October 9, 2017 / 7:12 AM / 2 months ago

CARE ratings for Indian debt instruments-Oct 9

    Oct 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 6, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abis Exports (I) Pvt Ltd              Short- term Bk Fac CARE A1+       350     Assigned
Abis Exports (I) Pvt Ltd              CP*                CARE A1+       500     Assigned
*carved out of working capital limits
Amba River Coke Ltd (Arcl)            CP (CP) issue      CARE A1+       2400    Reaffirmed
                                      (standalone)
Atul Ltd                              ST Bk Fac          CARE A1+       920     Reaffirmed
Atul Ltd                              CP (CP)            CARE A1+       3000    Reaffirmed
Axis My India Ltd                     ST Bk Fac          CARE A3+       27.5    Revised from
                                                                                CARE A3
B.K. Agro Products Pvt Ltd            ST Bk Fac          CARE A4+       5.5     Assigned
Caspia Hotels Pvt Ltd                 ST Bk Fac          CARE A3        65      Assigned
Cs Construction Company Pvt Ltd       ST Bk Fac- BG      CARE A1        5000    Assigned
Crosslay Remedies Ltd                 ST Bk Fac          CARE A1+       100     Assigned
Edelweiss Agri Value Chain Ltd (Eavcl)(ii) ST Bk FacNon  CARE A1+       3800    Revised from
                                      Fund Based                                CARE AA(SO)
Fairdeal Jumbo Packaging Pvt Ltd      ST Bk Fac          CARE A4        32      Reaffirmed
(enhanced from 2.20crs)
Finfoot Lifestyle Pvt Ltd             ST Bk Fac          CARE A4        2       issuer Not
                                                                                Cooperating
Gautam Solar Pvt Ltd                  ST Bk Fac          CARE A2        25      Reaffirmed
Gemini Edibles & Fats India Pvt Ltd   ST Bk Fac          CARE A2+       4710    Assigned
(Enhanced from 381crs)
General Petrochemicals Ltd            ST Bk Fac          CARE A4+       4.6     Assigned
General Polytex Pvt Ltd               ST Bk Fac          CARE A4+       23      Assigned
Ghatge Patil Industries Ltd           ST Bk Fac          CARE A4+       1100    Reaffirmed
Gmr Hyderabad Vijayawada Expressways  ST Bk Fac          -              -       Withdrawn
Pvt. Ltd.
Grauer & Weil (India) Ltd             ST Bk Fac          CARE A1+       460     Reaffirmed
Gujarat State Petroleum Corporation   ST Bk Fac          CARE A2        60000   Reaffirmed
Ltd 
Hec Infra Projects Ltd                ST Bk Fac          CARE A3        180     Reaffirmed
Jog Construction Company Pvt Ltd      ST Bk Fac          CARE A4        20      Issuer Not
                                                                                Cooperating
Kailash Electricals                   ST Bk Fac          CARE A4        80      Assigned
L&T Finance Ltd.                      CP (IPO Financing) CARE A1+       90000   Assigned
L&T Housing Finance Ltd               CP (IPO Financing) CARE A1+       10000   Assigned
L&T Infrastructure Finance Co. Ltd    CP (for IPO        CARE A1+       50000   Assigned
                                      financing)
Max Healthcare Institute Ltd          ST Bk Fac          CARE A1+       7.6     Assigned
Nacl Industries Ltd (Erstwhile        ST Bk Fac          CARE A2        1130    Revised from
Nagarjuna Agrichem Ltd)                                                         CARE A3+
Nagreeka Exports Ltd.                 ST Bk Fac          CARE A3        2093.7  Reaffirmed
National Collateral Management ServiceBk Fac-Non-FBST    CARE A1+       350     Reaffirmed
Ltd
(Enhanced from Rs.15.00 Cr)
National Collateral Management ServiceProposed CP (CP)   CARE A1+       2000    Assigned
Ltd                                   issue*
*carved out of the sanctioned working capital limits of the company.
