October 7, 2019 / 6:23 AM / 9 days ago

CARE ratings for Indian debt instruments-Oct 7

    Oct 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 4, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ahimsa Industries Ltd                 ST Bk Fac          CARE A4+       50      Reaffirmed
Ajmer Vidyut Vitran Nigam Ltd         ST Bk Fac@         CARE A3+ (CE)  1180
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Ajmer Vidyut Vitran Nigam Ltd         ST Bk Fac$         Provisional    1000
                                                         CARE A3+ (CE)
$ The above ratings are Provisional and will be confirmed once the company fulfills the
following conditions to the satisfaction of CARE: Execution of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan for timely servicing of the said bank
facilities.
Amarraja Constructions                ST Bk Fac          CARE A4;       15      -
Issuer not cooperating
Apl Apollo Tubes Ltd                  ST Bk Fac          CARE A1+       1300    Reaffirmed
Astila Ceramic Pvt Ltd                ST Bk Fac          -              -
Atul Ltd                              ST Bk Fac          CARE A1+       4030    Reaffirmed
Cochin Frozen Food Exports Pvt Ltd    ST Bk Fac          CARE A4        469.4   Assigned
Cochin Frozen Foods                   ST Bk Fac          CARE A4        80      Assigned
Forward Alloys & Castings             ST Bk Fac          CARE A4        25      Reaffirmed
Ganpati Rice Mills                    ST Bk Fac          CARE A4        120     Reaffirmed
(reduced from 18.00 Crore)
Gmmco Ltd                             CP issue (Carved   CARE A1+       2000    Reaffirmed
                                      out)
Gujarat Chemical Port Terminal Co. LtdST Bk Fac – Non    CARE A1+       200     Assigned
                                      Fund Based
Gujarat State Fertilizers & Chemicals ST Bk Fac          CARE A1+       27000   Reaffirmed
Ltd
Gujarat State Fertilizers & Chemicals CP (CP) Issue      CARE A1+       10000   Reaffirmed
Ltd
Hinduja Housing Finance Ltd           CP                 CARE A1+       1500    Reaffirmed
Indian Synthetic Rubber Pvt Ltd       ST Fac             CARE A1        3500    Reaffirmed
Innovators Façade Systems Ltd         ST Bk Fac – LOC    CARE A3+       161.3   Reaffirmed
Innovators Façade Systems Ltd         ST Bk Fac – BG     CARE A3+       535     Reaffirmed
enhanced from 46.50 Cr
Ivl Dhunseri Petrochem Industries Pvt ST Bk Fac          CARE A1        10350   -
Ltd
Jaipur Vidyut Vitran Nigam Ltd        ST Bk Fac @        CARE A3+ (CE)  1590
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Jaipur Vidyut Vitran Nigam Ltd        ST Bk Fac @        CARE A3+ (CE)  1000
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Jaipur Vidyut Vitran Nigam Ltd        ST Bk Fac $        Provisional    700
                                                         CARE A3+ (CE)
$ The above ratings are currently Provisional and will be confirmed once the company fulfills
the following conditions to the satisfaction of CARE: Execution of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan for timely servicing of the said bank
facilities.
Jdc India Ltd                         ST Bk Fac          CARE A4;       5       -
Issuer not cooperating
Jodhpur Vidyut Vitran Nigam Ltd       ST Bk Fac @        CARE A3+ (CE)  1300
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Jsw Steel (Salav) Ltd                 ST Non fund based  -              -       Withdrawn
                                      working capital
                                      facility (LC/ BG) @
@ Backed by Letter of Comfort (LoC) from JSW Steel Limited provided on behalf of JSSL to the
lenders
Jsw Steel Ltd                         ST Bk Fac – Non    CARE A1+       185050  Reaffirmed
                                      Fund Based
(enhanced from Rs. 18,400.00 Crore)
Jsw Steel Ltd                         CP issue           CARE A1+       50000   Reaffirmed
                                      (Standalone)
Kei Industries Ltd                    ST Bk Fac          CARE A1        24100   Reaffirmed
                                      (Non-Fund Based)
(Enhanced from 1910.00 Crore)
Kei Industries Ltd                    CP                 CARE A1        300     Reaffirmed
Kic Metaliks Ltd                      ST Bk Fac          CARE A3+       500     Reaffirmed
La Opala Rg Ltd                       ST Bk Fac          CARE A1+       30      Reaffirmed
Manashi Crafts Pvt Ltd                ST Bk Fac          -              -       Withdrawn
Mehta And Associates Fire Protection  ST Bk Fac          CARE D         22.5
System Pvt Ltd
Revised from CARE A4
Mrf Ltd                               ST Bk Fac          CARE A1+       5500    Reaffirmed
N.C John & Sons Pvt Ltd               ST Bk Fac          CARE A3        350     Reaffirmed
Neutral Publishing House Ltd          ST Bk Fac          CARE A2+       79.2    Reaffirmed
Om Construction Company_Tikamgarh     ST Bk Fac          CARE A4        60      Reaffirmed
Orient Cement Ltd                     CP (CP) issue*     CARE A1+       1500    Reaffirmed
*Carved out of the sanctioned working capital limits of the company
