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CARE ratings for Indian debt instruments-Oct 6

    Oct 6  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of October 5, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bhanu Construction                    ST BkFac           CARE A4;       350     -
(Issuer Not Cooperating)
Cesc Ltd                              CP                 CARE A1+       3000    Reaffirmed
Cesc Ltd                              CP*                CARE A1+       5000    Reaffirmed
*The aggregate amount of Commercial Paper and other working capital borrowings should be within
the sanctionedworking capital limits of the company.
Cesc Ltd                              CP*                CARE A1+       8000    Reaffirmed
*The aggregate amount of Commercial Paper and other working capital borrowings should be within
the sanctioned working capital limits of the company.
Cesc Ltd                              ST Bk Fac          CARE A1+       7500    Reaffirmed
(Enhanced from 250.00 Crore)
Dkc Projects Pvt Ltd                  ST Bk Fac          CARE A4;       50      -
(Issuer Not Cooperating)
Ensol Multiclean Equipments Pvt Ltd   ST Bk Fac          CARE A4        100     Reaffirmed
Ensol Multiclean Equipments Pvt Ltd   ST Bk Fac                         0       Withdrawn
Gobind Sugar Mills Ltd                ST Bk Fac          CARE A4+       70      Rating put
                                                                                under credit
                                                                                watch
(Enhanced from 4.00 Crore)
Gammon Infrastructure Projects Ltd    ST Bk Fac          CARE D         350     Assigned
Haldia Energy Ltd                     ST Bk Fac          CARE A1+       2000    Reaffirmed
Haldia Energy Ltd                     CP*                CARE A1+       4500    Reaffirmed
* HEL maintains that the aggregate outstanding under CP and cash credit shall be within the
sanctioned working capital limit
Hbl Power Systems Ltd                 ST BkFac           CARE A2+       4850    Reaffirmed
(Reduced from 580.00 Crore)
Hec Infra Projects Ltd                ST Bk Fac          CARE A4+       220     Reaffirmed
Heighten Constructions                ST Bk Fac          CARE A4;       70      -
(Issuer Not Cooperating)
Hindustan Waste Treatment Pvt Ltd     ST Bk Fac-BG       CARE A3 (CE)   73.5    Revised from
                                                                                CARE A3+ (CE)
Indigo Collections Pvt Ltd            ST Bk Fac          CARE D;        55      -
(Issuer Not Cooperating)
J.B.R. Technologies Ltd               ST Bk Fac          CARE A4;       30      -
(Issuer Not Cooperating)
Kg Petrochem Ltd                      ST Bk Fac          -              0       Withdrawn 
Kamal Autotech Pvt Ltd                ST BkFac           CARE A4+       196     Assigned
Kamla Construction Company            ST Bk Fac          CARE A4        45      -
(Issuer Not Cooperating)
Karan Letex Ltd                       ST Bk Fac          CARE A4;       4       -
(Issuer Not Cooperating)
Kg Petrochem Ltd                      ST Bk Fac          CARE A3+       47      Reaffirmed
Kurseong Computer Sales Pvt Ltd       ST Bk Fac          CARE A4;       10      -
(Issuer Not Cooperating)
Mongia Steel Ltd                      ST BkFac           -              -       Reaffirmed at
                                                                                CARE A4+ and
                                                                                withdrawn
(Issuer Not Cooperating)    
Modern Construction Company           ST Bk Fac          CARE A4        100     Reaffirmed
                                                                                and removed
                                                                                from INC
Modern Safety Glass Pvt Ltd           Short Bk Fac       CARE A4        5       Assigned
Nalwa Steel And Power Ltd             ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
N.C. John & Sons Pvt Ltd              ST Bk Fac          CARE A3+       20      Assigned
N.C. John & Sons Pvt Ltd              ST Bk Fac          CARE A3+       315     Revised from
                                                                                CARE A3
(Reduced from 35.00 Crore)
Nkg Infrastructure Ltd                ST Bk Fac          CARE A3        7820.8  Reaffirmed
(Reduced from 900.00 crs)
Nlc India Ltd                         CP                 CARE A1+       50000   Reaffirmed
Orchid Pharma Ltd                     ST Bk Fac          CARE A4+       500     Assigned
Punjab National Bank                  CD                 CARE A1+       600000  Revised from
                                                                                CARE A1+
Sai Wardha Power Generation Ltd       ST Bk Fac          -              -       Withdrawn
Santpuria Alloys Pvt Ltd              ST BkFac           -              -       Reaffirmed at
                                                                                CARE A4+ and
                                                                                withdrawn
(Issuer Not Cooperating)
Sail-Rites Bengal Wagon Industry Pvt LST Bk Fac          CARE A3+       200     -
(enhanced from 10.00 Crore)
Samudra Electronic System Pvt Ltd     ST Bk Fac          CARE A3 (CE)   15      Revised from
                                                         [A Three               CARE A3+ (CE)