Nilkamal Bito Storage Systems Pvt Ltd Non-Fund           CARE A1        230     Reaffirmed
                                      Based-ST-LC/BG
Nilkamal Ltd                          Non-Fund           CARE A1+       1000    Reaffirmed
                                      Based-ST-LC/BG
Nilkamal Ltd                          CP (carved out)    CARE A1+       500     Reaffirmed
Power Finance Corporation Ltd         ST Borrowing       CARE A1+       200000  Reaffirmed
                                      Programme for FY-18
Prism Design And Tooling Technology PvST Bk Fac (Non     CARE A4        70      Assigned
Ltd                                   Fund Based)
Punjab National Bank                  CD                 CARE A1+       600000  Reaffirmed
Royale Marine Impex Pvt Ltd           ST Bk Fac          CARE A4+       9       Assigned
Sharekhan Financial Services Pvt Ltd  CP Issue (IPO      CARE A1+       20000   Assigned
                                      Financing)
Shivshakti Sealink Pvt Ltd            ST Bk Fac          CARE A4        70      Reaffirmed
Shri Balaji Industrial Products Ltd   ST Bk Fac          CARE A3+       150     Reaffirmed
Shrinet And Shandilya Construction PvtST Bk Fac          CARE A4        320     Reaffirmed
Ltd
(Reduced from 38 crores)
Smita Conductors Pvt Ltd              ST Bk Fac          CARE A1        3800    Reaffirmed
(Enhanced from Rs.300Cr to Rs.380Cr)
Sri Kannapiran Mills Ltd              ST Bk Fac          CARE A4+       105     Assigned
Sri Laxmi Constructions               ST Bk Fac          CARE A4        50      Assigned
Success Exim Pvt Ltd                  ST Bk Fac          CARE A4        110     Reaffirmed
Swastik Copper Pvt Ltd                ST Bk Fac          CARE A4        400     Reaffirmed
Swim Ceramic                          ST Bk Fac          CARE A4        10      Assigned
The Sandesh Ltd                       ST Bk Fac          CARE A1+       350     Reaffirmed
The South Indian Bank Ltd             CDs                CARE A1+       50000   Reaffirmed
Trf Ltd                               ST Debt Programme  -              -       Withdrawn
                                      (including CP)
Ujaas Energy Ltd                      ST Bk Fac          CARE A3+       800     Reaffirmed
Usha Impex                            Short-tern Bk Fac  CARE A4        240     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Grauer & Weil (India) Ltd             Proposed Medium    CARE AA-(FD)   100     Reaffirmed
                                      Term Fixed Deposit
                                      Programme
Ghatge Patil Industries Ltd           Fixed Deposit      CARE BB+(FD)   400     Reaffirmed

LONG TERM RATINGS:
-------------------
Abis Exports (I) Pvt Ltd              LT Bk Fac          CARE A+        2304.9  Assigned
Abis Exports (I) Pvt Ltd              LT/ST Fac          CARE A+ /CARE  1970    Assigned
                                                         A1+
Abu Estate Pvt Ltd                    LT Bk Fac          CARE B         133     Assigned
Acuity India Resorts Pvt Ltd          LT Bk Fac          CARE B+        83.7    Assigned
Allahabad Bank                        Lower Tier II Bonds-              -       Withdrawn
(reduced from 500.00crs)
Allahabad Bank                        Lower Tier II BondsCARE AA        8500    Reaffirmed
Allahabad Bank                        Subordinated Tier  CARE AA        10000   Reaffirmed