Orient Cement Ltd                     CP (CP) issue      CARE A1+       1000    Reaffirmed
Orvi Design Studio                    ST Bk Fac          CARE A4        20      Reaffirmed
P. M. Dwarkadass                      ST Bk Fac          -              -       Withdrawn
P A Footwear Pvt Ltd                  ST Bk Fac          CARE A2        255     Reaffirmed
Parul Technochem Llp                  ST Bk Fac          CARE A4        90      Reaffirmed
Patanjali Ayurved Ltd                 ST Bk Fac          CARE A2+       5500
Credit watch with Developing Implications
Rasandik Engineering Industries India ST Bk Fac          CARE A4+       115.9   Reaffirmed
Ltd
(reduced from 12.00 Crore)
Red Exim                              ST Bk Fac          CARE A3        225     Reaffirmed
(enhanced from Rs. 17.50 Crore)
Repco Home Finance Ltd                CP                 CARE A1+       8000    Reaffirmed
Replika Press Pvt Ltd                 ST Bk Fac          -              -
Reaffirmed at CARE A4+; Issuer Not Cooperating and Withdrawn
S A Mulla                             ST Bk Fac          CARE A4        60      Assigned
S V Constructions                     ST Bk Fac          CARE A4        50      Assigned
Saregama India Ltd                    ST Bk Fac          CARE A1+       100     Reaffirmed
Shiv Ganga Hybrid Seeds Pvt Ltd       ST Bk Fac          CARE A4        50      Assigned
Sreenivasa Mechanical Works           ST Bk Fac          CARE A4        30
Sri Andal Paper Mills Unit Ii Pvt Ltd ST Bk Fac          CARE A3        25      Assigned
Sri Shyam Millers Pvt Ltd             ST Bk Fac          CARE A4;       0.5     -
Issuer not cooperating
Steel Authority Of India Ltd          ST CP/ ICD         CARE A1+       80000   Reaffirmed
                                      Programme
Sundaram Bnp Paribas Home Finance Ltd ST Bk Fac          CARE A1+       350     Reaffirmed
Supertron Electronics Pvt Ltd         ST Bk Fac          CARE A2+       1960    Reaffirmed
Uma Rani Agrotech Pvt Ltd             ST Bk Fac          CARE A4;       4.9     -
Issuer not cooperating
Vedik Ispat Pvt Ltd                   ST Bk Fac          CARE A4+       100     Assigned
Veer Industries                       ST Bk Fac          CARE A4        10      Reaffirmed
Vishwa Industrial Co. Ltd             ST Bk Fac          CARE A4        70      Assigned
Walchandnagar Industries Ltd          ST Bk Fac          CARE A4        7150    Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Mrf Ltd                               Fixed deposit      CARE AAA       500     Reaffirmed
                                      Programme
LONG TERM RATINGS:
-------------------
Ahimsa Industries Ltd                 LT Bk Fac          CARE BB+;      6.5     Reaffirmed
                                                         Stable
(reduced from 1.74 Crore)
Ahimsa Industries Ltd                 LT/ ST Bk Fac      CARE BB+;      70      Reaffirmed
                                                         Stable/CARE A4+
Ajmer Vidyut Vitran Nigam Ltd         LT Bk Fac@         CARE BBB+      1000
                                                         (CE); Stable
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Ajmer Vidyut Vitran Nigam Ltd         LT Bonds Issue     CARE BBB+      3441.8
                                                         (CE); Stable
Allahabad Bank                        Perpetual Bonds    -              -       Withdrawn
Allahabad Bank                        Upper Tier II BondsCARE A;        10000
Credit watch with developing implication
Allahabad Bank                        Perpetual Bonds    CARE A;        1500    -
Credit watch with developing implication
Allahabad Bank                        Subordinated Tier  CARE A+;       10000   -
                                      II Bonds
Credit watch with developing implication
Amarraja Constructions                Long -term Bk Fac  CARE B;        50      -
                                                         Stable;
Issuer not cooperating
Ambika Brickwell Llp                  LT Bk Fac          CARE BB-;      500     Reaffirmed
                                                         Stable
Amplus Solar Power Pvt Ltd            LT Bk Fac          CARE A-;       2000
                                                         Stable
Apl Apollo Tubes Ltd                  LT Bk Fac          CARE AA-;      4450    Reaffirmed
                                                         Stable
Apl Apollo Tubes Ltd                  NCDs (NCDs)        CARE AA-;      750     Reaffirmed
                                                         Stable
Arven Texknit Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Astila Ceramic Pvt Ltd                LT Bk Fac          -              -
Atul Ltd                              LT Bk Fac          CARE AA+;      1270    Reaffirmed
                                                         Stable
Azeen Agro Pvt Ltd                    Long- term Bk Fac  CARE BB-;      93.7    Reaffirmed
                                                         Stable
Azeen Agro Pvt Ltd                    LT/ Short- term Bk CARE BB-;      50.1    Reaffirmed
                                      Fac                Stable/CARE A4
