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CARE ratings for Indian debt instruments-Oct 8

    Oct 8  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of October 7, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abc India Ltd                         ST Bk Fac          CARE A3        60      Reaffirmed
Allcargo Logistics Ltd                CP (CP) issue      CARE A1+       2500    Reaffirmed
Arman Financial Services Ltd          ST BkFac           CARE A2        50      Reaffirmed
Balarka Fabricon Pvt Ltd              ST Bk Fac          CARE A4;       10      -
(Issuer Not Cooperating)
Bansala Engineers Powertech Llp       ST Bk Fac          CARE A4;       37.5    -
(Issuer Not Cooperating)
C.L. Gupta Exports Ltd                ST Bk Fac          CARE A2        100     Reaffirmed
(Enhanced from 3.00 Crore)
Classic Network Pvt Ltd               ST Bk Fac          CARE A3        1030    Assigned
Cords Cable Industries Ltd            ST Bk Fac          CARE A3        505     Reaffirmed
(Enhanced from 10.50 Crore)
Doosan Power Systems India Pvt Ltd    ST BkFac           -              -       Withdrawn
Doosan Power Systems India Pvt Ltd    ST BkFac           -              -       Withdrawn
Doosan Power Systems India Pvt Ltd    ST BkFac           CARE A1 (CE)   1300    Reaffirmed
(reduced from 180.00 Crore)
Doosan Power Systems India Pvt Ltd    ST BkFac           CARE A1 (CE)   400     Reaffirmed
Doosan Power Systems India Pvt Ltd    ST BkFac           CARE A2+ (CE)  182.7   Revised from
                                                                                CARE A1 (CE)
Eros International Media Ltd          ST Bk Fac          -              -       Reaffirmed
                                                                                CARE D; and
                                                                                withdrawn
(Issuer Not Cooperating)
Essix Biosciences Ltd                 ST Bk Fac          CARE A4        70      Reaffirmed
Fullerton India Credit Co. Ltd        CP (CP)            CARE A1+       -       Reaffirmed
Gmr Kamalanga Energy Ltd              ST Bk Fac (LC/BG)  CARE D         4817    Reaffirmed
(reduced from 600.52 Crore)
Gujarat Chemical Port Ltd             ST Bk Fac- LC/BG   CARE A1+       200     Reaffirmed
Gujarat State Petronet Ltd            ST BkFac           CARE A1+       500     Reaffirmed
(reduced from 100.00 Crore)
Gujarat Tea Processors And Packers LtdST Bk Fac          CARE A1+       5       Reaffirmed
Indisol Marketing Pvt Ltd             ST Bk Fac          CARE A4        50      Assigned
Jewel One                             ST Bk Fac          CARE A3        20      Assigned
Jindal Saw Ltd                        ST Bk Fac          CARE A1+       50000   Reaffirmed
Jindal Saw Ltd                        CP                 CARE A1+       2000    Reaffirmed
Jsw Energy (Barmer) Ltd               ST Bk limits       CARE A1+       500     Reaffirmed
(reduced from 134.00 Crore)
Jsw Energy (Barmer) Ltd               CP Issue           CARE A1+       1000    Reaffirmed
Jsw Hydro Energy Ltd                  ST Bk limits       CARE A1+       2300    Reaffirmed
(reduced form 400.00 Crore)
Jsw Hydro Energy Ltd                  CP Issue           CARE A1+       3000    Reaffirmed
Kalinga International Coal Terminal   ST Bk Fac          CARE A1 (CE)   300     Reaffirmed
Paradip Pvt Ltd
Kashi Vishwanath Textile Mill Pvt Ltd ST Bk Fac          CARE A3        5       Reaffirmed
Kisaan Steels Pvt Ltd                 ST Bk Fac          CARE A4;       4
(Issuer Not Cooperating)
Kpl Exports Ltd                       ST Bk Fac          CARE A3        80      Assigned
Kpl Exports Ltd                       ST Bk Fac@         CARE A3 (CE)   3810    Reaffirmed
(reduced from 384.92 Crore)/@The facilities are backed by unconditional and irrevocable
corporate guarantee (CG) from Kothari Products Ltd (KPL, last rated CARE BBB- Negative and CARE
A3 in August 2019, ratings were withdrawn as the company had surrendered its bank limits and it
continues to be debt free)
Lipi Data Systems Ltd                 ST BkFac           CARE A3+       1428.5  Reaffirmed
(reduced from 144.00 Crore)
Mittapalli Agro Products Pvt Ltd      ST Bk Fac          CARE A4        5       Reaffirmed
Nilkamal Ltd                          ST Bk Fac          CARE A1+       1000    Reaffirmed
Nilkamal Ltd                          CP*                CARE A1+       500     Reaffirmed
*carved out from sanctioned working capital limits
Nilkamal Storage Systems Pvt Ltd      ST Bk Fac          CARE A1        252.5   Reaffirmed
Namra Finance Ltd                     ST BkFac           -              -      
WithdrawnOriental Veneer Products Ltd          ST Bk Fac          CARE A3        20     
Assigned
Piramal Capital & Housing Finance Ltd ST ICDs            CARE A1+       5000    Reaffirmed
Rockdude Impex Pvt Ltd                ST Bk Fac          CARE A4;       110     -
(Issuer Not Cooperating)
Rsi Stone World Pvt Ltd               ST BkFac           CARE A4+       40      Assigned
Sabarkantha District Cooperative Milk ST Bk Fac*         CARE A1+       6250    Reaffirmed
Producers Union Ltd
*certain facilities have been reclassified from Short-term to Long-term/ Shortterm
Sayaji Industries Ltd                 ST Bk Fac          CARE A3        355     Reaffirmed
Shaily Engineering Plastics Ltd       ST Bk Fac          CARE A2+       300     Reaffirmed
Sm1 Construction                      ST BkFac           CARE A4        10      Reaffirmed
Steel Authority Of India Ltd          ST CP/ICD          CARE A1+       80000   Reaffirmed
                                      Programme
Suditi Industries Ltd                 ST BkFac           CARE A4;       10      Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Superior Food Grains Pvt Ltd          ST Bk Fac          CARE A4        20      Reaffirmed
