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CARE ratings for Indian debt instruments-Sep 16

    Sep 16  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of September 15, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Amoda Iron And Steel Ltd              ST Bk Fac          CARE D         50      -
(Issuer Not Cooperating); Based on best available information
Arowana Exports Pvt Ltd               ST Bk Fac          CARE D         70      -
(Issuer Not Cooperating); Based on best available information 
B S Shakti Steel Pvt Ltd              ST Bk Fac          CARE A4        30      -
(Issuer Not Cooperating); Based on best available information
Bharat Industries- Agra               ST Bk Fac          CARE A4        59.5    -
Reaffirmed and removed from (Issuer Not Cooperating)
Cheer Sagar                           ST Bk Fac          CARE A4;       35      Revised from
                                                                                CARE A4+;
(Issuer Not Cooperating); Based on best available information
Cheer Sagar Exports                   ST Bk Fac          CARE A4;       19      -
(Issuer Not Cooperating); Based on best available information
Goverdhan Transformer Udyog Pvt Ltd   ST Bk Fac- BG      CARE D         10      -
(Issuer Not Cooperating); Based on best available information
Jindal Stainless (Hisar) Ltd          ST Bk Fac (Non-FB) CARE A2+       215     Reaffirmed
(reduced from 3,055 crs)
Kei Industries Ltd                    ST Bk Fac          CARE A1        24100   Reaffirmed
Kei Industries Ltd                    CP                 CARE A1        300     Reaffirmed
Mas Financial Services Ltd            ST Bk Fac @        -              -       Withdrawn
@ Withdrawal is based on no-dues certificate from the banker.
Mas Financial Services Ltd            CP Issue *         CARE A1+       2500    Reaffirmed
* The company has agreed to keep sanctioned fund-based working capital limits unutilized to the
extent of commercial paper issued
Paroha Developers                     ST Bk Fac          CARE A4        30      -
(Issuer Not Cooperating); Based on best available information
Pnc Infratech Ltd                     ST Bk Fac          CARE A1+       50000   Reaffirmed
Pine Exporters Pvt Ltd                ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
Rajasthan Powergen Transformer Pvt LtdST Bk Fac          CARE A4        40      -
(Issuer Not Cooperating); Based on best available information
Sadbhav Engineering Ltd               ST NCD Issue       -              -       withdrawn
Torneto Foods International Pvt Ltd   ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE D and
                                                                                Withdrawn
(Issuer Not Cooperating); Based on best available information
Tuticorin Coal Terminal Pvt Ltd       ST Bk Fac          -              -       Withdrawn 
  
  
MEDIUN TERM RATINGS:
-------------------
Kei Industries Ltd                    Fixed Deposits     CARE A+ (FD);  50      Revised from
                                                         Stable                 CARE A
                                                                                (FD);Stable
 