Bhatia Photo Industries Pvt Ltd       LT/ ST Bk Fac      CARE BB:       60      Reaffirmed
                                                         Stable/CARE A4
Bhatia Photo Industries Pvt Ltd       LT Bk Fac          CARE BB;       140     Reaffirmed
                                                         Stable
Brij Kishore Prasad                   LT Bk Fac          CARE B;        130     -
                                                         Stable;
Issuer not cooperating
Charutar Arogya Mandal                LT Bk Fac          CARE BB+;      42.8
                                                         Stable
Revised from CARE BB-; Stable (Outlook: Stable); (reduced from 7.32 Crore)
Charutar Arogya Mandal                LT/ ST Bk Fac      CARE BB+;      40
                                                         Stable/CARE A4+
Cochin Frozen Food Exports Pvt Ltd    LT Bk Fac          CARE BB-;      0.6     Assigned
                                                         Stable
Danica Aqua Exports Pvt Ltd           Long -term Bk Fac  CARE D;        120
Dolvi Coke Projects Ltd               Bk Facilties - LT  -              -       Withdrawn
                                      loans
Dolvi Coke Projects Ltd               Bk Fac – Non Fund  -              -       Withdrawn
                                      based – LC (Capex)
Dolvi Coke Projects Ltd               Bk Fac – Fund      -              -       Withdrawn
                                      based/ Non- fund
                                      based- CC/ BG/ LC
Dvara Kshetriya Gramin Financial      NCD –I             -              -       Withdrawn
Services Pvt Ltd
Dvara Kshetriya Gramin Financial      LT fund based (TL) CARE BBB;      1847.1
Services Pvt Ltd                                         Positive
Revised from CARE BBB; Stable(Outlook: Stable); (Enhanced from 133.58 Crore)
Dvara Kshetriya Gramin Financial      NCD –II            CARE BBB;      200
Services Pvt Ltd                                         Positive
Dvara Kshetriya Gramin Financial      LT/ ST fund based  CARE BBB;      1152.9
Services Pvt Ltd                      (Proposed)         Positive /CARE
                                                         A3+
Revised from CARE BBB: Stable / CARE A3+(Outlook: Stable ); (Enhanced from 66.42 Crore)
Electrosteel Castings Ltd             LT Bk Fac          CARE BBB+;     10220.6 Reaffirmed
                                                         Stable
(reduced from 1487.51 Crore)
Electrosteel Castings Ltd             Long/ ST Bk Fac    CARE BBB+;     8500    Reaffirmed
                                                         Stable/CARE A2
(reduced from 877.50 Crore)
Forum Projects Pvt Ltd                LT Bk Fac          CARE BBB-;     700     Assigned
                                                         Stable
Forum Projects Pvt Ltd                LT/ ST Bk Fac      CARE BBB-;     200     Assigned
                                                         Stable/CARE A3
Forward Alloys & Castings             LT Bk Fac          CARE BB;       27.8    Reaffirmed
                                                         Stable
Forward Alloys & Castings             Long / ST Bk Fac   CARE BB;       40      Reaffirmed
                                                         Stable /CARE A4
Gali Jagadish Chandra Prakash         LT Bk Fac          CARE B-;       55.3    -
                                                         Stable;
Issuer not cooperating
Ganpati Rice Mills                    LT Bk Fac          CARE B+;       83      Reaffirmed
                                                         Stable
(reduced from 9.38 Crore)
Ge Diesel Locomotive Pvt Ltd          LT Bk Fac          CARE A; Stable 10000   Reaffirmed
Gmmco Ltd                             LT Bk Fac          CARE AA+;      7995.2  Reaffirmed
                                                         Stable
(Enhanced from Rupees 687.39 Crore)
Gmmco Ltd                             Long/ ST Bk Fac    CARE AA+;      8225    Reaffirmed
                                                         Stable /CARE
                                                         A1+
(Enhanced from Rupees 600 Crore)
Gmr Hyderabad Vijayawada Expressways  LT Bk Fac          CARE D         14578.9 Reaffirmed
Pvt Ltd
(reduced from 1552.92 Crore)
Gmr Pochanpalli Expressways Ltd       LT Bk Fac (BG)     CARE BBB-;     200
                                                         Negative
Gmr Pochanpalli Expressways Ltd       NCD issue          CARE BBB-;     3531
                                                         Negative
Revised from CARE BBB; Stable (Outlook: Stable); (Reduced from 372.77 Crore)
Goel Coal Sizing Pvt Ltd              LT Bk Fac          CARE BB-;      130     -
                                                         Stable;
Issuer not cooperating
Gramco Infratech Pvt Ltd              LT Bk Fac          CARE B-;       64.7
                                                         Stable
Green Space Infraheights Pvt Ltd      LT Bk Fac          CARE BB-       400     -
                                                         Stable;
Issuer not cooperating
Guiltfree Industries Ltd              LT Bk Fac          CARE BBB-;     1800    Assigned
