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CARE ratings for Indian debt instruments-Oct 7

    Oct 7  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of October 6, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Apcotex Industries Ltd                ST Bk Fac          CARE A1+       400     Reaffirmed
Bansal Associates                     ST BkFac           CARE A4;       70
(Issuer Not Cooperating)
Bmm Ispat Ltd                         ST Non Fund based  -              -       Withdrawn
                                      Bk Fac
Caprihans India Ltd                   ST Bk Fac (Non-FB) CARE A2+       202.5   Reaffirmed
Ceinsys Tech Ltd                      ST Bk Fac          CARE A3        600     Reaffirmed
Coastal Gujarat Power Ltd             CP                 CARE A1+(CE)   5000&   Reaffirmed
&the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Tata Power Company Limited (TPCL, rated CARE AA; Stable). CARE has also
obtained legal opinion from Sterling Associates on the validity of the transaction and
structure.
Flotek Engg Services                  ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Future Consumer Ltd                   ST Bk Fac (FB)     CARE D         700     Revised from
                                                                                CARE A4
Future Consumer Ltd                   ST Bk Facility     CARE D         250     Revised from
                                      (NonFB)                                   CARE A4
Ganga Roller Flour Mills Pvt Ltd      ST Bk Fac          CARE A4+;      20      Revised from
                                                                                CARE A3
Garg & Company_(Panipat)              ST BkFac           CARE A4;       63
(Issuer Not Cooperating)
Grauer And Weil (India) Ltd           ST Bk Fac          CARE A1+       450     Reaffirmed
Gujarat Alkalies And Chemicals Ltd    ST Bk Fac          CARE A1+       450     Reaffirmed
Gujarat Alkalies And Chemicals Ltd    CP Issue           CARE A1+       1000    Reaffirmed
Harrisons Malayalam Ltd               ST BkFac           CARE A3        92.6    Re-affirmed
Itd Cementation India Ltd             ST Bk Fac          CARE A;        41500   Reaffirmed
                                                         Stable/CARE A1
Idfc Mutual Fund                      ST Bk Facility*    CARE A1+       10000^  Reaffirmed
*Facility is extended to 14 debt schemes of IDFC Mutual Fund ^Total sanctioned Intra-day
facility from HDFC Bank is Rs.2,500 crore and rated facility is only Rs.1000 crore
Indo Count Industries Ltd             ST Bk Fac          CARE A1        7550    Reaffirmed
Indorama Industries Ltd               ST Bk Fac          CARE A1 (CE)   760     Reaffirmed
                                                         [A One
Itd Cementation India Ltd             CP (CP)*           CARE A1        2000    Reaffirmed
*Carved out of the sanctioned working capital limits of the company
Ivl Dhunseri Petrochem Industries Pvt ST Bk Fac          CARE A1        10350   Reaffirmed
Ltd
Kriti Industries (India) Ltd          ST Bk Fac          CARE A2        25      Assigned
Kriti Industries (India) Ltd          ST Bk Fac          CARE A2        70      Reaffirmed
(Enhanced from 2.00 Crore)
Kriti Nutrients Ltd                   ST Bk Fac          CARE A2+       40      Revised from
                                                                                CARE A2
Magadh Sugar & Energy Ltd             ST BkFac           CARE A2+       300     Revised from
                                                                                CARE A2
(reduced from 39.55 Crore)
Maharashtra State Power Generation Co.Bk Fac-Non fund-ST CARE A2+       15500   Reaffirmed
Ltd
(enhanced from 800.00 Crore)
Maral Overseas Ltd                    ST BkFac           CARE A3        1847.8  Reaffirmed
Mark Steels Ltd                       ST Bk Fac          CARE A3+       8       Reaffirmed
Neelachal Ispat Nigam Ltd             ST Bk Fac          CARE D         2520.5  Reaffirmed

Neelachal Ispat Nigam Ltd             ST Bk Fac (LC/BG)  CARE A4 (CE)   50      Revised form
                                                                                CARE A3+ (CE)
(Under credit watch with developing implications)
Niif Infrastructure Finance Ltd       CP (CP)            CARE A1+       6000    Reaffirmed
(Erstwhile Idfc Infrastructure Finance
Ltd)
Oberoi Realty Ltd                     CP Issue           CARE A1+       3000    Reaffirmed
                                      (Standalone)
P.G. Setty Construction Technology PvtST Bk Fac          CARE D         150
Ltd
(Issuer Not Cooperating)
Paramount Ltd                         ST Bk Fac          CARE A3+       500     Reaffirmed
Rajesh Kaila                          ST Bk Fac          CARE A4;       60
(Issuer Not Cooperating)
Raymond Ltd                           ST Bk Fac          CARE A1+       9415