Supertron Electronics Pvt Ltd         ST Bk Fac          CARE A2+       1960    Reaffirmed
Surya Roshni Ltd                      (i) CP^            CARE A1+ (CE)  1750    Reaffirmed
^Commercial Paper (CP) (i) is backed by credit enhancement (CE) in the form of unconditional and
irrevocable Stand by Letter of Credit (SBLC Letter) from State Bank of India (up to Rs.50 crore)
[SBI, rated CARE AAA; Stable/ CARE A1+, HDFC Bank Ltd (up to Rs.110 crore) (HDFC, rated CARE
AAA; stable/ CARE A1+) and Union Bank of India (up to Rs. 40 crore) (rated CARE AA+/ CARE AA/
CARE AA-; Credit watch with Developing implications)]. The rating for Commercial Paper (ii) is
backed by credit enhancement (CE) in the form of unconditional and irrevocable Stand by Letter
of Credit (SBLC Letter) from Union Bank of India. The said CP is carved out of fund based
working capital limits of the company.
Surya Roshni Ltd                      (ii) CP^           CARE A1+ (CE)  250     Reaffirmed
^Commercial Paper (CP) (i) is backed by credit enhancement (CE) in the form of unconditional and
irrevocable Stand by Letter of Credit (SBLC Letter) from State Bank of India (up to Rs.50 crore)
[SBI, rated CARE AAA; Stable/ CARE A1+, HDFC Bank Ltd (up to Rs.110 crore) (HDFC, rated CARE
AAA; stable/ CARE A1+) and Union Bank of India (up to Rs. 40 crore) (rated CARE AA+/ CARE AA/
CARE AA-; Credit watch with Developing implications)]. The rating for Commercial Paper (ii) is
backed by credit enhancement (CE) in the form of unconditional and irrevocable Stand by Letter
of Credit (SBLC Letter) from Union Bank of India. The said CP is carved out of fund based
working capital limits of the company.
Transformers And Rectifiers (India)   ST BkFac           CARE A3        1500    Reaffirmed
Ltd 
Tvs Motor Co. Ltd                     ST BkFac           CARE A1+       1000    Assigned
Tvs Motor Co. Ltd                     ST BkFac           CARE A1+       4000    Reaffirmed
Tvs Motor Co. Ltd                     CP                 CARE A1+       4000    Reaffirmed
Virdev Intermediates Pvt Ltd          ST Bk Fac          CARE A4+       40      Reaffirmed
Vms Industries Ltd                    ST BkFac           CARE A4+;      55      Revised from
                                                                                CARE A3
(Issuer Not Cooperating)
 

MEDIUM TERM RATINGS:
-------------------
Paranjape Schemes (Construction) Ltd  Fixed Deposits     CARE C (FD);   550     Revised from
                                                                                CARE B (FD);
                                                                                Negative;
(Issuer Not Cooperating)
Sayaji Industries Ltd                 Medium Term        CARE BBB-      300     Reaffirmed
                                      Instrument Fixed   (FD); Stable
                                      Deposit Programme
 
 
LONG TERM RATINGS:
-------------------
Aarti Surfactants Ltd                 Redeemable PS      CARE BBB-      185     Revised from
                                                         (RPS); Stable          CARE BB+
                                                                                (RPS); Stable
Aarti Surfactants Ltd                 LT Bk facility – TLCARE BBB;      300     Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
Aarti Surfactants Ltd                 LT Bk facility – CCCARE BBB;      700     Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
Abc India Ltd                         LT Bk Fac          CARE BBB-;     135.4   Reaffirmed
                                                         Stable
(Reduced from 14.44 Crore)
Aditya Birla Finance Ltd              Subordinated debt  CARE AAA;      2500    Reaffirmed
                                                         Stable
Akashganga Broiler Breeding Farm Pvt  LT BkFac           CARE B+;       67.6    Revised from
Ltd                                                      Stable                 CARE BB-;
                                                                                Stable
(enhanced from 6.08 Crore)
Allcargo Logistics Ltd                NCD (NCD) issue    CARE AA;       2000    Reaffirmed
                                      (Proposed)         Negative
Allcargo Logistics Ltd                NCD (NCD) issue    CARE AA;       2000    Reaffirmed
                                      (Proposed)         Negative
Allcargo Logistics Park Pvt Ltd       FB/Non-fundbased-  CARE AA (CE);  50      Reaffirmed
                                      LT/ST              Negative /CARE
                                                         A1+ (CE)
Andhra Bank                           LT Bonds           --             -       Withdrawn
                                      ((Infrastructure
                                      Bonds)
Andhra Bank                           Tier II Bonds      --             -       Withdrawn
                                      (Basel III)
Andhra Bank                           Tier II Bonds      --             -       Withdrawn
                                      (Basel III)
Andhra Bank                           Tier II Bonds      --             -       Withdrawn
                                      (Basel III)
Andhra Bank                           Tier II Bonds      --             -       Withdrawn
                                      (Basel III)
Andhra Bank                           Tier I Bonds -     --             -       Withdrawn
                                      Perpetual Bonds
                                      (Basel III)
Andhra Bank                           Tier I Bonds -     --             -       Withdrawn
                                      Perpetual Bonds
                                      (Basel III)