                                                         Stable
Gujarat Chemical Port Terminal Co. LtdLT Bk Fac – TL     CARE AAA;      87.1    Reaffirmed
                                                         Stable
(reduced from 11.56 Crore)
Gujarat State Fertilizers & Chemicals LT Bk Fac          CARE AA+;      4650    Reaffirmed
Ltd                                                      Stable
Hinduja Housing Finance Ltd           LT Bk Fac          CARE AA-;      14364.1 Reaffirmed
                                                         Stable
Hinduja Housing Finance Ltd           LT/ ST Bk Fac      CARE AA-;      1300    Reaffirmed
                                                         Stable/CARE A1+
Il&Fs Technologies Ltd                LT Bk Fac (FB)     CARE D;        450     -
Issuer not cooperating
Il&Fs Technologies Ltd                LT Bk Fac          CARE D;        1215.5  -
                                      (Non-fund based)
Issuer not cooperating
Indian Bank                           Additional Tier    CARE AA+       10000*
                                      I Perpetual Bonds
                                      (Basel III)@
@CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as below: The bank has full discretion at all times to cancel
coupon payments.  The coupon is to be paid out of current year profits. However, if the current
year’s profits are not sufficient, coupon payment may be paid subject to availability of
sufficient revenue reserves and/or credit balance in profit and loss account provided the bank
meets the minimum regulatory requirements for Common Equity Tier I [CET I], Tier I and Total
Capital Ratios at all times and subject to the requirements of capital buffer frameworks as
prescribed by the Reserve Bank of India      . The instrument may be written-down upon CET I
breaching the pre-specified trigger of 5.5% before March 31, 2019, and 6.125% on and after March
31, 2019, or written-off / converted into common equity shares on occurrence of trigger event
called point of non-viability (PONV). The PONV trigger shall be determined by RBI. Any delay in
payment of interest/principal (as the case may be) due to invocation of any of the features
mentioned above would constitute as an event of default as per CARE’s definition of default and
as such these instruments may exhibit a somewhat sharper migration of the rating compared with
the conventional subordinated debt instruments.; **Unutlilized amount of Rs.500 crore
Indian Bank                           Tier II Bonds      CARE AAA       10000
                                      (Basel III)#
#Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Indian Bank                           Infrastructure     CARE AAA       10000*
                                      Bonds (Proposed)
*including green shoe option of Rs.500.0 crore
Indian Bank                           Tier II Bonds      CARE AAA       6000
                                      (Basel III) #
#Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Indian Renewable Energy Development   LT bonds (IREDA    CARE AA+;      7000
Agency Ltd                            Green Bonds)       Stable
Revised from CARE AA+; Positive
Indian Renewable Energy Development   LT bonds           CARE AAA(CE);  21076.5 Reaffirmed
Agency Ltd                                               Stable
Indian Renewable Energy Development   LT Bonds: GoI      CARE AAA;      40000   Reaffirmed
Agency Ltd                            Fully serviced     Stable
                                      Bonds
Indian Synthetic Rubber Pvt Ltd       LT Fac             CARE A; Stable 2500    Reaffirmed
Innovators Façade Systems Ltd         LT Bk Fac – CC     CARE BBB;      313.7   Reaffirmed
                                                         Stable
Ivl Dhunseri Petrochem Industries Pvt LT Bk Fac          CARE A: Stable 5610.4  Reaffirmed
Ltd
Ivl Dhunseri Petrochem Industries Pvt LT/ ST Bk Fac      CARE A:        6300    -
Ltd                                                      Stable/CARE A1
Jaipur Vidyut Vitran Nigam Ltd        LT Bk Fac @        CARE BBB+      1000
                                                         (CE); Stable
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Jaipur Vidyut Vitran Nigam Ltd        LT Bk Fac @        CARE BBB+      1000
                                                         (CE); Stable
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Jaipur Vidyut Vitran Nigam Ltd        LT Bonds Issue^    CARE BBB+      3707
                                                         (CE); Stable
^ The above ratings are based on credit enhancement in the form of irrevocable and unconditional
guarantee by Government of Rajasthan (GoR) for its timely debt servicing
Jaipur Vidyut Vitran Nigam Ltd        LT Bk Fac $        Provisional    300
                                                         CARE BBB+ (CE);
                                                         Stable
$ The above ratings are currently Provisional and will be confirmed once the company fulfills
the following conditions to the satisfaction of CARE: Execution of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan for timely servicing of the said bank
facilities.