Sarla Handicrafts Pvt Ltd             ST Bk Fac          CARE A4;       10      Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Shriram City Union Finance Ltd        CP                 CARE A1+       30000   Reaffirmed
Sri Balaji Agro                       Short -term BkFac  CARE A4;       4.7     -
(Issuer Not Cooperating)
Sri Lakshmi Rama Constructions        Short -term Bk Fac CARE A4;       47.7    -
(Issuer Not Cooperating)
Sunil Healthcare Ltd                  ST Bk Fac          CARE A3        31.5    Assigned
Sunil Healthcare Ltd                  ST Bk Fac          CARE A3        183.5   Reaffirmed
The Indian Hume Pipe Co. Ltd          ST Bk Fac          CARE A2+       600     Revised from
                                                                                CARE A1
(Reduced from 215.00 Crore)
Vascular Concepts Ltd                 ST BkFac           CARE A4+;      100     -
(Issuer Not Cooperating)
 
 
MEDIUM TERM RATINGS:
-------------------
Shriram City Union Finance Ltd        Fixed Deposit      CARE AA (FD);  100     Revised from
                                                         Stable                 CARE AA+
                                                                                (FD);Negative
     
LONG TERM RATINGS:
-------------------
Ajanta Pharma Ltd                     LT/Shortterm Bk    CARE AA;       550     Reaffirmed
                                      Fac                Stable/CARE A1+
(reduced from 87.50 Crore)
Balar Synthetics Pvt Ltd              LT Bk Fac          CARE BBB-;     10      Reaffirmed
                                                         Negative
(outlook revised from stable)
Balar Synthetics Pvt Ltd              LT / ST Bk Fac     CARE BBB-;     250     Reaffirmed
                                                         Negative /CARE
                                                         A3
(outlook revised from stable)
Bhanu Construction                    LT BkFac           CARE B+;       100     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Calista Properties Pvt Ltd            LT Bk Facility     CARE B+;       150     Reaffirmed
                                                         Negative
(outlook revised from stable)
Cesc Ltd                              LT –NCD Issue      CARE AA; Stable600     Reaffirmed
                                      Series A
Cesc Ltd                              LT –NCD Issue      CARE AA; Stable550     Reaffirmed
                                      Series B
Cesc Ltd                              LT –NCD Issue      CARE AA; Stable550     Reaffirmed
                                      Series C
Cesc Ltd                              LT Bk Fac          CARE AA;       34863.9 Reaffirmed
                                                         Stable
(Enhanced from 3,002.52 Crore)
Cesc Ltd                              LT –NCD Issue      CARE AA;       3000    Reaffirmed
                                      Series D           Stable
Cesc Ltd                              Proposed LT –NCD   CARE AA;       300     Reaffirmed
                                      Issue              Stable
Cesc Ltd                              Proposed LT- NCD   CARE AA;       2500    Assigned
                                      Issue              Stable
Chowdary Spinners Pvt Ltd             LT Bk Fac          CARE BB;       503.2   Reaffirmed
                                                         Stable
Delhi Aviation Services Pvt Ltd       LT – Fund based –  CARE A-;       140     Reaffirmed
                                      CC                 Negative
(removed from Credit watch)
Dev Marketing                         LT Bk Fac          CARE BB;       200     Reaffirmed
                                                         Stable
(Enhanced from 12.00 Crore)
Dina Iron & Steel Ltd                 LT Bk Fac          CARE BB+;      369.8   Reaffirmed
                                                         Stable
(Enhanced from 29.08 Crore)
Dkc Projects Pvt Ltd                  LT Bk Fac          CARE B-;       30      Revised from
                                                         Stable;                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Essel Finance Amc Ltd                 Essel Ultra ST     CARE AAAmfs    -       -
                                      Fund               [Triple A mfs]
Rating placed on Notice of Withdrawal for 90 days
Efficient Illumination Pvt Ltd        LT Bk Fac          CARE BBB (CE); 489.3   Revised from
                                                         Stable                 CARE BBB+
                                                                                (CE); Stable
Ensol Multiclean Equipments Pvt Ltd   LT Bk Fac          CARE BB-;      99.8    Reaffirmed
                                                         Stable
(Enhanced from 5.23 Crore)
Essel Finance Amc Ltd                 Essel Liquid Fund  CARE AAAmfs    -       -
                                                         [Triple A mfs]
Rating placed on Notice of Withdrawal for 90 days
Ever On Power Ltd                     FB-LT*             CARE BB; Stable500     Assigned
Freedom Point Expressway Pvt Ltd      LT Bk Fac @                       0       Withdrawn
@CARE has withdrawn the rating assigned to Long term bank facilities (Bank Guarantee- BGs)
availed by Freedom Point Expressway Pvt Ltd with immediate effect as the company has returned
the BG and there is no amount outstanding as on date.
