Fac          CARE BBB+ (SO) 992     Revised from
                                                                                CARE BBB
developing implication
Mercator Petroleum Ltd                Long/ST Bk Fac     CARE BBB+ (SO) 950     Revised from
                                                         /CARE A3+ (SO)         CARE BBB (SO)
                                                                                / Reaffirmed
developing implication
Mrf Ltd                               LT Bk Fac          CARE AAA       21000   Reaffirmed
Mrf Ltd                               Proposed TL/ NCD   CARE AAA       1000    Reaffirmed
Mrf Ltd                               NCD issue          CARE AAA       5000    Reaffirmed
Mrf Ltd                               Proposed NCD       CARE AAA       5000    Reaffirmed
Nipman Fasteners Industries Pvt. Ltd  LT Bk Fac          CARE BBB       711.9   Reaffirmed
Omaxe Ltd                             LT Bk Fac          CARE BBB-      10700   Reaffirmed
(enhanced from Rs.1,055crs)
Omaxe Ltd                             NCD (NCD)*         CARE BBB (SO)  33.3    Reaffirmed
* The above ratings are based on the credit enhancement in the form of Structured Payment
Mechanism including operation of Escrow Accounts.
Omaxe Ltd                             LT/ST Bk Fac       CARE BBB-      1300    Reaffirmed
                                                         /CARE A3
(reduced from Rs.145crs)
Panchvati Ship Breakers               LT Bk Fac          CARE BBB-      110     Reaffirmed
Platinum Aac Blocks Pvt Ltd           LT Bk Fac          CARE B+        109.3   Assigned
Precision Automation And Robotics IndiLT Bk Fac          CARE A+        100     Revised from
Ltd                                                                             CARE A-
(reduced from 53.18crs)
Precision Automation And Robotics IndiLong/ST Bk Fac     CARE A+ /CARE  2068    Revised from
Ltd                                                      A1                     CARE A-/ CARE
                                                                                A2
(enhanced from 206.72crs)
Prem Prakash Ginning & Pressing FactorLT Bk Fac          CARE BB-       85      Assigned
Rapicut Carbides Ltd                  LT Bk Fac          CARE BBB       4       Revised from
                                                                                CARE BBB-
Rapicut Carbides Ltd                  LT/ ST Bk Fac      CARE BBB /CARE 47      Revised from
                                                         A3+                    CARE
                                                                                BBB-/Reaffirmed
Reliable Polyester Pvt Ltd            LT Bk Fac          CARE B+        55      Reaffirmed
Repco Home Finance Ltd                LT Bk Fac          CARE AA        30450   Reaffirmed
Repco Home Finance Ltd                NCDs               CARE AA        5000    Reaffirmed
Repco Home Finance Ltd                NCDs               CARE AA        10000   Reaffirmed
Repco Home Finance Ltd                NCDs               CARE AA        5000    Assigned
Robust Buildwell Pvt Ltd              LT Bk Fac          CARE BBB- (SO)*694.5   Reaffirmed
(reduced from Rs.125crs)* The ratings are based on the credit enhancement in the form of an
unconditional and irrevocable corporate guarantee from Omaxe Limited [rated CARE BBB-/ CARE A3,
CARE BBB (FD), CARE BBB (SO)] 
S. Prince High Tech Pvt Ltd           LT Bk Fac          CARE BB        60      Assigned
Safe And Secure Logistics Pvt Ltd     LT Bk Fac          CARE BB-       190     Reaffirmed
Sagar Laxmi Ship Breakers             LT Bk Fac          CARE BBB-      100     Reaffirmed
Sai Retail India Pvt Ltd              LT Bk Fac          CARE BBB-      640     Reaffirmed
Sarva Mangalam Gajanan Steel Pvt Ltd  LT Bk Fac          CARE B+        206.2   Reaffirmed
(reduced from 22.50Crs)
Sarvoday Sat Isabgol Factory          LT Bk Fac          CARE BB-       16.4    Reaffirmed
Sarvoday Sat Isabgol Factory          LT / ST Bk Fac     CARE BB- /CARE 200     Reaffirmed
                                                         A4