Continues to be on credit watch
Raymond Ltd                           CP                 CARE A1+       5500
Continues to be on credit watch
Reliance Jute Mills (International) LtST Bk Fac          CARE A4        70      Reaffirmed
S. Pal Enterprises Pvt Ltd            ST Bk Fac          CARE A4;       105
(Issuer Not Cooperating)
Sab Industries Ltd                    ST Bk Fac          CARE A4;       75
(Issuer Not Cooperating); Based on best available information rating put under INC
Sahota Papers Ltd                     ST Bk Fac          CARE A2+       6       Reaffirmed
Sharma Construction Company           ST Bk Fac          CARE A4        30      Reaffirmed
                                                                                and removed
                                                                                from INC
Shivam Autotech Ltd                   ST Bk Fac          CARE A4        400     Revised from
                                                                                CARE A3
(enhanced from 28.00 Crore)
Spinora Tiles Pvt Ltd                 ST Bk Fac          CARE A4;       17.5
(Issuer Not Cooperating)
Sri Vinayaka Timbers                  Short -term BkFac  CARE A4        85
(Issuer Not Cooperating)
Tata Power Renewable Energy Ltd       CP                 CARE A1+       17000   Reaffirmed
Tirupati Microtech Pvt Ltd            ST Bk Fac          CARE A3        20      Assigned
Urvesh Psyllium Industries Ltd        ST Bk Fac          CARE A4        34.1    Reaffirmed
Walwhan Renewable Energy Ltd          CP                 CARE A1+       10000   Reaffirmed
Yogendra Jaiswal                      ST Bk Fac          CARE A4;       60
(Issuer Not Cooperating)
 
 
MEDIUM TERM RATINGS:
-------------------
Dhampur Sugar Mills Ltd               Medium-term Fixed  CARE A (FD);   300     Reaffirmed
                                      Deposit            Stable
Grauer And Weil (India) Ltd           Proposed Medium    CARE AA-(FD);  100     Reaffirmed
                                      Term Fixed Deposit Stable
                                      Programme
 

LONG TERM RATINGS:
-------------------
Aditya Medisales Ltd                  NCDs               CARE AA+ (CE); 5000    Reaffirmed
                                                         Stable#
# the rating is backed by credit enhancement in the form of unconditional and irrevocable
corporate guarantee by Shanghvi Finance Private Limited (SFPL, rated CARE AA+ (Is); Stable)
Agrocrops India Ltd                   LT Bk Fac          CARE BB+;      205     Reaffirmed
                                                         Stable
(enhanced from 13.00 Crore)
Apcotex Industries Ltd                LT Bk Fac          CARE A+; Stable1000    Revised from
                                                                                CARE
                                                                                AA-;Stable
Astral Poly Technik Ltd               LT Bk Fac          CARE AA; Stable453.8   Reaffirmed
Astral Poly Technik Ltd               LT/ST Bk Fac       CARE AA;       7605    Reaffirmed
                                                         Stable/CARE A1+
Banaras Swarn Kala Kendra Pvt Ltd     LT Bk Fac          CARE B-;       100     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Bansal Associates                     LT BkFac           CARE B-; Stable30      Revised from
                                                                                CARE BB;
                                                                                Stable
(Issuer Not Cooperating)
Bmm Ispat Ltd                         LT Fund based Bk   -              -       Withdrawn
                                      Fac
Brigade Properties Pvt Ltd            LT Bk Fac- Lease   CARE A-; Stable4000    Assigned
                                      rental Discounting
                                      (LRD)
Brigade Properties Pvt Ltd            LT Bk Fac-         CARE A-; Stable6620    Reaffirmed
                                      Construction
                                      Finance (CF)
(Reduced from 860 Crore)
Caprihans India Ltd                   Long/ST Bk Fac (FB)CARE A-        10      Reaffirmed
                                                         ;Negative/CARE
                                                         A2+
Ceinsys Tech Ltd                      LT Bk Fac          CARE BBB-;     785.3   Reaffirmed
                                                         Negative
(reduced from 76.87 Crore)
Coastal Gujarat Power Ltd             NCDs               CARE AA (CE)   27000&  Reaffirmed
&the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Tata Power Company Limited (TPCL, rated CARE AA; Stable). CARE has also
obtained legal opinion from Sterling Associates on the validity of the transaction and
structure.