Freedom Point Expressway Pvt Ltd      LT Bk Fac          CARE BBB+;     4500    Reaffirmed
                                                         Positive               and outlook
                                                                                revised from
                                                                                stable
Gammon Infrastructure Projects Ltd    LT Bk Fac          CARE D         250     Assigned
Gangavaram Port Ltd                   LT Bk Facility^    CARE AAA (SO); 25.4    Reaffirmed
                                                         Stable
(reduced from 3.23 Crore)/^backed by exclusive collateral in the form of fixed deposits (lien
marked) with the same lender
Gee Emm Spinfab Ltd                   LT Bk Fac          CARE BBB-;     413.1   Reaffirmed
                                                         Stable
(reduced from Rs. 43.87 Crore)
Ghcl Ltd                              LT BkFac           CARE A+;       8202.5  Reaffirmed
                                                         Stable
(reduced from Rs.931.86 Crore)
Ghcl Ltd                              LT/ STBk Fac       CARE A+;       11995   Reaffirmed
                                                         Stable/CARE A1+
(reduced from Rs.1,394.00 Crore)
Glow Mac Lighting Pvt Ltd             LT BkFac           CARE C;        100     -
                                                         Stable;
(Issuer Not Cooperating)
Gobind Sugar Mills Ltd                LT Bk Fac          CARE BB+       6532.8  Rating put
                                                                                under credit
                                                                                watch
(Enhanced from 646.28 Crore)
Gold Spin India Pvt Ltd               LT Bk Fac          CARE B+;       78.9    Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Gr Sangli Solapur Highway Pvt Ltd     LT Bk Fac- BG #    -              -       Withdrawn
# CARE has withdrawn the ratings assigned to the bank guarantee facilities of GR Sangli Solapur
Highway Private Limited (GSSHPL) with immediate effect as the project specific Performance Bank
Guarantee has been cancelled and there is no outstanding under the said facility as on date. 