Andhra Bank                           Tier I Bonds -     --             -       Withdrawn
                                      Perpetual Bonds
                                      (Basel III)
Andhra Bank                           Lower Tier II Bonds--             -       Withdrawn
Andhra Bank                           Upper Tier II Bonds--             -       Withdrawn
Annapurna Finance Pvt Ltd             LT Bk Fac          CARE A-; Stable4120.8  Reaffirmed
(Reduced from 451.83 Crore)
Annapurna Finance Pvt Ltd             Unsecured          CARE A-; Stable886     Reaffirmed
                                      Subordinated
                                      Nonconvertible Debentures (NCD)
Annapurna Finance Pvt Ltd             Secured NCD        CARE A-; Stable1600    Assigned
Arman Financial Services Ltd          NCDs               CARE BBB+;     275     Reaffirmed
                                                         Stable
Arman Financial Services Ltd          NCDs               CARE BBB+;     378     Reaffirmed
                                                         Stable
(Reduced from 38.00 Crore)
Arman Financial Services Ltd          LT BkFac           CARE BBB+;     675.4   Reaffirmed
                                                         Stable
Balarka Fabricon Pvt Ltd              LT Bk Fac          CARE BB-;      55.1    Revised from
                                                         Stable;                CARE BB;
                                                                                Stable;
(Issuer Not Cooperating)
Bansala Engineers Powertech Llp       LT Bk Fac          CARE BB-;      15      -
                                                         Stable;
(Issuer Not Cooperating)
Bcv Developers Pvt Ltd                LT Bk Fac          CARE BBB+;     3000    Reaffirmed
                                                         Stable
C.L. Gupta Exports Ltd                LT Bk Fac          CARE A-;       243.9   Reaffirmed
                                                         Stable
(Enhanced from 15.24 Crore)
C.L. Gupta Exports Ltd                LT / ST Bk Fac     CARE A-;       85      Assigned
                                                         Stable /CARE A2
C.L. Gupta Exports Ltd                LT / ST Bk Fac     CARE A-;       1407.5  Reaffirmed
                                                         Stable /CARE A2
Can Fin Homes Ltd                     LT Bk Fac          CARE AAA;      50000   Assigned
                                                         Negative
Centrum Financial Services Ltd        Bk Fac- TL         CARE BBB+;     3000    Revised from
                                                         Stable                 CARE A- Negative
Centrum Financial Services Ltd        NCD                CARE BBB+;     1500    Revised from
                                                         Stable                 CARE A- Negative
Centrum Financial Services Ltd        Market Linked      CARE PP-MLD    4424    Revised from
                                      Debentures         BBB+; Stable           CARE PP-MLD A-; 
                                                                                Negative
Chikhali Tarsod Highways Pvt Ltd      LT Bk Fac –        -              Nil     Withdrawn*
                                      Performance BG^
^The bank facilities are backed by credit enhancement in the form of unconditional and
irrevocable corporate guarantee extended by Welspun Enterprise Limited (WEL; ratings reaffirmed
and retained at CARE A1+ for commercial paper as on June 10, 2020) until the Permitted
Acquisition, to the satisfaction of the Lenders or receipt of First Full Annuity Payment or till
the completion of the first major maintenance of the Project after COD (Commercial Operations
Date) with the quality of the road being to the satisfaction of the Lenders and the Authority
and/or the Independent Engineer, whichever is later. Furthermore, WEL has entered into sponsor
undertaking in favour of the lenders to fund any shortfall within ten business days of the
relevant payment date, for meeting any cost overruns in O&M and major maintenance expenses, any
shortfall in debt servicing of the Lenders on account of major maintenance obligations till the
Final Settlement Date and shall provide support for debt servicing, if Debt Service Reserve
Amount is not sufficiently available to meet the debt obligations of the Borrower.
*based on No Dues Certificate received from lender that has extended the facilities rated by
CARE.
Chikhali Tarsod Highways Pvt Ltd      LT Bk Fac^         CARE A (CE);   5856    Reaffirmed
                                                         Stable
^The bank facilities are backed by credit enhancement in the form of unconditional and
irrevocable corporate guarantee extended by Welspun Enterprise Limited (WEL; ratings reaffirmed
and retained at CARE A1+ for commercial paper as on June 10, 2020) until the Permitted
Acquisition, to the satisfaction of the Lenders or receipt of First Full Annuity Payment or till
the completion of the first major maintenance of the Project after COD (Commercial Operations
Date) with the quality of the road being to the satisfaction of the Lenders and the Authority
and/or the Independent Engineer, whichever is later. Furthermore, WEL has entered into sponsor
undertaking in favour of the lenders to fund any shortfall within ten business days of the
relevant payment date, for meeting any cost overruns in O&M and major maintenance expenses, any
shortfall in debt servicing of the Lenders on account of major maintenance obligations till the
Final Settlement Date and shall provide support for debt servicing, if Debt Service Reserve
Amount is not sufficiently available to meet the debt obligations of the Borrower.