Coastal Gujarat Power Ltd             NCDs               CARE AA (CE)   7400&   Reaffirmed
(reduced from 1110.00 Crore)/&the above ratings are based on credit enhancement in the form of
unconditional and irrevocable corporate guarantee from Tata Power Company Limited (TPCL, rated
CARE AA; Stable). CARE has also obtained legal opinion from Sterling Associates on the validity
of the transaction and structure.
Coastal Gujarat Power Ltd             LT Bk Fac          CARE AA (CE);  2000&   Reaffirmed
&the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Tata Power Company Limited (TPCL, rated CARE AA; Stable). CARE has also
obtained legal opinion from Sterling Associates on the validity of the transaction and
structure.
Dedicated Freight Corridor CorporationIssuer Rating*     CARE AAA       -       Reaffirmed
Of India Ltd                                             (Is);Stable
*The rating is subject to the company maintaining overall gearing not exceeding 3x (expected
level as on 31/03/2021)
Dhampur Sugar Mills Ltd               LT Bk Fac – TL     CARE A; Stable 1942.9  Reaffirmed
(reduced from 316.70 Crore)
Dhampur Sugar Mills Ltd               LT Bk Fac – Fund   CARE A; Stable 11000   Reaffirmed
                                      based
Flotek Engg Services                  LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
Future Consumer Ltd                   LT Bk Fac (FB CC)  CARE D         2660    Revised from
                                                                                CARE C
Future Consumer Ltd                   LT Bk Facility     CARE D         455     Revised from
                                      (TL)                                      CARE C
Future Consumer Ltd                   LT                 CARE D         200     Reaffirmed
                                      instruments:NCDs
                                      (NCD)
Future Consumer Ltd                   Long/ST Bk Fac (FB)CARE D/CARE D  1090    Revised from
                                                                                CARE C/ CARE
                                                                                A4
G L Khanna And Sons                   LT Bk Fac          CARE BB-;      132.5   Assigned
                                                         Stable
Ganga Roller Flour Mills Pvt Ltd      Long- Term Bk Fac  CARE BB+;      158.6   Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
Garg & Company_(Panipat)              LT BkFac           CARE C;        37      Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Geosys India Infrastructures Pvt Ltd  LT Bk Fac          CARE B;        50      Revised from
                                                         Stable;                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Globetech Medicare Pvt Ltd            LT Bk Fac          CARE B-;       257     Revised from
                                                                                CARE B;
(Issuer Not Cooperating)
Gmr Hyderabad Vijayawada Expressways  LT Bk Fac (TL)     CARE D         13812   Reaffirmed
Pvt Ltd
(reduced from 1,457.89 Crore)
Govindam Brj Infra Projects Pvt Ltd   LT Bk Fac          CARE BB-;      45      Reaffirmed
                                                         Stable
Govindam Brj Infra Projects Pvt Ltd   LT / ST Bk Fac     CARE BB-;      60      Reaffirmed
                                                         Stable /CARE A4
Grauer And Weil (India) Ltd           LT Bk Fac          CARE AA-;      1000    Reaffirmed
                                                         Stable
Gravity Ferrous Pvt Ltd               LT Bk Fac          CARE BBB;      100     Reaffirmed
                                                         Stable
Gravity Ferrous Pvt Ltd               LT / ST Bk Fac     CARE BBB;      100     Reaffirmed
                                                         Stable /CARE A3
Gujarat Alkalies And Chemicals Ltd    LT Bk Fac          CARE AA+;      3343    Reaffirmed
                                                         Stable
(reduced from Rs.378.53 crore Crore)
Gujarat Road And Infrastructure CompanNCD(NCD) issue     CARE AAA;      2100    Reaffirmed
Ltd.                                                     Stable
Harrisons Malayalam Ltd               LT BkFac           CARE BBB- ;    1057.5  Re-affirmed
                                                         Stable
outlook revised from Negative/(reduced from 111.25 Crore)
Indian Compressors Ltd                LT Bk Fac          CARE BBB-;     230     Assigned
                                                         Stable
Indian Compressors Ltd                LT / ST Bk Fac     CARE BBB-;     150     Assigned
                                                         Stable /CARE A3
Indo Count Industries Ltd             LT Bk Fac          CARE A+; Stable498.8   Reaffirmed
(Reduced from 71.44 Crore)
Indorama Industries Ltd               LT Bk Fac          CARE A+ (CE);  1302.5  Reaffirmed
                                                         Stable
(Reduced from 147.00 Crore)
Inland Waterways Authority Of India   Government of      CARE AAA;      10000   Reaffirmed
                                      India              Stable
                                      Fully Service Bonds raised by IWAI*
*The repayment of principal and interest on the said bonds is met by the Government of India
(GoI) by making suitable budgetary provisions. The ratings assigned to these bonds do not
reflect the ability of IWAI to repay on a standalone basis.