Gr Sangli Solapur Highway Pvt Ltd     LT Bk Fac- TL      CARE A; Stable 3960    Reaffirmed
Haldia Energy Ltd                     LT Bk Fac          CARE AA-;      36163   Reaffirmed
                                                         Stable
(Reduced from 3,994.42 Crore)
Hbl Power Systems Ltd                 LT BkFac           CARE A-; Stable3108.4  Reaffirmed
(Reduced from 423.42 Crore)
Hec Infra Projects Ltd                LT Bk Fac          CARE BB+;      158.3   Reaffirmed
                                                         Stable
(Reduced from 15.93 Crore)
Heighten Constructions                LT Bk Fac          CARE B+;       50      Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Hindustan Waste Treatment Pvt Ltd     LT Bk Fac-TL       CARE BBB (CE); 728.5   Revised from
                                                         Stable                 CARE BBB+
                                                                                (CE); Stable
Ifp Petro Products Pvt Ltd            LT Bk Fac          CARE BB-;      180     -
                                                         Stable;
(Issuer Not Cooperating)
Indigo Collections Pvt Ltd            LT Bk Fac          CARE D;        45      -
(Issuer Not Cooperating)
Irb Invit Fund                        LT Bk Fac – TL     CARE AAA;      14782   Reaffirmed
                                                         Stable
J.B.R. Technologies Ltd               LT Bk Fac          CARE BB-;      123.3   Revised from
                                                         Stable;                CARE BB;
                                                                                Stable
(Issuer Not Cooperating)
Jawandamal Dhannamal                  LT / ST Bk Fac     CARE BB+ /CARE 800     Rating put
                                                         A4+                    under credit
                                                                                watch
K.V. Tex Firm                         LT Bk Fac          CARE B+; Stable545.4   Reaffirmed
(reduced from 58.60 Crore)
Kamal Autotech Pvt Ltd                LT BkFac           CARE BB+;      65      Reaffirmed
                                                         Stable
Kamla Construction Company            LT Bk Fac          CARE B+;       20      Revised from
                                                                                CARE BB-;
(Issuer Not Cooperating)
Karan Letex Ltd                       LT Bk Fac          CARE BB-;      115     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable;
(Issuer Not Cooperating)
Karp Impex Ltd                        LT Bk Fac          CARE BB-;      10500   Revised from
                                                                                CARE BB;
(Issuer Not Cooperating)
Kg Petrochem Ltd                      LT Bk Fac          CARE BBB;      743.7   Reaffirmed
                                                         Stable
Kg Petrochem Ltd                      LT/ST Bk Fac       CARE BBB;      840     Reaffirmed
                                                         Stable /CARE
                                                         A3+
Kitty Industries Pvt Ltd              LT BkFac           -              -       Reaffirmed at
                                                                                CARE BBB+;
                                                                                Stable and
                                                                                withdrawn
Kurseong Computer Sales Pvt Ltd       LT Bk Fac          CARE B+;       80      Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Lanco Babandh Power Ltd               LT Bk Fac          CARE D;        83440   -
(Issuer Not Cooperating)
Lanco Babandh Power Ltd               LT / ST Bk Fac     CARE D;        7500    -
(Issuer Not Cooperating)
Lanco Vidarbha Thermal Power Ltd      LT Bk Fac          CARE D;        96140   -
(Issuer Not Cooperating)
Lodhi Rajpoot Ice And Cold Storage PvtLT Bk Fac          CARE B+;       60.5    -
Ltd                                                      Stable;
(Issuer Not Cooperating)
Madan Udyog Pvt Ltd                   LT Bk Fac          CARE BB;       31.9    Assigned
                                                         Stable
Madan Udyog Pvt Ltd                   LT Bk Fac          CARE BB;       140     Reaffirmed
                                                         Stable
(Enhanced from 10.00 Crore)
Madan Udyog Pvt Ltd                   LT/ STBk Fac       CARE BB;       10      Assigned
                                                         Stable/CARE A4
Mawana Sugars Ltd                     LT Bk Fac          CARE BB+;      2963    Reaffirmed
                                                         Stable
(Reduced from 296.40 Crore)
Mawana Sugars Ltd                     LT / ST Bk Fac     CARE BB+;      37      Reaffirmed
                                                         Stable /CARE
                                                         A4+
(Enhanced from 3.60 Crore)
Modern Construction Company           LT Bk Fac          CARE B;        60      Reaffirmed
                                                         Stable;                and removed
                                                                                from INC
Modern Safety Glass Pvt Ltd           LT Bk Fac          CARE B+;       55.8    Assigned
                                                         Stable
Mongia Steel Ltd                      LT BkFac           -              -       Reaffirmed at
                                                                                CARE BB+ and
                                                                                withdrawn
(Issuer Not Cooperating)
Ms Handloom Cottage Pvt Ltd           LT Bk Fac          CARE B-;       90      Revised from
                                                         Stable;                CARE B; Stable