Cl Gupta Overseas Llp                 LT Bk Fac          CARE BBB;      300     Reaffirmed
                                                         Stable
Classic Network Pvt Ltd               LT Bk Fac          CARE BBB-;     420     Assigned
                                                         Stable
Classic Network Pvt Ltd               LT / STBk Fac      CARE BBB-;     550     Assigned
                                                         Stable /CARE A3
Cords Cable Industries Ltd            LT Bk Fac          CARE BBB;      156.3   Assigned
                                                         Stable
Cords Cable Industries Ltd            LT Bk Fac          CARE BBB;      460     Reaffirmed
                                                         Stable
(Reduced from 71.00 Crore)
Cords Cable Industries Ltd            LT/ST Bk Fac       CARE BBB;      1410    Reaffirmed
                                                         Stable/CARE A3
(Reduced from 161.00 Crore)
Critical Access Health Services &     LT Bk Fac          CARE B-;       85      Revised from
Research Center Pvt Ltd                                                         CARE B;
(Issuer Not Cooperating)
Delhi Duty Free Services Pvt Ltd      LT Bk Fac          CARE A+;       2068.8  Revised from
                                                         Negative               CARE AA-;
                                                                                Negative
Delhi Duty Free Services Pvt Ltd      LT / ST Bk Fac     CARE A+;       248     Revised from
                                                         Negative/CAREA1        CARE AA-;
                                                                               Negative/CARE A1+
Delhi Integrated Multi-Modal Transit  LT Bk Fac          CARE A; Stable 50      Reaffirmed
System Ltd
Delhi Integrated Multi-Modal Transit  LT / ST Bk Fac     CARE A; Stable 200     Reaffirmed
System Ltd                                               /CARE A1
Doosan Power Systems India Pvt Ltd    LT BkFac           -              -       Withdrawn
Doosan Power Systems India Pvt Ltd    Proposed Longterm  -              -       Withdrawn
                                      Bk Fac
Doosan Power Systems India Pvt Ltd    Proposed Longterm  -              -       Withdrawn
                                      Bk Fac
Doosan Power Systems India Pvt Ltd    LT BkFac           -              -       Withdrawn
Doosan Power Systems India Pvt Ltd    LT BkFac           CARE A- (CE);  279.8   Revised from
                                                         Stable                 CARE A (CE);
                                                                                Stable
(reduced from 200.00 Crore)
Doosan Power Systems India Pvt Ltd    Long/STBk Fac      CARE A- (CE);  500     Revised from
                                                         Stable/CARE A1         CARE A (CE);
                                                         (CE)                   Stable/ CARE A1
                                                                               (CE)
(reduced from 345.00 Crore)
Doosan Power Systems India Pvt Ltd    Long/STBk Fac      CARE A- (CE);  4750    Revised from
                                                         Stable/CARE A1         CARE A (CE);
                                                         (CE)                   Stable/ CARE A1
(CE)
Doosan Power Systems India Pvt Ltd    LT BkFac           CARE A+ (CE);  4734.1  Reaffirmed
                                                         Negative               and outlook
                                                                                revised to
Negative from Stable
Doosan Power Systems India Pvt Ltd    LT BkFac           CARE A+ (CE);  -       Reaffirmed
                                                         Negative               and outlook
                                                                                revised to
Negative from Stable
Doosan Power Systems India Pvt Ltd    LT BkFac           CARE A+ (CE);  7879.7  Reaffirmed
                                                         Negative               and outlook
                                                                                revised to
Negative from Stable
Doosan Power Systems India Pvt Ltd    LT BkFac           CARE A+ (CE);  4970    Reaffirmed
                                                         Negative               and outlook
                                                                                revised to
Negative from Stable
(reduced from 693.00 Crore)
Doosan Power Systems India Pvt Ltd    LT Bk              CARE A+ (CE);  7756    Reaffirmed
                                                         Negative               and outlook
                                                                                revised
Doosan Power Systems India Pvt Ltd    LT/Shortterm Bk FacCARE A+ (CE);  2700    Reaffirmed
                                                         Negative/CARE          and outlook
                                                         A1+ (CE)               revised to
Negative from Stable
Eros International Media Ltd          LT Bk Fac          -              -       Reaffirmed
                                                                                CARE D; and
                                                                                withdrawn
(Issuer Not Cooperating)
Essix Biosciences Ltd                 LT Bk Fac          CARE B+; Stable84      Revised from
                                                                                CARE B; Stable
(reduced from 13.00 Crore) 7
Essix Biosciences Ltd                 LT Bk Fac          CARE B+;       23      Assigned
                                                         Stable
Exclusive Overseas Pvt Ltd            LT / ST Bk Fac     CARE C /CARE   80      -
                                                         A4;