Ircon Davanagere Haveri Highway Ltd   LT Bk Fac          ProvCARE AAA   5027.6**Reaffirmed
                                                         (CE); Stable
**Proposed to be backed by unconditional and irrevocable corporate guarantee of IRCON
International Limited
(IRCON, rated CARE AAA; Stable/ CARE A1+). Rating assigned shall be Prov  and shall be confirmed
upon the execution of unconditional, irrevocable corporate guarantee from IRCON International
Ltd and receipt of other documents to the satisfaction of CARE Ratings Ltd.
Ircon International Ltd               LT/ST Bk Fac       CARE AAA;      65000   Reaffirmed
                                                         Stable/CARE A1+
Ircon Vadodara Kim Expressway Ltd     LT BkFac (Proposed ProvCARE AAA   7540    Reaffirmed
                                      TL)                (CE); Stable **
**Proposed to be backed by unconditional and irrevocable corporate guarantee of IRCON
International Limited. Rating assigned shall be Prov  and shall be confirmed upon execution of
unconditional, irrevocable corporate guarantee from IRCON International Ltd and receipt of other
documents to the satisfaction of CARE Ratings Ltd
Itd Cementation India Ltd             LT Bk Fac          CARE A; Stable 7500    Reaffirmed
Ivl Dhunseri Petrochem Industries Pvt LT Bk Fac          -              0       Withdrawn
Ltd
Ivl Dhunseri Petrochem Industries Pvt LT Bk Fac          CARE A; Stable 4678.5  Reaffirmed
Ltd
(Reduced from 530.67 Crore)
Ivl Dhunseri Petrochem Industries Pvt LT / ST Bk Fac     CARE A; Stable 5500    Reaffirmed
Ltd                                                      /CARE A1
(Reduced from 630.00 Crore)
Kmg Infotech Ltd                      LT Bk Fac          -              -       Withdrawn
Kriti Industries (India) Ltd          LT Bk Fac          CARE BBB+;     709.9   Reaffirmed
                                                         Stable
(Reduced from 77.83 Crore)
Kriti Industries (India) Ltd          LT / ST Bk Fac     CARE BBB+;     1300    Reaffirmed
                                                         Stable /CARE A2
(Enhanced from 127.02 Crore)
Kriti Nutrients Ltd                   LT/ST BkFac        CARE A-;       220     Revised from
                                                         Stable/CARE A2+        CARE BBB+;
                                                                                Positive/CARE A2
Kuber Concast                         LT Bk Fac          CARE B+; Stable62.9    Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Mafatlal Industries Ltd               LT - TL            CARE BB+;      783.4   Revised from
                                                         Stable                 CARE BBB-;
                                                                                Negative
(enhanced from 49.27 Crore)/outlook revised from Negative
Mafatlal Industries Ltd               LT fund based Bk   CARE BB+;      975     Revised from
                                      Fac – CC           Stable                 CARE BBB-;
                                                                                Negative
(reduced from 115.00 Crore)
Mafatlal Industries Ltd               LT/ST non-fund     CARE BB+;      200     Revised from
                                      based Bk Fac –     Stable/CARE A4+        CARE BBB-;
                                      LC/BG                                     Negative/CARE A3
outlook revised from Negative /(reduced from 32.50 Crore)
Magadh Sugar & Energy Ltd             LT BkFac           CARE A-; Stable4603.8  Revised from
                                                                                CARE
                                                                                BBB+;Positive
(reduced from 494.56 Crore)
Maharashtra State Power Generation Co.Bk FacFund-LT      CARE BBB+;     106769.6Reaffirmed
Ltd                                                      Stable
(reduced from 11,427.61 Crore)
Maral Overseas Ltd                    LT BkFac           CARE BBB-;     858.9   -
                                                         Negative
Outlook revised from “Stable” to “Negative”
Mark Steels Ltd                       LT/ST BkFac        CARE BBB;      165     Reaffirmed
                                                         Stable/CARE A3+
Mother Theressa Educational Society   LT Bk Fac          CARE BBB-;     291.4   Reaffirmed
                                                         Stable
Nand Estate Developers Pvt Ltd        LT Bk Fac          CARE B-; Stable385     Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating)
Nandi Highway Developers Ltd          LT Bk Fac          CARE A-;       975     Reaffirmed
                                                         Stable
(reduced from 112.50 Crore)
Neelachal Ispat Nigam Ltd             LT Bk Fac (TL)     CARE B (CE)    6465.2  Revised from
                                                                                CARE BBB+ (CE)