(Issuer Not Cooperating)
N.C. John & Sons Pvt Ltd              LT Bk Fac                         0       Withdrawn
N.C. John & Sons Pvt Ltd              LT / ST Bk Fac     CARE BBB;      150     Revised from
                                                         Stable /CARE           CARE BBB-;
                                                         A3+                    Stable / CARE A3
(Enhanced from 12.50 Crore)
Nalwa Steel And Power Ltd             LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB+,
                                                                                outlook: Stable
                                                                                and withdrawn
Nalwa Steel And Power Ltd             LT/ST BkFac        -              -       Reaffirmed at
                                                                                CARE BB+,
                                                                                outlook Stable/
                                                                                CARE A4 and
                                                                                withdrawn
Nkg Infrastructure Ltd                LT Bk Fac          CARE BBB-;     555     Assigned
                                                         Stable
Nkg Infrastructure Ltd                LT Bk Fac          CARE BBB-;     2150    Reaffirmed
                                                         Stable
(Reduced from 230.00 crs)
Nlc India Ltd                         LT Bk Fac          CARE AAA;      15040   Reaffirmed
                                                         Negative               and outlook
                                                                                revised from
                                                                                stable
(reduced from 2,692.70 Crore)
Nlc Tamil Nadu Power Ltd              LT Bk Fac*         CARE AA+ (CE); 24443.1 Reaffirmed
                                                         Negative               and outlook
                                                                                revised from
                                                                                stable
(Reduced from 2,607.10 Crore) /*Backed by letter of comfort from NLC India Limited; 
Orchid Pharma Ltd                     LT Bk Fac          CARE BB+;      4270    Assigned
                                                         Stable
Orient Spun Silk And Processing Mills LT Bk Fac          CARE C; Stable;45      Revised from
Llp                                                                             CARE B-;
                                                                                Stable
(Issuer Not Cooperating)
P.D. Agro Processor                   LT Bk Fac          CARE B;        212.5   Revised from
                                                         Stable;                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Parker Vrc Infrastructure Pvt Ltd     LT Bk Fac          -              -       Withdrawn
Parmeshwari Silk Mills Ltd            LT Bk Fac          CARE BB+;      150     rating put
                                                         Stable;                under INC
(Issuer Not Cooperating)
Patel Knr Heavy Infrastructures Ltd   LT Bk Fac -        CARE AA+;      795.1   rating put
                                      External           Stable;                under INC
                                      CommercialBorrowing (ECB)
(Issuer Not Cooperating)
Patel Knr Heavy Infrastructures Ltd   LT Instruments -   CARE AA+;      3068    rating put
                                      NCD (NCD)          Stable;                under INC
(Issuer Not Cooperating)
Polychem Industries                   LT BkFac           CARE D         89.1    Revised from
                                                                                CARE B; Stable
(reduced from 10.22 Crore)
Polychem Industries                   LT/ ST Bk Fac      CARE D/CARE D  70      Revised from
                                                                                CARE B;
                                                                                Stable/ CARE A4
Punjab National Bank                  Upper Tier II      CARE AA;       9900    Revised from
                                      Bonds              Stable                 CARE AA-
Punjab National Bank                  Upper Tier II      CARE AA;       20000*  Revised from
                                      Bonds              Stable                 CARE AA-
* PNB has exercised call option for Rs.2,500 crores of Upper Tier-II Bonds and Rs.500 crores of
perpetual bonds, debenture trustee certificate is awaited for withdrawal of rating on these
instruments.
Punjab National Bank                  Perpetual Bonds    CARE AA;       5630    Revised from
                                      (Basel II)         Stable                 CARE AA-
Punjab National Bank                  Perpetual Bonds    CARE AA;       3795    Revised from
                                      (Basel II)         Stable                 CARE AA-
Punjab National Bank                  Perpetual          CARE AA;       7000*   Revised from
                                      Bonds(Basel II)    Stable                 CARE AA-
* PNB has exercised call option for Rs.2,500 crores of Upper Tier-II Bonds and Rs.500 crores of
perpetual bonds, debenture trustee certificate is awaited for withdrawal of rating on these
instruments.
Punjab National Bank                  Upper Tier II      CARE AA;       10000*  Revised from
                                      Bonds              Stable                 CARE AA-
* PNB has exercised call option for Rs.2,500 crores of Upper Tier-II Bonds and Rs.500 crores of
perpetual bonds, debenture trustee certificate is awaited for withdrawal of rating on these
instruments.