(Issuer Not Cooperating)
Exclusive Overseas Pvt Ltd            LT Bk Fac          CARE C;        177.1   -
(Issuer Not Cooperating)
Fullerton India Credit Co. Ltd        NCDs (NCD)         CARE AAA;      -       Reaffirmed
                                                         Stable
Fullerton India Credit Co. Ltd        Subordinated Debt  CARE AAA;      -       Reaffirmed
                                                         Stable
Fullerton India Credit Co. Ltd        LT Bk Fac          CARE AAA;      10000   Reaffirmed
                                                         Stable
Gmr Kamalanga Energy Ltd              LT Bk Fac (TL)     CARE D         39196.6 Reaffirmed
(reduced from 3,971.01 Crore)
Gmr Kamalanga Energy Ltd              LT Bk Fac (Working CARE D         2007.5  Reaffirmed
                                      Capital Limits)
(reduced from 220.75 Crore)
Gpt Healthcare Pvt Ltd                LT Bk Fac          CARE BBB;      1076.7  Reaffirmed
                                                         Stable
(Enhanced from 50.00 Crore)
Gspl India Gasnet Ltd                 LT/STBk Fac #      CARE AA+ (CE); 400     Reaffirmed
                                                         Stable /CARE
                                                         A1+ (CE)
# Bank Facilities are backed by the unconditional and irrevocable corporate guarantee extended
by Gujarat State Petronet Limited (GSPL; rated CARE AA+; Stable / CARE A1+)
Gspl India Transco Ltd                LT/STBk Fac        CARE AA+(CE);  250     Reaffirmed
                                                         Stable /CARE
                                                         A1+ (CE)
Gujarat Chemical Port Ltd             LT Bk Fac- TL      CARE AAA;      44.3    Reaffirmed
                                                         Stable
(reduced from 8.71 Crore)
Gujarat State Petronet Ltd            LT BkFac           CARE AA+;      7124.7  Reaffirmed
                                                         Stable
(reduced from 887.05 Crore)
Gujarat State Petronet Ltd            Long/ST BkFac      CARE AA+;      1000    Reaffirmed
                                                         Stable/CARE A1+
(reduced from 2,600.00 Crore)
Gujarat Tea Processors And Packers LtdLT Bk Fac          CARE AA+;      900     Reaffirmed
                                                         Stable
Gujarat Tea Processors And Packers LtdLT/STBk Fac        CARE AA+;      75      Reaffirmed
                                                         Stable/CARE A1+
Harsh Communication - Pune            LT BkFac           -              -       Reaffirmed at
                                                                                CARE BB
                                                                                +;Stable and
                                                                                Withdrawn
Ikf Finance Ltd                       NCD (NCD) issue IV -              -       Withdrawn
Ikf Finance Ltd                       Principal          -              -       Withdrawn
                                      Protected Market
                                      Linked Debenture (PP-MLD) issue
Ikf Finance Ltd                       LT Bk Fac          CARE A; Stable 10650   Reaffirmed
Ikf Finance Ltd                       NCD (NCD) issue-I  CARE A; Stable 60      Reaffirmed
Ikf Finance Ltd                       NCD (NCD) issue-V  CARE A; Stable 105     Reaffirmed
Ikf Finance Ltd                       NCD (NCD) issue-VI CARE A; Stable 1000    Reaffirmed
Ikf Finance Ltd                       NCD (NCD) issue-VIICARE A; Stable 1250    Reaffirmed
Ikf Finance Ltd                       NCD (NCD)          CARE A; Stable 300     Reaffirmed
                                      issue-VIII
India Mortgage Guarantee Corporation  Issuer Rating      CARE AA+       -       Reaffirmed
Pvt Ltd
Indisol Marketing Pvt Ltd             LT Bk Fac          CARE B+; Stable50      Assigned
Jewel One                             LT Bk Fac          CARE BBB-;     500     Assigned
                                                         Stable
Jhajjar Kt Transco Pvt Ltd            LT BkFac           CARE A;        1530    -
Placed on credit watch with positive implications
Jindal Saw Ltd                        LT Bk Fac          CARE AA;       26062.1 Reaffirmed
                                                         Stable
(reduced from 2606.41 Crore)
Jindal Saw Ltd                        NCD - II           CARE AA;       400     Reaffirmed
                                                         Stable
Jindal Saw Ltd                        NCD - III          CARE AA;       2500    Reaffirmed
                                                         Stable
Jindal Saw Ltd                        NCD - Proposed     CARE AA;       5000    Reaffirmed
                                                         Stable
Jsw Energy (Barmer) Ltd               LT Bk limits       CARE A+;       18149.3 Reaffirmed
                                                         Stable
(reduced from 2,924.49 Crore)
Jsw Hydro Energy Ltd                  LT Bk limits       CARE A+;       52471.3 Reaffirmed
                                                         Stable
(reduced from 5,977.99 Crore)
Kalinga International Coal Terminal   LT Bk Fac          CARE A (CE);   5470    Reaffirmed
Paradip Pvt Ltd                                          Stable
Kashi Vishwanath Textile Mill Pvt Ltd LT Bk Fac          CARE BBB+;     754.7   Reaffirmed
                                                         Stable
(Reduced from 78.73 Crore)
Kisaan Steels Pvt Ltd                 LT Bk Fac          CARE BB-;      124.2
(Issuer Not Cooperating)
Lipi Data Systems Ltd                 LT BkFac           CARE BBB;      300     Reaffirmed
                                                         Stable
Lipi Data Systems Ltd                 LT / Shortterm Bk  CARE BBB;      411.5   Reaffirmed