(Under credit watch with developing implications)
Neelachal Ispat Nigam Ltd             NCDs-I             CARE B (CE)    1000    Revised from
                                                                                CARE BBB+ (CE)
(Under credit watch with developing implications)
Neelachal Ispat Nigam Ltd             NCDs-II            CARE B (CE)    2000    Revised from
                                                                                CARE BBB+ (CE)
(Under credit watch with developing implications)
Neelachal Ispat Nigam Ltd             LT Bk Fac (TL)     CARE C (CE)    390     Reaffirmed
(Under credit watch with developing implications)
Neelachal Ispat Nigam Ltd             LT Bk Fac          CARE D         6446.4  Reaffirmed
Niif Infrastructure Finance Ltd       NCDs (NCD)         CARE AAA;      23000   Reaffirmed
(Erstwhile Idfc Infrastructure Finance                   Stable
Ltd)
Niif Infrastructure Finance Ltd       NCDs (NCD)         CARE AAA;      15000   Reaffirmed
(Erstwhile Idfc Infrastructure Finance                   Stable
Ltd)
Niif Infrastructure Finance Ltd       NCDs (NCD)         CARE AAA;      10000   Reaffirmed
(Erstwhile Idfc Infrastructure Finance                   Stable
Ltd)
Niif Infrastructure Finance Ltd       NCDs (NCD)         CARE AAA;      15000   Reaffirmed
(Erstwhile Idfc Infrastructure Finance                   Stable
Ltd)
Niif Infrastructure Finance Ltd       NCDs (NCD)         CARE AAA;      17000   Reaffirmed
(Erstwhile Idfc Infrastructure Finance                   Stable
Ltd)
Niif Infrastructure Finance Ltd       NCDs (NCD)         CARE AAA;      40000   Assigned
(Erstwhile Idfc Infrastructure Finance                   Stable
Ltd)
Nimbus Motors Pvt Ltd                 LT Bk Fac          CARE B-; Stable325     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Oberoi Realty Ltd                     LT / ST Bk         CARE AA+;      750     Reaffirmed
                                      facility (Line of  Negative/CARE
                                      Credit)            A1+
(reduced from 150.00 Crore)
Ozone Properties Pvt Ltd              LT Bk Fac          CARE BBB-;     2760    Reaffirmed
                                                         Stable
(enhanced from 235.00 Crore)
P.G. Setty Construction Technology PvtLT Bk Fac          CARE D         135.7
Ltd
(Issuer Not Cooperating)
Paramount Ltd                         LT / ST Bk Fac     CARE BBB;      2000    Reaffirmed
                                                         Stable /CARE
                                                         A3+
Pnc Aligarh Highways Pvt Ltd          LT Bk Fac          CARE A; Stable 5000    Reaffirmed
Pnc Triveni Sangam Highways Pvt Ltd   LT Bk Fac          CARE A-;       8730    Reaffirmed
                                                         Stable
Punjab And Sind Bank                  Basel III          CARE A;        10000   Revised from
                                      Compliant Tier I   Negative               CARE A+;
                                      Bonds                                     Negative
Punjab And Sind Bank                  Lower Tier II      CARE AA-;      3000    Revised from
                                      Bonds              Negative               CARE AA;
                                                                                Negative
Punjab And Sind Bank                  Tier II Bonds      CARE AA-;      5000    Revised from
                                      (Basel-III)        Negative               CARE AA;
                                                                                Negative
Punjab And Sind Bank                  Tier II Bonds      CARE AA-;      2373    Revised from
                                      (Basel-III)        Negative               CARE AA;
                                                                                Negative
Punjab And Sind Bank                  Tier II Bonds      CARE AA-;      5000    Revised from
                                      (Basel-III)        Negative               CARE AA;
                                                                                Negative
Rajesh Kaila                          LT Bk Fac          CARE B+;       27.5    Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Rajganga Agro Product Pvt Ltd         LT Bk Fac          CARE BB;       50      Reaffirmed
                                                         Stable
Rajganga Agro Product Pvt Ltd         LT / ST Bk Fac     CARE BB;       95      Reaffirmed
                                                         Stable /CARE A4
Raymond Ltd                           Proposed NCDs      CARE AA-       4500    Revised from
                                                                                CARE AA
Credit watch with developing implications
Raymond Ltd                           LT Bk Fac          CARE AA-       7235    Revised from
                                                                                CARE AA