                                      II Bonds (Basel
                                      III)
Allahabad Bank                        Upper Tier II BondsCARE AA-       10000   Reaffirmed
Allahabad Bank                        Perpetual Bonds    CARE AA-       3000    Reaffirmed
Alps Hospital Ltd                     LT Bk Fac          CARE A+        180     Assigned
Art & Crafts Inc.                     LT/ST Bk Fac       CARE BB+ /CARE 145     Assigned
                                                         A4+
Atul Ltd                              LT Bk Fac          CARE AA+       4380    Reaffirmed
Axis My India Ltd                     LT Bk Fac          CARE BBB+      97.5    Revised from
                                                                                CARE BBB-
B.K. Agro Products Pvt Ltd            LT Bk Fac          CARE BB+       65      Assigned
Bajrang Power Industries Llp          LT Bk Fac          CARE BB-       70      Assigned
Balaji Medical And Diagnostics ResearcLT Bk Fac          CARE A+        1685.3  Assigned
Centre
Bandhan Bank Ltd                      LT Bk Fac          -              -       Withdrawn
Bandhan Bank Ltd                      Unsecured          CARE AA-       1600    Reaffirmed
                                      Subordinated
                                      Nonconvertible Debenture (NCD)
Bansal Seeds Pvt Ltd (Bspl)           LT Bk Fac          CARE BB        260     Reaffirmed
(Enhanced from 23crs)
Bil Infratech Ltd                     LT Bk Fac          CARE BB+       200     Reaffirmed
Bil Infratech Ltd                     Long/ST Bk Fac     CARE BB+ /CARE 1500    Reaffirmed
                                                         A4+
(reduced from 200crs)
Caspia Hotels Pvt Ltd                 LT Bk Fac          CARE BBB-      2060.3  Assigned
Crosslay Remedies Ltd                 LT Bk Fac          CARE A+        1441.4  Assigned
Devki Devi Foundation                 LT Bk Fac          CARE A+        1079.2  Assigned
Devrishi Papers Pvt Ltd               LT Bk Fac          CARE BB-       200     Assigned
Devrishi Papers Pvt Ltd               Long/ST Bk Fac     CARE BB- /A4   100     Assigned
Durgeshwari Industries Ltd            LT Bk Fac          CARE B+        150     Issuer Not
                                                                                Cooperating
Edelweiss Agri Value Chain Ltd (Eavcl)(i)LT Bk FacFund   CARE AA        6200    Revised from
                                      Based                                     CARE AA(SO)
Edelweiss Agri Value Chain Ltd (Eavcl)(iii) NCD          CARE AA (SO)   3300    Reaffirmed
Edelweiss Agri Value Chain Ltd (Eavcl)(iv) Proposed      ProvCARE AA    1700    Reaffirmed
                                      NonConvertible     (SO)
                                      Debenture
Electrosteel Castings Ltd             CP (CP) issue*     -              -       Withdrawn^
* carved out of sanctioned working capital limits of the company/(^) The company has surrendered
the aforementioned CP issue and there is no amount outstanding under the said issue. 
Electrosteel Castings Ltd             CP (CP) issue$     -              -       Withdrawn^
($) the aggregate of CP and other working capital borrowings should be within the sanctioned
working capital limits of the company /(^) The company has surrendered the aforementioned CP
issue and there is no amount outstanding under the said issue. 