                                      Fac                Stable /CARE
                                                         A3+
(enhanced from 20.00 Crore)
Lord Wheels Pvt Ltd                   LT Bk Fac          CARE B-;       98.2    Revised from
                                                         Stable;                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
M J Engineering Works Pvt Ltd         LT / ST Bk Fac     CARE C; Stable 27      -
                                                         /CARE A4;
(Issuer Not Cooperating)
M J Engineering Works Pvt Ltd         LT Bk Fac          CARE C; Stable;143.5   -
(Issuer Not Cooperating)
Maanaveeya Development & Finance Pvt  LT BkFac           CARE A-;       1000    Reaffirmed
Ltd                                                      Stable
(Enhanced from Rs.60.00 crore Crore)
Mahindra And Mahindra Financial       Secured NCD (NCD)  CARE AAA;      64215   Reaffirmed
Services Ltd                                             Stable
Mahindra And Mahindra Financial       Unsecured          CARE AAA;      10000   Reaffirmed
Services Ltd                          Non-Convertible    Stable
                                      Debenture (NCD)
Mahindra And Mahindra Financial       Subordinated Debt  CARE AAA;      10000   Reaffirmed
Services Ltd                          (Public Issue)     Stable
Mahindra And Mahindra Financial       Subordinated Debt  CARE AAA;      6000    Reaffirmed
Services Ltd                          (Privately Placed) Stable
Mahindra And Mahindra Financial       Public Issue of LT CARE AAA;      100000  Reaffirmed
Services Ltd                          DebtProgram        Stable
                                      (Non-ConvertibleDebentures/Subordinated Debt)
Mahindra Rural Housing Finance Ltd    Issuer Rating^     CARE AA+ (Is); -       Reaffirmed
                                                         Stable
^The rating is subject to the company maintaining overall gearing not exceeding 10 times
Mahindra Rural Housing Finance Ltd    Subordinated Debt  CARE AA+;      3000    -
                                                         Stable
Mahindra Rural Housing Finance Ltd    NCDs               CARE AA+;      1250    -
                                                         Stable
Manappuram Home Finance Ltd           LT Bk Fac          CARE AA-;      2250    Re-affirmed
                                                         Stable
Manappuram Home Finance Ltd           NCDs               CARE AA-;      2000    Re-affirmed
                                                         Stable
Manappuram Home Finance Ltd           NCDs               CARE AA-;      1000    Re-affirmed
                                                         Stable
Mentor Home Loans India Ltd.          LT BkFac           CARE BBB-;     2500    Revised from
                                                         Stable                 CARE BBB;
                                                                                Stable
Mittal Engineering Works              LT / ST Bk Fac     CARE BB- /CARE 39.6    Reaffirmed
                                                         A4
Mittal Engineering Works              LT Bk Fac          CARE BB-;      67.8    Reaffirmed
                                                         Stable
(Reduced from 7.04 Crore)
Mittapalli Agro Enterprises           LT Bk Fac          CARE BB;       30      Reaffirmed
                                                         Stable
Mittapalli Agro Enterprises           LT / ST Bk Fac     CARE BB;       70      Reaffirmed
                                                         Stable /CARE A4
Mittapalli Agro Exports               LT / ST Bk Fac     CARE BB;       150     Reaffirmed
                                                         Stable /CARE A4
Mittapalli Agro Products Pvt Ltd      LT / ST Bk Fac     CARE BB;       390     Reaffirmed
                                                         Stable /CARE A4
Namra Finance Ltd                     LT BkFac^          -              -       Withdrawn
^withdrawn due to reclassification
Namra Finance Ltd                     NCD (Issue-1)      -              -       Withdrawn
Namra Finance Ltd                     LT BkFac           CARE BBB+;     1908.4  Reaffirmed
                                                         Stable
(Enhanced from 153.23 Crore)
Namra Finance Ltd                     NCD (Issue-2)      CARE BBB+;     415     Reaffirmed
                                                         Stable
Nilkamal Ltd                          LT Bk Fac          CARE AA;       2835.9  Reaffirmed
                                                         Stable
Nilkamal Storage Systems Pvt Ltd      LT Bk Fac          CARE A;        117.5   Reaffirmed
                                                         Positive
Oriental Foundry Pvt Ltd              LT Bk Fac          CARE BBB-;     200     Assigned
                                                         Stable
Oriental Foundry Pvt Ltd              LT/ST Bk Fac       CARE BBB-;     130     Assigned
                                                         Stable /CARE A3
Oriental Veneer Products Ltd          LT Bk Fac          CARE BBB-;     140     Assigned
                                                         Stable
Paranjape Schemes (Construction) Ltd  NCDs               CARE C;        1750    Revised from
                                                                                CARE B;
                                                                                Negative
(Issuer Not Cooperating)
Pipeline Infrastructure Ltd           Debentures NCD     CARE AAA;      64520   Reaffirmed
                                                         Stable
Pipeline Infrastructure Ltd           Non-FB - LTBGs     CARE AAA;      1460    Reaffirmed
                                                         Stable
Pipeline Infrastructure Ltd           Non-FB - LT/       CARE AAA;      500     Reaffirmed