Credit watch with developing implications
Raymond Ltd                           NCDs               CARE AA-       1450    Revised from
                                                                                CARE AA
Credit watch with developing implications
Reliance Jute Mills (International)   LT/STBk Fac        CARE BB-;      180     Reaffirmed
Ltd                                                      Stable /CARE A4
Renew Wind Energy (Varekarwadi) Pvt   LT Bk Fac          CARE BBB+;     2238.8  Reaffirmed
Ltd                                                       Stable
(Reduced from 236.61 Crore)
Rishabh Associates                    LT Bk Fac          CARE B+;       60      Revised from
                                                         Stable                 CARE B;
                                                                                Stable and
                                                                                removed from INC
(Issuer Not Cooperating)
Ruchi Infrastructure Ltd              LT Bk Fac          CARE BB-;      28.3    Assigned
                                                         Stable
Ruchi Infrastructure Ltd              LT Bk Fac          CARE BB-;      508.8   Reaffirmed
                                                         Stable
(reduced from 54.62 Crore)
S. Pal Enterprises Pvt Ltd            Long- Term Bk Fac  CARE B-;       76.9    Revised from
                                                         Stable;                CARE B;
                                                                                Stable;
(Issuer Not Cooperating)
Sab Industries Ltd                    LT Bk Fac          CARE BB-;      26.3
                                                         Stable
(Issuer Not Cooperating); Based on best available information rating put under INC
Sahota Papers Ltd                     LT Bk Fac          CARE A-;       102.3   Reaffirmed
                                                         Stable
(reduced from 11.52 Crore)
Saligram Timbers                      LT Bk Fac          CARE B; Stable 135     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Samasta Microfinance Ltd              NCD Issue-III      -              -       Withdrawn @
1@Rating withdrawn as company has redeemed the NCD issue and shared no due
certificate. 
Samasta Microfinance Ltd              NCD Issue-I        CARE A; Stable 50      Reaffirmed
                                                                                and outlook
                                                                                revised from
                                                                                Positive
Samasta Microfinance Ltd              NCD Issue-II       CARE A; Stable 50      Reaffirmed
                                                                                and outlook
                                                                                revised from
                                                                                Positive
Saras Food Products                   LT Bk Fac          CARE BB-;      91.3    Reaffirmed
                                                         Stable
(Enhanced from 5.92 Crore)
Sharma Construction Company           LT Bk Fac          CARE BB-;      50      Revised from
                                                         Stable                 CARE B+; and
                                                                                removed from INC
(Issuer Not Cooperating)
Shivam Autotech Ltd                   LT BkFac           CARE BB;       4317.4  Revised from
                                                         Negative               CARE BBB-;
                                                                                Negative
(reduced from 472.90 Crore)
Shree Constructions & Leisure Pvt Ltd LT Bk Fac          CARE B-;       143
(Issuer Not Cooperating)
Shree Kuberji Buildcon                LT BkFac           CARE B+;       1500    Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Sivadharshini Papers Pvt Ltd          LT Bk Fac          CARE BB+;      550     Assigned
                                                         Stable
Skre Solar Pvt Ltd                    LT Bk Fac          CARE BB-;      150     Reaffirmed
                                                         Stable
(reduced from 40.00 Crore)
Sony Aircon                           LT Bk Fac          CARE C         100     Revised from
                                                                                CARE B-
(Issuer Not Cooperating)
South Ganga Waters Technologies Pvt   LT Bk Fac          CARE B+; Stable143.6   Revised from
Ltd                                                                             CARE BB+
removed from credit watch
Spinnmax Tyres Pvt Ltd                LT Bk Fac          -              0       Withdrawn
Spinora Tiles Pvt Ltd                 LT Bk Fac          CARE BB-;      136.3