Electrosteel Castings Ltd             LT Bk Fac          CARE BBB+      15536.9 Reaffirmed
(reduced from 2015.42crs)
Electrosteel Castings Ltd             NCD (Series IV)    CARE BBB+      500     Reaffirmed
Electrosteel Castings Ltd             Long/ST Bk Fac     CARE BBB+      9090    Reaffirmed
                                                         /CARE A2
(reduced from 1000crs)
Entel Motors Pvt Ltd                  LT Bk Fac          CARE BB-       83      Assigned
Fairdeal Jumbo Packaging Pvt Ltd      LT Bk Fac          CARE BB        15.7    Reaffirmed
(enhanced from 1.01Crs)
Fairdeal Jumbo Packaging Pvt Ltd      LT/ST Bk Fac       CARE BB /CARE  188     Reaffirmed
                                                         A4
(enhanced from 15.30crs)
Finfoot Lifestyle Pvt Ltd             LT Bk Fac          CARE B-        120.1   issuer Not
                                                                                Cooperating
Gail (India) Ltd                      LT Bonds – Series  CARE AAA       5000    Reaffirmed
                                      2015
Gail (India) Ltd                      Proposed LT Bonds  CARE AAA       5000    Reaffirmed
Gail (India) Ltd                      LT/ST Bk Fac       CARE AAA       39500   Reaffirmed
                                                         /CARE A1+
Gautam Solar Pvt Ltd                  LT Bk Fac          CARE BBB       235     Reaffirmed
Gautam Solar Pvt Ltd                  LT / ST Bk Fac     CARE BBB/CARE  290     Reaffirmed
                                                         A2
Gemini Edibles & Fats India Pvt Ltd   LT Bk Fac          CARE A-        460     Assigned
(Enhanced from 36crs)
General Petrochemicals Ltd            LT Bk Fac          CARE BB+       331.3   Assigned
General Polytex Pvt Ltd               LT Bk Fac          CARE BB+       679.9   Assigned
Ghatge Patil Industries Ltd           LT Bk Fac          CARE BB+       1592.6  Reaffirmed
Gmr Hyderabad Vijayawada Expressways  LT Bk Fac          CARE D         16416.4 Reaffirmed
Pvt. Ltd.
(reduced from 1655.50crs)
Gorakhpur Infrastructure Co. Ltd      LT instrument      ProvCARE AAA   4250    Assigned
                                      (Proposed NCD)*    (SO)
*Proposed Non-Convertible Debenture issue backed by discounting of future annuities receivable
from National Highways Authority of India
Gosree Finance Ltd                    LT Bk Fac          CARE BBB-      292.5   Revised from
                                                                                CARE BB+
Gosree Finance Ltd                    NCD                CARE BBB-      50      Revised from
                                                                                CARE BB+
Grauer & Weil (India) Ltd             LT Bk Fac          CARE AA-       650     Reaffirmed
Gujarat State Petroleum Corporation LtSubordinated       CARE BBB       10000   Reaffirmed
                                      NonConvertible
                                      Debentures*
* These debentures have tenure of sixty years with a call option after 10 years from the issue
date and every year thereafter without put option. There is a provision for step up of 200 bps
in the coupon after 10 years. The coupon (payable semi-annually) has an optional deferral clause
which is linked to non-payment of dividend on the equity shares of the company with a look back
period of six months. There is a dividend stopper clause that restricts dividend payment on
equity shares in case the coupon payment on the debentures being rated is deferred. There is a
replacement capital covenant (RCC) which ensures that the instrument can be redeemed by issuance
of similar or higher equity-content instrument(s). The RCC will apply for 30 years and will
cease to be applicable if, among other covenants, the rating on the subordinated debentures is
upgraded. Considering the terms of the issue, CARE has accorded 50 per cent equity content to
this instrument.
Gujarat State Petroleum Corporation   Subordinated       CARE BBB       10000   Reaffirmed
Ltd                                   NonConvertible
                                      Debentures$
$ These debentures have tenure of sixty years with a call option after 12 years from the issue
date and every year thereafter without put option. There is a provision for step up of 200 bps
in the coupon after 12 years. The coupon (payable semi-annually) has an optional deferral clause
which is linked to non-payment of dividend on the equity shares of the company with a look back
period of six months. There is a dividend stopper clause that restricts dividend payment on
equity shares in case the coupon payment on the debentures being rated is deferred. There is a
replacement capital covenant (RCC) which ensures that the instrument can be redeemed by issuance
of similar or higher equity-content instrument(s). The RCC will apply for 30 years and will
cease to be applicable if, among other covenants, the rating on the subordinated debentures is
upgraded. Considering the terms of the issue, CARE has accorded 50 per cent equity content to
this instrument.