                                      ST-BGs             Stable/CARE A1+
Piramal Capital & Housing Finance Ltd NCD                CARE AA;       30000   Assigned
                                                         Stable
Piramal Capital & Housing Finance Ltd NCD                CARE AA;       82000   Reaffirmed
                                                         Stable
Pondicherry -Tindivanam Tollway Ltd   LT Bk Fac          CARE D         2109.4  Revised from
                                                                                CARE B; Stable
Primary Agricultural Cooperative      LT Bk Fac          CARE BB-;      457.6   Re-affirmed
Society Ltd, Chandupatla                                 Stable
Ram Cotex                             LT Bk Fac          CARE B+; Stable65      Reaffirmed
Rockdude Impex Pvt Ltd                LT Bk Fac          CARE B;        109     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Rsi Stone World Pvt Ltd               LT BkFac           CARE BB+;      57.6    Reaffirmed
                                                         Stable
(Enhanced from 5.56 Crore)
Rsi Stone World Pvt Ltd               LT/ ST Bk Fac      CARE BB+;      60      Assigned
                                                         Stable/CARE A4+
Rsi Stone World Pvt Ltd               LT/ ST Bk Fac      CARE BB+;      115.5   Reaffirmed
                                                         Stable/CARE A4+
Sabarkantha District Cooperative Milk LT Bk Fac          CARE AA+;      1154.8  Reaffirmed
Producers Union Ltd                                      Stable
(reduced from Rs.124.27 crore Crore)
Sabarkantha District Cooperative Milk LT/ST Bk Fac       CARE AA+;      100     Reaffirmed
Producers Union Ltd                                      Stable/CARE A1+
Savas Engineering Company Pvt Ltd     LT Bk Fac          CARE BBB (CE); 30      Reaffirmed
                                                         Stable
Savas Engineering Company Pvt Ltd     LT / ST Bk Fac     CARE BBB (CE); 45      Reaffirmed
                                                         Stable /CARE
                                                         A3 (CE)
Sayaji Industries Ltd                 LT Bk Fac          CARE BBB-;     321.1   Reaffirmed
                                                         Stable
(Reduced from 36.23 Crore)
Sayaji Industries Ltd                 LT/ST BkFac        CARE BBB-;     1035    Reaffirmed
                                                         Stable/CARE A3
Scc Infrastructure Pvt Ltd            LT Bk Fac          CARE BB+;      290     Reaffirmed
                                                         Positive               and Outlook
                                                                                revised from
                                                                                Stable
Scc Infrastructure Pvt Ltd            LT / ST Bk Fac     CARE BB+;      1350    Reaffirmed
                                                         Positive /CARE         and Outlook
                                                         A4+                    revised from 
                                                                                Stable
Shaily Engineering Plastics Ltd       LT Bk Fac          CARE A-;       2171    Reaffirmed
                                                         Stable
(enhanced from 187.65 Crore)
Shree Ramkrishna Oil Industries       LT Bk Fac          CARE B+; Stable95      Reaffirmed
Sm1 Construction                      LT BkFac           CARE B; Stable 30      Revised from
                                                                                CARE B+;
                                                                                Stable
Sree Lakshmi Balaji Industries        LT Bk Fac          CARE B+;       130     Revised from
                                                         Stable                 CARE BB-;
                                                                                Stable
Sri Laxmi Vinayaka Rice Industries    LT Bk Fac          CARE BB-;      130     Reaffirmed
                                                         Stable
Sri Scl Infratech Ltd                 LT Bk Fac          CARE BBB-;     250     Revised from
                                                         Stable                 CARE BB+;
                                                                                Stable
Sri Scl Infratech Ltd                 LT/STBk Fac        CARE BBB-;     3000    Revised from
                                                         Stable /CARE A3        CARE BB+;
                                                                                Stable/ CARE A4+
Steel Authority Of India Ltd          LT Bond            CARE AA-;      11340   Reaffirmed
                                      Programme-I*       Negative
(reduced from 1,198.00 Crore) /* Bonds outstanding as on September 3, 2020 stood at Rs.6,318
crore.
Steel Authority Of India Ltd          LT Bond            CARE AA-;      1440    Reaffirmed
                                      Programme-II*      Negative
(reduced from 1,147.00 Crore) /* Bonds outstanding as on September 3, 2020 stood at Rs.6,318
crore.
Steel Authority Of India Ltd          LT Bond            CARE AA-;      18550   Reaffirmed
                                      Programme-III*     Negative
(reduced from 3,276.00 Crore) /* Bonds outstanding as on September 3, 2020 stood at Rs.6,318
crore.
Steel Authority Of India Ltd          LT Bond            CARE AA-;      11850   Reaffirmed
                                      Programme-IV*      Negative
(reduced from 1,950.00 Crore) /* Bonds outstanding as on September 3, 2020 stood at Rs.6,318
crore.
Steel Authority Of India Ltd          LT Bond            CARE AA-;      20000   Reaffirmed
                                      Programme-V*       Negative
* Bonds outstanding as on September 3, 2020 stood at Rs.6,318 crore.