                                                         Stable;
(Issuer Not Cooperating)
Sri Ranganatha Gold And Silver        LT Bk Fac          CARE D;        75
(Issuer Not Cooperating)
Sri Vinayaka Timbers                  Long -term BkFac   CARE B-; Stable20
(Issuer Not Cooperating)
Srm Motors Pvt Ltd                    LT Bk Fac          CARE B-; Stable196     Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating)
Tata Power Renewable Energy Ltd       LT BkFac           CARE AA (CE);  4640@   Reaffirmed
                                                         Stable                 and final
                                                                                rating assigned
(reduced from 500.00 Crore)
Tata Power Renewable Energy Ltd       NCDs               CARE AA- (CE); 5400    Reaffirmed
                                                         Stable
(reduced from 575.00 Crore)
Tata Power Renewable Energy Ltd       LT Bk Fac          CARE AA-;      3144.1  Reaffirmed
                                                         Stable
(reduced from 586.45 Crore)
Tata Power Renewable Energy Ltd       LT/STBk Fac        CARE AA-;      5000    Reaffirmed
                                                         Stable/CARE A1+
(reduced from 625.00 Crore)
Tata Power Renewable Energy Ltd       NCDs               ProvCARE AA-   5000    Reaffirmed
                                                         (CE); Stable
Tirupati Microtech Pvt Ltd            LT/ST Bk Fac       CARE BBB-;     150     Assigned
                                                         Stable/CARE A3
United Bank Of India                  Lower Tier II      -              0       Withdrawn
                                      Bonds (Series VII
                                      - tranche1)
United Bank Of India                  Perpetual Bonds    -              0       Withdrawn
                                      (Series I)
Urvesh Psyllium Industries Ltd        LT/ STBk Fac       CARE BB-;      137.5   Reaffirmed
                                                         Stable/CARE A4
Vijay M. Mistry Construction Pvt Ltd  LT / ST Bk Fac     CARE BBB+;     2500    Reaffirmed
                                                         Stable /CARE A2
Walwhan Renewable Energy Ltd          NCDs@              CARE AA (CE);  12000   Reaffirmed
                                                         Stable
@Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
to be provided by Tata Power Company Limited
Walwhan Renewable Energy Ltd          LT / ST Bk Fac@    CARE AA (CE);  1550    Revised from
                                                         Stable /CARE           CARE AA-;
                                                         A1+ (CE)               Stable /CARE A1+
1@Rating withdrawn as company has redeemed the NCD issue and shared no due
certificate.    
Walwhan Renewable Energy Ltd          LT / ST BkFac      CARE AA-;      1000    Reaffirmed
                                                         Stable /CARE
                                                         A1+
Yogendra Jaiswal                      LT Bk Fac          CARE B; Stable 30
(Issuer Not Cooperating)
Zuari Global Ltd                      NCD - Zorro – I    CARE BB (CE)*  1970    Revised from
                                                                                CARE BB (CE)*
Under Credit Watch with Negative Implications)/*The ratings factors in credit enhancement in the
form of a trustee-administered structured payment mechanism backed by the security of first and
exclusive pledge of shares of Gillette India Limited (Gillette, held by Adventz Finance Private
Limited (AFPL)) and Chambal Chemicals and Fertilizers Limited (CFCL, held by Zuari Global
Limited and its subsidiaries) to provide the minimum aggregate security cover of 2.5 times with
shares of GIL to contribute security cover of at least 2.0 times of the issue size till the
redemption of NCDs. 
Zuari Global Ltd                      NCD - Zorro – II   CARE BB (CE)*  1180**  Revised from
                                                                                CARE BB (CE)*
Under Credit Watch with Negative Implications) /*The ratings factors in credit enhancement in
the form of a trustee-administered structured payment mechanism backed by the security of first
and exclusive pledge of shares of Gillette India Limited (Gillette, held by Adventz Finance
Private Limited (AFPL)) and Chambal Chemicals and Fertilizers Limited (CFCL, held by Zuari
Global Limited and its subsidiaries) to provide the minimum aggregate security cover of 2.5
times with shares of GIL to contribute security cover of at least 2.0 times of the issue size
till the redemption of NCDs. 
**out of which Rs. 113.00 crore was subscribed on December 3, 2019
--------------------------------------------------------------------------------------------
$: 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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