Janakalyan Financial Services Pvt Ltd LT Bk Fac          CARE BB+;      330.8
                                                         Stable
Revised from CARE BB; Stable (Outlook: Stable); (reduced from Rs.44.10 Crore)
Jdc India Ltd                         LT Bk Fac          CARE B+;       71      -
                                                         Stable;
Issuer not cooperating
Jodhpur Vidyut Vitran Nigam Ltd       LT Bk Fac @        CARE BBB+      1000
                                                         (CE); Stable
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Jodhpur Vidyut Vitran Nigam Ltd       LT Bonds Issue^    CARE BBB+      2784.9
                                                         (CE); Stable
^ The above ratings are based on credit enhancement in the form of irrevocable and unconditional
guarantee by Government of Rajasthan (GoR) for its timely debt servicing.
Jodhpur Vidyut Vitran Nigam Ltd       LT Bk Fac $        Provisional    80
                                                         CARE BBB+ (CE);
                                                         Stable
$ The above ratings are currently Provisional and will be confirmed once the company fulfills
the following conditions to the satisfaction of CARE: Execution of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan for timely servicing of the said bank
facilities.
Jp Structures Pvt Ltd                 LT Bk Fac*         CARE BBB+;     110     Reaffirmed
                                                         Stable
(reduced from 17.20 Crore); *CARE has withdrawn the rating assigned to the term loan of JP
Structures Private Limited with immediate effect, as the company has repaid the aforementioned
term loan in full and there is no amount outstanding under the loan as on date.
Jp Structures Pvt Ltd                 LT/ ST Bk Fac      CARE BBB+;     900     Reaffirmed
                                                         Stable/CARE A2
(enhanced from 73.00 Crore)
Jsw Steel (Salav) Ltd                 LT Bk Fac (TL)@    -              -       Withdrawn
@ Backed by Letter of Comfort (LoC) from JSW Steel Limited provided on behalf of JSSL to the
lenders
Jsw Steel (Salav) Ltd                 LT Bk Fac (Fund    -              -       Withdrawn
                                      Based)@
@ Backed by Letter of Comfort (LoC) from JSW Steel Limited provided on behalf of JSSL to the
lenders
Jsw Steel Ltd                         Issuer Rating^     CARE AA        -       Reaffirmed
^The rating is subject to the company maintaining overall gearing not exceeding 2.10 times
(overall gearing projected as on March 31, 2020).
Jsw Steel Ltd                         LT Bk Fac – TL     CARE AA;       324598.6Reaffirmed
                                                         Negative
Reaffirmed; Outlook revised from Stable to Negative; (enhanced from Rs. 31,489.16 Crore)
Jsw Steel Ltd                         LT Bk Fac – Fund   CARE AA;       14060   Reaffirmed
                                      Based              Negative
Reaffirmed; Outlook revised from Stable to Negative; (enhanced from Rs. 1,386.00 Crore)
Jsw Steel Ltd                         NCDs               CARE AA;       64218.8 Reaffirmed
                                                         Negative
Jsw Steel Ltd                         Long/ ST Bk Fac –  CARE AA;       113780  Reaffirmed
                                      Non Fund Based     Negative/CARE
                                                         A1+
Reaffirmed; Outlook revised from Stable to Negative; (enhanced from Rs. 10,070.47 Crore)
Kei Industries Ltd                    Fixed Deposit      CARE A         50      Reaffirmed
Kei Industries Ltd                    LT Bk Fac – TL     CARE A; Stable 2125.3  Reaffirmed
Kei Industries Ltd                    LT Bk Fac – CC     CARE A; Stable 6000    Reaffirmed
(Enhanced from 550.00 Crore)
Kic Metaliks Ltd                      LT Bk Fac          CARE BBB;      450
                                                         Stable
L&T Finance Holdings Ltd              PS                 CARE AAA       28360   Reaffirmed
(enhanced from 2,271 Crore)
La Opala Rg Ltd                       LT Bk Fac          CARE AA;       50      Reaffirmed
                                                         Stable
La Opala Rg Ltd                       Long / ST Bk Fac   CARE AA;       50      Reaffirmed
                                                         Stable/CARE A1+
Lakshmi Tea Factory                   LT Bk Fac          CARE B+;       52.5    Reaffirmed
                                                         Stable
(reduced from 5.57 Crore)
Madhav (Phoolsagar Niwas Shahpura     LT Bk Fac          CARE A-;       904.8   Reaffirmed
Corridor) Highways Pvt Ltd                               Stable
(reduced from Rs.105.51 Crore)
Madhav (Phoolsagar Niwas Shahpura     LT / ST Bk Fac     CARE A-;       77.5    Reaffirmed
Corridor) Highways Pvt Ltd                               Stable /CARE
                                                         A2+
Mafatlal Industries Ltd               TL                 CARE BBB-;     492.7   Reaffirmed
                                                         Negative