Punjab National Bank                  Upper Tier II      CARE AA;       30000   Revised from
                                      Bonds              Stable                 CARE AA-
Punjab National Bank                  Perpetual Bonds    CARE AA;       3000    Assigned
                                      Basel II compliant Stable
                                      ( Series I )#
# Transferred from United Bank of India (UBI) with immediate effect due to amalgamation of UBI
with PNB.
Punjab National Bank                  Perpetual Bonds^   CARE AA;       3000    Assigned
                                                         Stable
^Transferred from Oriental Bank of Commerce (OBC) with immediate effect due to amalgamation of
OBC with PNB.
Punjab National Bank                  Upper Tier II      CARE AA;       2000    Assigned
                                      Bonds^             Stable
^Transferred from Oriental Bank of Commerce (OBC) with immediate effect due to amalgamation of
OBC with PNB.
Punjab National Bank                  Basel III          CARE AA-;      15000   Revised from
                                      Compliant Tier I   Stable                 CARE A+
                                      Bonds
Punjab National Bank                  Basel III          CARE AA+;      20000   Revised from
                                      Compliant Tier II  Stable                 CARE AA
                                      Bonds
Punjab National Bank                  Infrastructure     CARE AA+;      20000   Revised from
                                      Bonds              Stable                 CARE AA
Punjab National Bank                  Infrastructure     CARE AA+;      30000   Revised from
                                      Bonds              Stable                 CARE AA
Punjab National Bank                  Lower Tier II      CARE AA+;      2000    Assigned
                                      Unsecured          Stable
                                      Subordinated Basel II compliant Bonds (Series VII tranche
1) #
# Transferred from United Bank of India (UBI) with immediate effect due to amalgamation of UBI
with PNB.
Punjab National Bank                  Lower Tier II      CARE AA+;      3000    Assigned
                                      Bonds^             Stable
^Transferred from Oriental Bank of Commerce (OBC) with immediate effect due to amalgamation of
OBC with PNB.
Punjab National Bank                  Lower Tier II      CARE AA+;      7250    Assigned
                                      Bonds^             Stable
^Transferred from Oriental Bank of Commerce (OBC) with immediate effect due to amalgamation of
OBC with PNB.
Punjab National Bank                  Basel III          CARE AA+;      10000   Assigned
                                      Compliant Tier II  Stable
                                      Bonds^
^Transferred from Oriental Bank of Commerce (OBC) with immediate effect due to amalgamation of
OBC with PNB.
Punjab National Bank                  Basel III          CARE AA+;      10000   Assigned
                                      Compliant Tier II  Stable
                                      Bonds^
^Transferred from Oriental Bank of Commerce (OBC) with immediate effect due to amalgamation of
OBC with PNB.
Punjab National Bank                  Basel III          CARE AA+;      10000   Assigned
                                      Compliant Tier II  Stable
                                      Bonds^
^Transferred from Oriental Bank of Commerce (OBC) with immediate effect due to amalgamation of
OBC with PNB.
Richa Petro Products Ltd              LT Bk Fac          CARE D;        125.8   -
(Issuer Not Cooperating)
Sai Wardha Power Generation Ltd       LT Bk Fac          -              -       Withdrawn
Sai Wardha Power Generation Ltd       LT/ ST Bk Fac      -              -       Withdrawn
Sail-Rites Bengal Wagon Industry Pvt LLT Bk Fac          CARE BBB;      950.9   Reaffirmed
                                                         Stable
(reduced from 111.32 Crore)
Samudra Electronic System Pvt Ltd     LT Bk Fac          CARE BBB (CE); 43      Revisedfrom
                                                         Stable                 CARE BBB+
                                                                                (CE); Stable
Santpuria Alloys Pvt Ltd              LT BkFac           -              -       Reaffirmed at
                                                                                CARE BB+ and
                                                                                withdrawn
(Issuer Not Cooperating)
Sarla Handicrafts Pvt Ltd             LT Bk Fac          CARE BB-;      60      Revised from
                                                         Stable;                CARE BB;
                                                                                Stable
(Issuer Not Cooperating)
Scm Clothes Pvt Ltd                   LT Bk Fac          CARE BB+;      280     Revised from
                                                         Negative;              CARE BBB-;
                                                                                Negative
(Issuer Not Cooperating)
Shriram City Union Finance Ltd        NCDs - XII         -              -       Withdrawn
Shriram City Union Finance Ltd        NCDs - XX          -              -       Withdrawn
Shriram City Union Finance Ltd        NCDs - III         CARE AA;       10      Revised from
                                                         Stable                 CARE AA+;