Shilchar Technologies Ltd             LT/ShortTerm Bk FacCARE A- /CARE  50      Revised from
                                                         A2+                    CARE BBB+ /
                                                                                CARE A2
Shri Murlidhar Industries Pvt Ltd     LT Bk Fac #        CARE BB (SO)   453.5   Reaffirmed
# Bank facilities are backed by the unconditional and irrevocable corporate guarantee of Khedut
Solvexp Private Limited
Sree Bharati Bio Genetics Pvt Ltd     LT Bk Fac          CARE D         60      Assigned
Sri Lakshmi Venkatadri Agro Food      LT Bk Fac          CARE BB-       68      Assigned
Industries
Srs Park                              LT Bk Fac          CARE BB        49.7    Assigned
Status Seramik India Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Suresh Jain Industries                LT Bk Fac          CARE B+        66.2    Assigned
Susheel Engineers                     LT Bk Fac          CARE B+        95      Assigned
Tamil Nadu Transmission Corporation LtBond Issue*        CARE A- (SO)   10000   Reaffirmed
*The bonds carry an unconditional and irrevocable guarantee for the repayment of principal and
payment of interest from the Government of Tamil Nadu (GoTN)
Tamil Nadu Transmission Corporation LtBond Issue^        CARE A- (SO)   691     Reaffirmed
^The bonds carry an unconditional and irrevocable guarantee for the repayment of principal and
payment of interest from the Government of Tamil Nadu (GoTN)
Tamil Nadu Transmission Corporation LtBond Issue^        CARE A- (SO)   5309    Reaffirmed
^The bonds carry an unconditional and irrevocable guarantee for the repayment of principal and
payment of interest from the Government of Tamil Nadu (GoTN)
Tata Motors Ltd                       LT Bk Fac          CARE AA+       18500   Reaffirmed
Tata Motors Ltd                       NCDs               CARE AA+       85500   Reaffirmed
Tata Power Renewable Energy Ltd       LT Instruments -   -              5640    Withdrawn
                                      NCD
Tata Power Renewable Energy Ltd       LT Bk Fac          CARE AA-       5864.5  Revised from
                                                                                CARE A
Tata Power Renewable Energy Ltd       LT Instruments -   CARE AA (SO)   10000   Reaffirmed
                                      NCD&
& Backed by unconditional irrevocable corporate guarantee by Tata Power Co. Limited (Rated CARE
AA, Stable)
Tata Power Renewable Energy Ltd       LT / ST Bk Fac     CARE AA- /CARE 6250    Revised from
                                                         A1+                    CARE A /CARE
                                                                                A1
Tata Power Renewable Energy Ltd       LT Bk Fac%         ProvCARE AA    5000    Revised from
                                                         (SO)                   CARE A
% To be Backed by unconditional irrevocable corporate guarantee by Tata Power Co. Limited (Rated
CARE AA, Stable)
Tata Power Renewable Energy Ltd       LT Instruments -   ProvCARE AA    5000    Reaffirmed
                                      NCD%               (SO)
% To be Backed by unconditional irrevocable corporate guarantee by Tata Power Co. Limited (Rated
CARE AA, Stable)
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)
Tulsi Dye Chem Pvt Ltd                LT Bk Fac          CARE BBB-      300     Reaffirmed
Tulsi Dye Chem Pvt Ltd                LT / ST Bk Fac     CARE BBB-      210     Reaffirmed
                                                         /CARE A3
Ujjwal Luxury Hotels Pvt Ltd          LT Bk Fac          CARE D         124.1   Revised from
                                                                                CARE B
Valor Tradecom Pvt Ltd                LT/Short -term Bk  CARE B /CARE A475      Assigned
                                      Fac
Vizebhagri Sciences Pvt Ltd           LT Bk Fac          CARE B+        118.7   Assigned
--------------------------------------------------------------------------------------------
$: 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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