Gujarat State Petroleum Corporation   LT Bk Fac          CARE BBB+      77071.5 Reaffirmed
Ltd
Gujarat State Petroleum Corporation   NCDs               CARE BBB+      40000   Reaffirmed
Ltd
Gujarmal Modi Hospital And Research   LT Bk Fac          CARE A+        150     Assigned
Centre For Medical Science
Hariom Flexi Pack Industries          LT Bk Fac          CARE BB-       58.4    Issuer Not
                                                                                Cooperating
Hec Infra Projects Ltd                LT Bk Fac          CARE BBB       162.4   Reaffirmed
Hometrail Buildtech Pvt Ltd           LT Bk Fac          CARE A+        605.7   Assigned
Hometrail Estate Pvt Ltd              LT Bk Fac          CARE A+        748.2   Assigned
Icici Venture Funds Management Co. LtdIndia Real Estate  CARE AAA (AIF) -       Assigned
                                      Investment Fund
India Infrastructure Finance Company  Secured TBs        CARE AAA       11090.4 Reaffirmed
Ltd
India Infrastructure Finance Company  LT Tax-free Bonds  CARE AAA       137820.6Reaffirmed
Ltd
India Infrastructure Finance Company  LT Tax-free/ TBs   CARE AAA       42179.3 Reaffirmed
Ltd                                   (proposed)
India Infrastructure Finance Company LLT Infrastructure  CARE AAA       671.2   Reaffirmed
                                      Bonds
India Infrastructure Finance Company LUnsecured TBs*     CARE AAA (SO)  30000   Reaffirmed
*backed by unconditional and irrevocable guarantee from the Government of India
Jog Construction Company Pvt Ltd      LT Bk Fac          CARE B+        60      Issuer Not
                                                                                Cooperating
Kailash Electricals                   LT Bk Fac          CARE BB        10      Assigned
Kathpal Dairies                       LT Bk Fac          CARE B+        159     Assigned
Kay Arr Engineering Services          LT Bk Fac          -              -       Withdrawn
Kayem Food Industries Pvt Ltd         LT Bk Fac          CARE BBB-      2642    Assigned
Kosi Bridge Infrastructure Co. Ltd    LT instrument      ProvCARE AAA   2900    Assigned
                                      (Proposed NCD)*    (SO)
*Proposed Non-Convertible Debenture issue backed by discounting of future annuities receivable
from National Highways Authority of India.
Libas Designs Ltd                     LT Bk Fac          CARE BB+       111.4   Revised from
                                                                                CARE BB
Liberty Commodities Group Pte Ltd     Proposed           CARE A /CARE A113200   Reaffirmed
                                      LT/Shortterm Bk
                                      Fac^
^Excludes current structured bank lines backed by specific current assets
Madhav Tex Spin Pvt Ltd               LT Bk Fac          CARE BB        579.8   Reaffirmed
Madhav Tex Spin Pvt Ltd               ST Bk Fac          CARE BB /CARE  150     Reaffirmed
                                                         A4
Mahanagar Telephone Nigam Ltd         NCDs-I             CARE AAA (SO)  29800   Reaffirmed
Mahanagar Telephone Nigam Ltd         NCDs-II            CARE AAA (SO)  7650    Reaffirmed
Mahanagar Telephone Nigam Ltd         NCDs-III           CARE AAA (SO)  37689.7 Reaffirmed
Mahika Infra Llp                      LT Bk Fac          CARE BB (SO)   1850    Reaffirmed
Mahika Infra Llp                      Long--term Bk Fac  ProvCARE BB    400     Reaffirmed
                                                         (SO)
Man Structurals Pvt Ltd               LT Bk Fac          CARE BBB       630     Reaffirmed
Man Structurals Pvt Ltd               LT /ST Bk Fac      CARE BBB /CARE 1315    Reaffirmed
                                                         A3+
Max Healthcare Institute Ltd          LT Bk Fac          CARE A+        3148.2  Assigned
Mothers Pride India Pvt Ltd           LT Bk Fac          CARE B+        285     Revised from