Mafatlal Industries Ltd               LT fund based – CC CARE BBB-;     1150    Reaffirmed
                                                         Negative
Mafatlal Industries Ltd               ST non-fund based  CARE BBB-;     325     Reaffirmed
                                      – LC/ BG           Negative/CARE
                                                         A3
Mahindra Summit Agriscience Ltd       LT Fac             CARE BBB+;     300     Assigned
                                                         Stable
Manashi Crafts Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Mehta And Associates Fire Protection  LT Bk Fac          CARE D         40
System Pvt Ltd
Revised from CARE C; Stable
Mehta And Associates Fire Protection  LT / ST Bk Fac     CARE D/CARE D  80
System Pvt Ltd
Revised from CARE C; Stable/ CARE A4
Metcon India Realty & Infrastructure  LT Bk Fac          CARE BB;       70
Pvt Ltd                                                  Stable
Revised from CARE BB; Issuer not cooperating
Metcon India Realty & Infrastructure  LT/ ST Bk Fac      CARE BB;       390
Pvt Ltd                                                  Stable/CARE A4
Revised from CARE BB / CARE A4; Issuer not cooperating
Mrf Ltd                               LT Bk Fac          CARE AAA;      20000   Reaffirmed
                                                         Stable
Mrf Ltd                               Proposed TL/ NCD   CARE AAA;      1000    Reaffirmed
                                                         Stable
Mrf Ltd                               NCD (Series II)    CARE AAA;      1600    Reaffirmed
                                                         Stable
Mrf Ltd                               NCD (Series III)   CARE AAA;      1800    Reaffirmed
                                                         Stable
Mrf Ltd                               Proposed NCD       CARE AAA;      5000    Reaffirmed
                                                         Stable
N.C John & Sons Pvt Ltd               LT Fac             CARE BBB-;     50      Assigned
                                                         Stable
N.C John & Sons Pvt Ltd               LT/ ST Bk Fac      CARE BBB-;     125     Reaffirmed
                                                         Stable/CARE A3
Nectar Bottling & Marketing Llp       Long -term Bk Fac  CARE           340     -
                                                         BB-;Stable
Issuer not cooperating
Neutral Publishing House Ltd          LT Bk Fac          CARE A-;       220.8   Reaffirmed
                                                         Stable
Ntpc-Sail Power Co. Ltd               LT Instrument-     CARE AA;       15000   Reaffirmed
                                      Bond Programme     Stable
Olive Tex Silk Mills Pvt Ltd          LT Bk Fac          CARE BBB-;     14.8
                                                         Stable
Revised from CARE BB+; Outlook: Stable; reduced from 2.30 cr
Olive Tex Silk Mills Pvt Ltd          LT Bk Fac / ST Bk  CARE BBB-;     275
                                      Fac                Stable/CARE A3
Revised from CARE BB+; Outlook: Stable/ CARE A4+
Om Construction Company_Tikamgarh     LT Bk Fac          CARE BB-;      20      Reaffirmed
                                                         Stable
Orient Cement Ltd                     LT Bk Fac          CARE AA-;      12374   Reaffirmed
                                                         Stable
Reaffirmed; Outlook revised from Negative to Stable ; (reduced from 1,278.19 Crore)
Orvi Design Studio                    LT Bk Fac          CARE BB-;      9.8     Reaffirmed
                                                         Stable
Orvi Design Studio                    LT / ST Bk Fac     CARE BB-;      10      Reaffirmed
                                                         Stable/CARE A4
P A Footwear Pvt Ltd                  LT/ ST Bk Fac      CARE A-;       220
                                                         Stable/CARE A2
P. M. Dwarkadass                      Long / ST Bk Fac   -              -       Withdrawn
Parul Technochem Llp                  LT Bk Fac          CARE BB;       30.1    Reaffirmed
                                                         Stable
Parvin Cotex Pvt Ltd                  LT Bk Fac          CARE BB-;      100     Reaffirmed
                                                         Stable
Paschal Formwork (India) Pvt Ltd      LT Bk Fac          CARE BB-;      42.5
                                                         Negative
Patanjali Ayurved Ltd                 LT/ ST Bk Fac-     -              -
                                      Nonfund based
Revised to CARE A-/ CARE A2+ (Credit watch with Developing Implications) from CARE A+; Stable/
CARE A1 (Outlook Stable) and Withdrawn
Patanjali Ayurved Ltd                 LT Bk Fac          CARE A-        11121.5
Credit watch with Developing Implications; Revised from CARE A+; Stable (Outlook Stable);
(reduced from1712.15 Crore)
Patanjali Ayurved Ltd                 LT/ ST Bk Fac-     CARE A-/CARE   6733.3
                                      Fund based         A2+
Revised from CARE A+; Stable/ CARE A1 (Outlook Stable)