Steel Authority Of India Ltd          LT Public Deposit  CARE AA-;      10000   Reaffirmed
                                      Programme          Negative
Steel Authority Of India Ltd          LT Bk Fac          CARE AA-;      300000  Reaffirmed
                                                         Negative
Stt Global Data Centres India Pvt Ltd LT Bk Fac          CARE AA; Stable46000   Reaffirmed
Stt Global Data Centres India Pvt Ltd LT/ST Bk Fac       CARE AA;       2500    Assigned
                                                         Stable/CARE A1+
Suditi Industries Ltd                 LT BkFac           CARE BB-;      270     Revised from
                                                         Stable                 CARE BB+;
                                                                                Stable
(Issuer Not Cooperating)
Sunflag Iron And Steel Co. Ltd        LT BkFac           CARE A;        7430.8  Reaffirmed
                                                         Negative
(reduced from 749.02 Crore)
Sunflag Iron And Steel Co. Ltd        LT /STBk Fac       CARE A;        3481    Reaffirmed
                                                         Negative/CARE
                                                         A1
(enhanced from 347.28 Crore)
Sunil Charitable Society              LT Bk Fac          CARE BBB-;     743.6   Reaffirmed
                                                         Stable
(reduced from 85.54 Crore)
Superior Food Grains Pvt Ltd          LT Bk Fac          CARE C;        400     Reaffirmed
                                                         Negative
Superior Food Grains Pvt Ltd          LT Bk Fac          CARE D         122     Reaffirmed
(Reduced from 25.69 Crore)
Supertron Electronics Pvt Ltd         LT Bk Fac          CARE A-;       3100    Reaffirmed
                                                         Stable
Surya Roshni Ltd                      LT Bk Fac          CARE A+;       10570.1 Reaffirmed
                                                         Stable
(Reduced from 1,106.61 Crore)
Surya Roshni Ltd                      LT / ST Bk Fac     CARE A+;       11133.2 Reaffirmed
                                                         Stable /CARE A1
The Alleppey Company                  LT/ST Bk Fac       CARE BB;       162     Reaffirmed
                                                         Stable/CARE A4
Transformers And Rectifiers (India)   LT BkFac           CARE BBB;      232.6   Reaffirmed
Ltd                                                      Stable
(reduced from 40.50 Crore)
Transformers And Rectifiers (India)   LT/ST Bk Fac       CARE BBB;      7990    Reaffirmed
Ltd                                                      Stable /CARE A3
(reduced from 925.00 Crore)
Trichy Tollway Pvt Ltd                Long- term         CARE AA-;      1275.4  Reaffirmed
                                      instruments -NCD   Stable
                                      (NCD) issue
(Reduced from 140.44 Crore)
Tvs Motor Co. Ltd                     LT BkFac           CARE AA+;      6605.9  Reaffirmed
                                                         Stable
(Enhanced from 211.42 Crore)
Tvs Motor Co. Ltd                     NCD issue          CARE AA+;      5000    Reaffirmed
                                                         Stable
Tvs Motor Co. Ltd                     LT / ST Bk Fac     CARE AA+;      2500    Reaffirmed
                                                         Stable /CARE
                                                         A1+
(Reduced from 350.00 Crore)
Union Bank Of India                   Upper Tier II      CARE AA ;      5000    -
                                      Bonds(Basel II) @ Negative
Removed from  credit watch with
developing implications  and
Negative Outlook assigned/@: CARE has rated the aforesaid Upper Tier II Bonds one notch lower
than the Lower Tier II Bonds in view of their increased sensitiveness to the Union Bank of India
s Capital Adequacy Ratio (CAR), capital raising ability and profitability during the long tenure
of the instruments. The rating factors in the additional risk arising due to the existence of
the lock in clause in hybrid instruments. Any delay in payment of interest/principal (as the
case may be) following the invocation of the lock-inclause, 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 rating compared to conventional subordinated debt instruments.
Union Bank Of India                   Perpetual Bonds    CARE AA- ;     20000   -
                                      (Tier I) (Basel    Negative
                                      III) #
Removed from credit watch with developing implications and Negative Outlook assigned/#: CARE has
rated the aforesaid Basel III Compliant Additional Tier-I Bonds after taking into consideration
its key features as
mentioned 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, i.e.,
payment of such coupon is likely to result in losses during the current year, the balance of
coupon payment may be made out of revenue reserves including statutory reserves
and/or credit balance in profit and loss account and excluding share premium, revaluation
reserve, foreign currency translation reserve, investment reserve and reserves created on
amalgamation provided the bank meets the minimum regulatory requirements for Common Equity Tier
I [CET I], Tier I and Total Capital Ratios and 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 the trigger event called point of non-viability (PONV).
The PONV trigger shall be determined by RBI.
Union Bank Of India                   Lower Tier II      CARE AA+ ;     8000    -
                                      Bonds (Basel II)   Negative
Removed from credit watch with developing implications and Negative Outlook assigned
V S Education Foundation              LT BkFac           CARE C; Stable 75      -
(Issuer Not Cooperating)
Virdev Intermediates Pvt Ltd          LT Bk Fac          CARE BB+;      42.5    Reaffirmed
                                                         Stable
Vms Industries Ltd                    LT /ST BkFac       CARE BB+;      1100    Revised from
                                                         Stable /CARE           CARE BBB-;
                                                         A4+;                   Stable/CARE A3
(Issuer Not Cooperating)
Vms Tmt Pvt Ltd                       LT Bk Fac          CARE BB+ (CE); 109     Revised from
                                                         Stable;                CARE BBB-
                                                                                (CE); Stable
(Issuer Not Cooperating)
Zion Infraspace Llp                   LT Bk Fac          CARE BB+;      496     Assigned
                                                         Stable
--------------------------------------------------------------------------------------------
$: 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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