                                                                                CARE BB
Issuer not cooperating
Nacl Industries Ltd (Erstwhile        LT Bk Fac          CARE A-        2245    Revised from
Nagarjuna Agrichem Ltd)                                                         CARE BBB+
Nagreeka Exports Ltd.                 LT Bk Fac – TL     CARE BBB-      320.6   Reaffirmed
National Collateral Management ServiceBk Fac-TL-LT       CARE A+        2108.4  Reaffirmed
Ltd
(Enhanced from Rs.202.57 Cr)
National Collateral Management ServiceBk                 CARE A+        4700    Reaffirmed
Ltd                                   Fac-FB-LT/Sublimit
                                      as Non-FB Fac
(Enhanced from Rs.210.00 Cr)
Ncml Basti Pvt Ltd                    LT Bk FacTL        ProvCARE A+    453.8   Reaffirmed
                                                         (SO)#
(Enhanced from Rs.20.00 Cr)
  #-The Prov rating is based on proposed credit enhancement in the form of unconditional and
irrevocable corporate guarantee from NCML to the lenders of NCML Deoria Private Limited
Ncml Batala Pvt Ltd                   LT Bk FacTL        ProvCARE A+    450.2   Reaffirmed
                                                         (SO)#
(Enhanced from Rs.18.00 Cr) #-The Prov rating is based on proposed credit enhancement in the
form of unconditional and irrevocable corporate guarantee from NCML to the lenders of NCML
Batala Private Limited
Ncml Bettiah Pvt Ltd                  LT Bk Fac-TL       ProvCARE A+    465.6   Reaffirmed
                                                         (SO)#
(Enhanced from Rs.20.00 Cr) #-The Prov rating is based on proposed credit enhancement in the
form of unconditional and irrevocable corporate guarantee from NCML to the lenders of NCML
Bettiah Private Limited
Ncml Bhattu Pvt Ltd                   LT Bk Fac-TL       ProvCARE A+    433.6   Reaffirmed
                                                         (SO)#
(Enhanced from Rs.20.00 Cr) #-The Prov rating is based on proposed credit enhancement in the
form of unconditional and irrevocable corporate guarantee from NCML to the lenders of NCML
Bhattu Private Limited
Ncml Chhehreatta Pvt Ltd              LT Bk Fac-TL       ProvCARE A+    459.3   Reaffirmed
                                                         (SO)#
(Enhanced from Rs.18.00 Cr) #-The Prov rating is based on proposed credit enhancement in the
form of unconditional and irrevocable corporate guarantee from NCML to the lenders of NCML
Chhehreatta Private Limited
Ncml Deoria Pvt Ltd                   LT Bk Fac-TL       ProvCARE A+    453.8   Reaffirmed
                                                         (SO)#
(Enhanced from Rs.20.00 Cr)
(Enhanced from Rs.20.00 Cr)
  #-The Prov rating is based on proposed credit enhancement in the form of unconditional and
irrevocable corporate guarantee from NCML to the lenders of NCML Deoria Private Limited
Ncml Faizabad Pvt Ltd                 Bk Fac-TL-LT       ProvCARE A+    462.5   Reaffirmed
                                                         (SO)#
(enhanced from Rs.16.00 Cr) #-The Prov rating is based on proposed credit enhancement in the
form of unconditional and irrevocable corporate guarantee from NCML to the lenders of NCML
Faizabad Private Limited
Ncml Jalajabad Pvt Ltd                LT Bk Fac-TL       ProvCARE A+    438.5   Reaffirmed
                                                         (SO)#
(enhanced from Rs.17.00 Cr) #-The Prov rating is based on proposed credit enhancement in the
form of unconditional and irrevocable corporate guarantee to be extended by NCML to the lenders
of NCML Jalalabad Private Limited
Ncml Palwal Pvt Ltd                   LT Bk Fac-TL       ProvCARE A+    472.7   Reaffirmed
                                                         (SO)#
(Enhanced from Rs.18.00 Cr)#-The Prov rating is based on proposed credit enhancement in the form
of unconditional and irrevocable corporate guarantee from NCML to the lenders of NCML Palwal