Patel Knr Heavy Infrastructures Ltd   LT Bk Fac -        CARE AA+;      795.1   Reaffirmed
                                      External           Stable
                                      Commercial Borrowing (ECB)
Patel Knr Heavy Infrastructures Ltd   LT Instruments -   CARE AA+;      3068    Reaffirmed
                                      NCD (NCD)          Stable
Pnc Aligarh Highways Pvt Ltd          LT Bk Fac          CARE A; Stable 5000
Prakash Industries Ltd                LT Bk Fac          CARE BB;       4370.6  Reaffirmed
                                                         Stable
Pravin Electricals Pvt. Ltd.          LT Bk Fac          CARE BB+;      80      Reaffirmed
                                                         Stable
Pravin Electricals Pvt. Ltd.          LT / ST Bk Fac     CARE BB+;      620     Reaffirmed
                                                         Stable/CARE A4
R.K. Marble Pvt Ltd                   LT Bk Fac          CARE A-;       1300
                                                         Stable
Revised from CARE A; Stable (Outlook: Stable)
R.K. Marble Pvt Ltd                   LT / ST Bk Fac     CARE A-;       510
                                                         Stable /CARE
                                                         A2+
Radico Nv Distilleries Maharashtra LtdLT Fac - CC        CARE A; Stable 250     Reaffirmed
Radico Nv Distilleries Maharashtra LtdLT/ ST – Fund      CARE A; Stable 50
                                      based/ Non-FB      /CARE A1
Raj Regency                           LT Bk Fac          CARE D;        66.1    -
Issuer not cooperating
Rasandik Engineering Industries India LT Bk Fac          CARE BB+;      809.3   Reaffirmed
Ltd                                                      Stable
(reduced from 84.29 Crore)
Red Exim                              LT/ ST Bk Fac      CARE BBB-;     25      Reaffirmed
                                                         Stable /CARE A3
(reduced from Rs. 7.50 Crore)
Repco Home Finance Ltd                NCDs -I            -              -       Withdrawn
Repco Home Finance Ltd                LT Bk Fac          CARE AA;       60450   Reaffirmed
                                                         Stable
Repco Home Finance Ltd                NCDs-II            CARE AA;       8000    Reaffirmed
                                                         Stable
Repco Home Finance Ltd                NCDs -III          CARE AA;       5000    Reaffirmed
                                                         Stable
Replika Press Pvt Ltd                 LT Bk Fac          -              -
Reaffirmed at CARE BB+; Issuer Not Cooperating and Withdrawn
Rishabh Buildwell Pvt. Ltd.           LT Bk Fac          CARE B+;       1200
                                                         Stable
S A Mulla                             LT Bk Fac          CARE B; Stable 50      Assigned
S V Constructions                     LT Bk Fac          CARE BB-;      50      Assigned
                                                         Stable
S.M.I.L.E. Microfinance Ltd           LT Bk Fac          CARE BBB;      2500    Reaffirmed
                                                         Stable
S.M.I.L.E. Microfinance Ltd           NCD-I              CARE BBB;      387     Reaffirmed
                                                         Stable
S.M.I.L.E. Microfinance Ltd           NCD-II             CARE BBB;      258     Reaffirmed
                                                         Stable
S.M.I.L.E. Microfinance Ltd           NCD-III            CARE BBB;      200     Reaffirmed
                                                         Stable
Sandcity Autotec Pvt Ltd              LT Bk Fac          CARE B;        67.8    -
Issuer not cooperating
Saregama India Ltd                    LT Bk Fac          CARE A+;       650     Reaffirmed
                                                         Stable
Shiv Ganga Hybrid Seeds Pvt Ltd       LT Bk Fac          CARE BB-;      168     Reaffirmed
                                                         Stable
Shree Ranchhodrai Construction Co.    LT Bk Fac          CARE BB-;      -
                                                         Stable
Reaffirmed and Withdrawn
Shree Ranchhodrai Construction Co.    LT / ST Bk Fac     CARE BB-;      -
                                                         Stable/CARE A4
Reaffirmed and Withdrawn
Small Industries Development Bank Of  Fixed Deposit      CARE AAA       80000   Reaffirmed
India                                 Program
Small Industries Development Bank Of  Issuer Rating*     CARE AAA       -       Reaffirmed
India
*The rating is subject to the company maintaining its borrowing levels within regulatory limits
Small Industries Development Bank Of  LT Bk Fac          CARE AAA;      300000  Reaffirmed
India                                                    Stable
Small Industries Development Bank Of  Unsecured Bonds    CARE AAA;      204390# Reaffirmed
India                                                    Stable
(reduced from Rs.24,599 Crore); # Reduction in rated amount is on account of redemption of
bonds.