                                                                                Negative
Shriram City Union Finance Ltd        NCDs - XXII        CARE AA;       5000    Revised from
                                                         Stable                 CARE AA+;
                                                                                Negative
Shriram City Union Finance Ltd        NCDs - XXIII       CARE AA;       1950    Revised from
                                                         Stable                 CARE AA+;
                                                                                Negative
Shriram City Union Finance Ltd        NCDs - XXVI        CARE AA;       3900    Revised from
                                                         Stable                 CARE AA+;
                                                                                Negative
Shriram City Union Finance Ltd        NCDs - XXVII       CARE AA;       6000    Revised from
                                                         Stable                 CARE AA+;
                                                                                Negative
Shriram City Union Finance Ltd        NCDs - XXVIII      CARE AA;       20000   Revised from
                                                         Stable                 CARE AA+;
                                                                                Negative
Shriram City Union Finance Ltd        NCDs - XXIX        CARE AA;       10000   Revised from
                                                         Stable                 CARE AA+;
                                                                                Negative
Shyama Shyam Service Centre           LT BkFac           CARE BB-;      20      Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer Not Cooperating)
Shyama Shyam Service Centre           LT/ST Bk Fac       CARE BB-;      30      Revised from
                                                         Stable/CARE A4;        CARE BB;
                                                                                Stable/CARE A4+;
(Issuer Not Cooperating)
Sopaan Jeweller                       LT Bk Fac          CARE B; Stable;120     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Sri Balaji Agro                       Long -term BkFac   CARE B-; Stable46      Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating)
Sri Lakshmi Rama Constructions        Long -term Bk Fac  CARE BB-;      30      -
                                                         Stable
(Issuer Not Cooperating)
Sri Raghuramachandra Rice Industries  Long -term BkFac   CARE B+; Stable66.5    -
(Issuer Not Cooperating)
Sunil Healthcare Ltd                  LT Bk Fac          CARE BBB-;     62.8    Assigned
                                                         Negative
Sunil Healthcare Ltd                  LT Bk Fac          CARE BBB-;     280     Reaffirmed
                                                         Negative
Swan Solutions And Services Pvt Ltd   LT Bk Fac          CARE B;        52.5    Revised from
                                                         Stable;                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Swan Solutions And Services Pvt Ltd   LT/ST BkFac        CARE B;        87.5    Revised from
                                                         Stable;                CARE B+;
                                                                                Stable /CARE A4;
(Issuer Not Cooperating)
The Indian Hume Pipe Co. Ltd          LT Bk Fac          CARE A-; Stable1475    Revised from
                                                                                CARE A; Stable
(Enhanced from 50.00 Crore)
The Indian Hume Pipe Co. Ltd          LT Bk Fac          CARE A-; Stable7070    Revised from
                                                                                CARE A; Stable
(Reduced from 805.00 Crore)
The Indian Hume Pipe Co. Ltd          LT/ STBk Fac       CARE A-;       10730   Revised from
                                                         Stable/CARE A2+        CARE A;
                                                                                Stable/ CARE A1
(Reduced from 1,150.00 Crore)
United Cold Storage                   LT Bk Fac                         -       Withdrawn*
*CARE has withdrawn the rating assigned to the proposed Fund based facility of United Cold
Storage (UCS), with immediate effect since the said facility was neither sanctioned nor does the
firm plans to get it sanctioned in the near future. The above action has been taken at the
request of UCS
United Cold Storage                   LT Bk Fac          CARE D         64.2    Reaffirmed
(Reduced from 6.55 Crore)
Vascular Concepts Ltd                 Long -term BkFac   CARE BB+;      180     -
                                                         Stable;
(Issuer Not Cooperating)
Yash Laxmi Solvent Pvt Ltd            LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
Zuari Sugar And Power Ltd             LT Bk Fac*         CARE BB (CE)   974.7   Rating put
                                                                                under credit
                                                                                watch
*Backed by irrevocable and unconditional corporate guarantee of Zuari Global Ltd (ZGL)
--------------------------------------------------------------------------------------------
$: 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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