Private Limited
Ncml Sonepat Pvt Ltd                  LT Bk Fac-TL       ProvCARE A+    498.7   Reaffirmed
                                                         (SO)#
(Enhanced from Rs.20.00 Cr)#-The Prov rating is based on proposed credit enhancement in the form
of unconditional and irrevocable corporate guarantee from NCML to the lenders of NCML Sonepat
Private Limited
Ncml Varanasi Pvt Ltd                 LT Bk Fac-TL       ProvCARE A+            Reaffirmed
                                                         (SO)#
(Enhanced from Rs.16.50 Cr)/#-The Prov rating is based on proposed credit enhancement in the
form of unconditional and irrevocable corporate guarantee from NCML to the lenders of NCML
Varanasi Private Limited
Nilkamal Bito Storage Systems Pvt Ltd Fund Based- LT- CC CARE A         140     Reaffirmed
Nilkamal Ltd                          Fund Based-LT-TL   -              -       Withdrawal
Nilkamal Ltd                          Fund Based- LT- CC CARE AA        1750    Reaffirmed
Nvr Mahasolar Pvt Ltd                 LT Bk Fac          CARE BBB       2470    Assigned
Pasupati Aquatics Pvt Ltd             LT Bk Fac          CARE BB        200     Assigned
Pasupati Aquatics Pvt Ltd             Long/ST Bk Fac     CARE BB /CARE  75      Assigned
                                                         A4+
Power Finance Corporation Ltd         LT Borrowing       CARE AAA       161000  Reaffirmed
                                      Programme for FY-13
Power Finance Corporation Ltd         LT Borrowing       CARE AAA       86740   Reaffirmed
                                      Programme for FY-14
Power Finance Corporation Ltd         LT debt            CARE AAA       38000   Reaffirmed
                                      instruments –
                                      Subordinate debt for FY-14
Power Finance Corporation Ltd         LT Borrowing       CARE AAA       428350  Reaffirmed
                                      Programme for FY-15
Power Finance Corporation Ltd         LT Borrowing       CARE AAA       171620  Reaffirmed
                                      Programme for FY-16
Power Finance Corporation Ltd         LT Borrowing       CARE AAA       411150  Reaffirmed
                                      Programme for FY-17
Power Finance Corporation Ltd         LT Borrowing       CARE AAA       310000  Reaffirmed
                                      Programme for FY-18
Prism Design And Tooling Technology PvLT Bk Fac – TL     CARE BB-       40      Assigned
Ltd
Prism Design And Tooling Technology PvLT Bk Fac (Fund    CARE BB-       70      Assigned
Ltd                                   Based)
Punjab And Sind Bank                  Basel III          CARE A+        10000   Reaffirmed
                                      Compliant Tier I
                                      Bonds
Punjab And Sind Bank                  Lower Tier II BondsCARE AA        8750    Reaffirmed
Punjab And Sind Bank                  Tier II Bonds      CARE AA        10000   Reaffirmed
                                      (Basel-III)
Punjab National Bank                  Perpetual Bonds    CARE AA        21630   Reaffirmed
(reduced from 2,663crs)
Punjab National Bank                  Upper Tier II BondsCARE AA        90000   Reaffirmed
(reduced from 9500crs)
Punjab National Bank                  Basel III          CARE AA-       15000   Reaffirmed
                                      Compliant
                                      Perpetual Tier I Bonds
Punjab National Bank                  Infrastructure     CARE AA+       50000   Reaffirmed
                                      Bonds
Punjab National Bank                  Basel III          CARE AA+       20000   Reaffirmed
                                      Compliant Tier II
                                      Bonds
Pyramid Finserve Pvt. Ltd.            LT Bk Fac          CARE BB-       100     Assigned
Royale Marine Impex Pvt Ltd           LT Bk Fac          CARE BB+       24.4    Assigned