Small Industries Development Bank Of  MSE Refinance Fund CARE AAA;      1050000 Reaffirmed
India                                 (RIDF Deposits)    Stable
(enhanced from Rs.82,000 Crore)
Small Industries Development Bank Of  CD program / CP    CARE AAA;      400000  Reaffirmed
India                                                    Stable /CARE
                                                         A1+
Sreenivasa Mechanical Works           LT Bk Fac          CARE BB-;      35
                                                         Stable
Sri Andal Paper And Boards Pvt Ltd    LT Bk Fac          CARE BBB-;     40      Assigned
                                                         Stable
Sri Andal Paper Mills Pvt Ltd         LT Bk Fac          CARE BBB-;     40      Assigned
                                                         Stable
Sri Andal Paper Mills Unit Ii Pvt Ltd LT Bk Fac          CARE BBB-;     126     Assigned
                                                         Stable
Sri Shyam Millers Pvt Ltd             LT Bk Fac          CARE B;        50      -
Issuer not cooperating
Steel Authority Of India Ltd          LT Bond            CARE AA-;      11980   Reaffirmed
                                      Programme-I        Stable
(reduced from 1,957 Crore)
Steel Authority Of India Ltd          LT Bond            CARE AA-;      11470   Reaffirmed
                                      Programme-II       Stable
(reduced from 1,500 Crore)
Steel Authority Of India Ltd          LT Bond            CARE AA-;      32760   Reaffirmed
                                      Programme-III      Stable
(reduced from 6,000 Crore)
Steel Authority Of India Ltd          LT Bond            CARE AA-;      19500   Reaffirmed
                                      Programme-IV       Stable
(reduced from 2,000 Crore)
Steel Authority Of India Ltd          LT Bond Programme-VCARE AA-;      20000   Reaffirmed
                                                         Stable
Steel Authority Of India Ltd          Proposed LT Public CARE AA-;      10000   Reaffirmed
                                      Deposit Programme  Stable
Steel Authority Of India Ltd          LT Bk Fac          CARE AA-;      300000  Reaffirmed
                                                         Stable
Sundaram Bnp Paribas Home Finance Ltd LT Bk Fac          CARE AA+;      4500    Reaffirmed
                                                         Stable
(enhanced from 50.00 Crore)
Supertron Electronics Pvt Ltd         LT Bk Fac          CARE A-;       3100    Reaffirmed
                                                         Stable
(reduced from 320.00 Crore)
Tulip Tea Co. Ltd                     LT Bk Fac          CARE BB-;      90      Reaffirmed
                                                         Stable
Uma Rani Agrotech Pvt Ltd             LT Bk Fac          CARE B;        59.8    -
                                                         Stable;
Issuer not cooperating
Vedik Ispat Pvt Ltd                   LT Bk Fac          CARE BB+;      853.9
                                                         Stable
Revised from CARE BBB-; Stable (Outlook stable) (Credit watch with developing implications);
(reduced from 97.36 Crore)
Veer Industries                       LT Bk Fac          CARE B+;       60      Reaffirmed
                                                         Stable
Veer Infra Projects                   LT Bk Fac          CARE B+;       40      Reaffirmed
                                                         Stable
Veer Infra Projects                   LT/ ST Bk Fac      CARE B+;       20      Reaffirmed
                                                         Stable/CARE A4
Vinci Industrial Corporation          LT/ ST Bk Fac      CARE B;        104     -
                                                         Stable; /CARE
                                                         A4;
Issuer not cooperating
Vishwa Industrial Co. Ltd             LT Bk Fac          CARE B+;       70      Assigned
                                                         Stable
Voyants Solutions Pvt Ltd             LT Bk Fac          CARE BBB;      30
                                                         Stable
Voyants Solutions Pvt Ltd             LT/ ST Bk Fac      CARE BBB;      800
                                                         Stable/CARE A3+
Walchandnagar Industries Ltd          LT Bk Fac          CARE B; Stable 2200
Welcast Steels Ltd                    LT Bk Fac          CARE A+;       113     Reaffirmed
                                                         Stable
Welcast Steels Ltd                    LT/ ST Bk Fac      CARE A+;       37      Reaffirmed
                                                         Stable /CARE
                                                         A1+
--------------------------------------------------------------------------------------------
$: 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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