LONG TERM RATINGS:
-------------------
Abhigna Rice & Paraboiled Industries  LT Bk Fac          CARE B-; Stable55      Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating); Based on best available information
Ajit Agro Industries                  LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B-;
                                                                                Stable and
                                                                                Withdrawn
(Issuer Not Cooperating)
Ally Pharma Options Pvt Ltd           LT/ ST Bk Fac      CARE B/CARE A4;100     Revised from
                                                                                CARE B+/CARE
                                                                                A4;
(Issuer Not Cooperating)
Amoda Iron And Steel Ltd              LT Bk Fac          CARE D         100     -
(Issuer Not Cooperating); Based on best available information
Anantha Agencys Pvt Ltd               LT Bk Fac          CARE B-; Stable150     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
Astrica Laboratories Pvt Ltd          LT Bk Fac          CARE B-; Stable79.5    Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating); Based on best available information
Aussee Oats India Ltd                 LT/ST Bk Fac       CARE B;        80      Revised from
                                                         Stable/CARE A4         CARE BB
                                                                                (CE)/CARE A4(CE)
(rating removed from credit watch with developing implications)
Aussee Oats India Ltd                 LT/ST Bk Fac       CARE B;        30      Revised from
                                      (Proposed)         Stable/CARE A4         Provisional
                                                                                CARE BB (CE)/
                                                                                CARE A4 (CE)
 (rating removed from credit watch with developing implications
B S Shakti Steel Pvt Ltd              LT Bk Fac          CARE B+; Stable370     Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
Bank Of Maharashtra                   Infrastructure     CARE A+;       16000   Reaffirmed
                                      Bonds^             Positive
^The long-term infrastructure bonds are unsecured and would rank pari-passu along with other
uninsured, unsecured creditors. These bonds are senior to the subordinated bonds of the bank.
RBI vide its circular dated July 15, 2014, has allowed banks to raise these bonds to finance
their long-term loans to infrastructure as well as affordable housing with minimum regulatory
pre-emption such as CRR, SLR and priority sector lending.
Bestview Infracon Ltd                 NCD issue          CARE B+; Stable338     Revised from
                                                                                CARE B;
                                                                                Stable;
(Issuer Not Cooperating)
Bhagwati Stone Industries             LT Bk Fac          CARE B; Stable 120     Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Bharat Industries- Agra               LT Bk Fac          -              0       Withdrawn
Bharat Sanchar Nigam Ltd              LT                 CARE AAA (CE); 85000   Assigned
                                      Instruments (Bonds Stable
                                      – Proposed)
*Backed by the Credit enhancement in the form of unconditional and irrevocable guarantee from
Government of India (G0I).
Bulland Buildtech Pvt Ltd             LT Bk Fac          CARE D         450     -
(Issuer Not Cooperating); Based on best available information
Cheer Sagar                           LT / ST Bk Fac     CARE BB-;      67      Revised from
                                                         Stable /CARE           CARE BB+;
                                                         A4;                   Stable / CARE A4+
(Issuer Not Cooperating); Based on best available information
Cheer Sagar Exports                   LT Bk Fac          CARE BB-;      3       Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
Cheer Sagar Exports                   LT / ST Bk Fac     CARE BB-;      95      Revised from
                                                         Stable /CARE A4        CARE BB;
                                                                                Stable / CARE A4
(Issuer Not Cooperating); Based on best available information
Goverdhan Transformer Udyog Pvt Ltd   LT Bk Fac- CC      CARE D         45      -
(Issuer Not Cooperating); Based on best available information
Jindal Stainless (Hisar) Ltd          LT Bk Fac (TL)     CARE A-; Stable28114.6 Reaffirmed
(reduced from 2881.46crs)
Kasturi K12 Services Pvt Ltd          LT Bk Fac          CARE B; Stable 145     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
Kei Industries Ltd                    LT Bk Fac          CARE A+; Stable8125.3  Revised from
                                                                                CARE A; Stable
Khushbu Auto Finance Ltd              LT Bk Fac          CARE A (CE);   1054.2  Revised
                                                         Stable                 from CARE A+
                                                                                (CE); Negative
(reduced from 115.00 crs)
Malwa Fresh Foods                     LT Bk Fac          CARE B+; Stable255     Assigned
Mangla Overseas                       LT Bk Fac-         CARE B; Stable 70      -
                                      Cash Credit
(Issuer Not Cooperating); Based on best available information
Manikanta Paper Mill Pvt Ltd          LT Bk Fac          CARE B-;       74      Revised from
                                                         Stable;                CARE B;
                                                                                Stable;
(Issuer Not Cooperating)
Mas Financial Services Ltd            NCD (NCD) Issue    CARE A+; Stable5000    Reaffirmed
Mas Financial Services Ltd            LT Bk Fac          CARE A+; Stable45000   Reaffirmed
Mas Rural Housing And Mortgage FinanceProposed NCD (NCD) CARE A; Stable 250     Reaffirmed
Ltd                                   Issue
Mas Rural Housing And Mortgage FinanceLT Bk Fac          CARE A; Stable 6000    Reaffirmed
Ltd
Model Rag Exports                     LT Bk Fac          CARE BB-;      100     Reaffirmed
                                                         Stable
(Enhanced from 7.00 crs)
Oriental Structural Engineers Pvt Ltd LT Bk Fac          CARE A;        8944.4  -
Ratings placed on credit watch with negative implications
Oriental Structural Engineers Pvt Ltd LT/ST implications CARE A; /CARE  15350   -
                                      Bk Fac – LC/BG     A1
Ratings placed on credit watch with negative implications
Oswal Overseas Ltd                    LT Bk Fac          CARE C; Stable 99.5    -
(Issuer Not Cooperating); Based on best available information
Oswal Overseas Ltd                    LT / ST Bk Fac     CARE C; Stable 7.8     -
                                                         /CARE A4
(Issuer Not Cooperating); Based on best available information
Paroha Developers                     LT Bk Fac          CARE B-; Stable23.3    Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating); Based on best available information
Pine Exporters Pvt Ltd                LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
                                                                                withdrawn
Pnc Infratech Ltd                     LT Bk Fac          CARE AA-;      17000   Reaffirmed
                                                         Stable
Rajasthan Powergen Transformer Pvt LtdLT Bk Fac          CARE B-        65.8    Revised from
                                                                                CARE B
(Issuer Not Cooperating); Based on best available information
Rjp Technologies Pvt Ltd              LT Bk Fac          CARE B-; Stable120     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
Rn Rice Mill                          LT Bk Fac          CARE B-; Stable150     Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating)
Sadanand Radhika Mangal Charitable TruLT Bk Fac          CARE BB-;      300     Assigned
                                                         Stable
Sadbhav Engineering Ltd               CP (Carved out of  -              -       withdrawn
                                      sanctioned working
                                      capital limits)
Sadbhav Engineering Ltd               LT NCD Issue       -              -       withdrawn
Shirpur Gold Dmcc                     LT Bk Fac          CARE D         750     Revised from
                                                                                CARE C; Stable
Shree Balaji Corporation              LT Bk Fac          CARE D         56      Revised from
                                                                                CARE BB- ;
                                                                                Stable and
                                                                                removed from INC
(Issuer Not Cooperating)
Sri Pushpavathi Agro-Tech Pvt Ltd     LT Bk Fac          CARE B; Stable;90      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Sve Drilling Tools Pvt Ltd            LT Bk Fac          CARE B+; Stable120     Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
Torneto Foods International Pvt Ltd   LT Bk Fac          -              -       withdrawn
Torneto Foods International Pvt Ltd   LT/ST Bk Fac       -              -       withdrawn
Tuticorin Coal Terminal Pvt Ltd       LT Bk Fac          -              -       Withdrawn
--------------------------------------------------------------------------------------------
$: 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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