Royale Marine Impex Pvt Ltd           LT/ST Bk Fac       CARE BB+/CARE  66.6    Assigned
                                                         A4+
Saket City Hospital Pvt Ltd           LT Bk Fac          CARE A+        2854.4  Assigned
Salas Pharmaceuticals Pvt Ltd         LT Bk Fac          CARE BB-       94.4    Assigned
Sheetal Infrastructure Pvt Ltd        LT Bk Fac          CARE BB        800     Reaffirmed
Shivshakti Sealink Pvt Ltd            LT/ ST Bk Fac      CARE BB- /CARE 100     Reaffirmed
                                                         A4
(enhanced from 5crs)
Shri Balaji Industrial Products Ltd   LT Bk Fac          CARE BBB       722.6   Reaffirmed
(enhanced from 44.71crs)
Shri Balaji Industrial Products Ltd   LT/ST Bk Fac       CARE BBB /CARE 610     Reaffirmed
                                                         A3+
Shrinet And Shandilya Construction PvtLT Bk Fac          CARE B+        30      Reaffirmed
Ltd
Smita Conductors Pvt Ltd              LT Bk Fac          CARE A         220     Reaffirmed
Sri Kannapiran Mills Ltd              LT Bk Fac          CARE BB+       95      Assigned
Sri Laxmi Constructions               LT Bk Fac          CARE BB        80      Assigned
Sri Shakthi Refineries Pvt Ltd        LT Bk Fac          CARE BB-       84      Reaffirmed
(reduced from 10crs)
Success Exim Pvt Ltd                  LT Bk Fac          CARE BB-       30      Reaffirmed
Swastik Copper Pvt Ltd                LT Bk Fac          CARE B+        200     Reaffirmed
Swim Ceramic                          LT Bk Fac          CARE BB-       75.5    Assigned
The Sandesh Ltd                       Long- Term Bk Fac  CARE AA        600     Reaffirmed
The South Indian Bank Ltd             Lower Tier II BondsCARE A+        2000    Reaffirmed
The South Indian Bank Ltd             Tier II Bonds      CARE A+        3000    Reaffirmed
                                      (Basel III
                                      Compliant)#
#Tier II Bonds under Basel III are characterised 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.
The South Indian Bank Ltd             Proposed Tier II   CARE A+        5000    Reaffirmed
                                      Bonds (Basel III
                                      Compliant)#
#Tier II Bonds under Basel III are characterised 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.
Trf Ltd                               LT Bk Fac          CARE BBB+      2889.8  Reaffirmed
Trf Ltd                               LT/ ST Bk Fac      CARE BBB+      13230   Reaffirmed
                                                         /CARE A2
Ujaas Energy Ltd                      LT Bk Fac          CARE BBB       984.2   Reaffirmed
(reduced from Rs.108.64 crore)
Ujaas Energy Ltd                      LT/ST Bk Fac       CARE BBB /CARE 850     Reaffirmed
                                                         A3+
Ujjwal Granites Pvt Ltd               LT Bk Fac          CARE B+        20      Assigned
Usha Impex                            LT Bk Fac          CARE B+        60      Reaffirmed
Veritas Finance Pvt Ltd               LT Bk Fac          CARE BBB-      1000    Assigned
Veritas Finance Pvt Ltd               Proposed           CARE BBB-      500     Assigned
                                      Nonconvertible
                                      Debentures
Waaneep Solar Pvt Ltd                 LT Bk Fac          CARE BBB+      2377.6  Revised from
                                                                                CARE BBB+(SO)
(reduced from 254.20crs)
Walwhan Solar Bh Pvt Ltd              LT Bk Fac%         CARE AA- (SO)  1400    Assigned
% Credit enhancement in the form of unconditional and irrevocable corporate guarantee from
Walwhan Renewable Energy Limited (WREL)
--------------------------------------------------------------------------------------------
$: 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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