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CARE ratings for Indian debt instruments-Sep 2

    Sep 2  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of September 1, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bhagwan Mahavir Education Foundation  ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A3 and
                                                                                withdrawn
(Issuer not cooperating)
Bengal Tea & Fabrics Ltd              ST Bk Fac          CARE A3        22.5    Revised from
                                                                                CARE A3+
Blue Ocean Biotech Pvt Ltd            ST Bk Fac          CARE A4        5       Reaffirmed
Century Textiles And Industries Ltd   CP                 CARE A1+       10000   Reaffirmed
Empee Distilleries Ltd                ST Bk Fac          -              -       Withdrawn
Gogoal Hydro Pvt Ltd                  ST Bk Fac          CARE A4        315     -
Issuer Not Cooperating; Based on best available information
Hetro Spinners Pvt Ltd                ST Bk Fac          CARE D         15.2    -
Issuer not cooperating; Based on best available information
Housing Development Finance CorporatioCP Issue           CARE A1+       750000  Reaffirmed
Ltd
Jindal Coke Ltd                       ST Bk              CARE A3        3250    Revised from
                                      Fac (Non-fund                             CARE A3+
                                      Based)
Jsw Energy Ltd                        ST Bk limits       CARE A1+       29920   Reaffirmed
Jsw Energy Ltd                        CP Issue           CARE A1+       7000    Reaffirmed
Mittal Filaments Pvt Ltd              ST Bk Fac          CARE A4        2.5     -
Issuer not co-operating; Based on best available information
Mynor Enterprises Pvt Ltd             ST Bk Fac          CARE A4        70      Reaffirmed
Rahul Commerce Pvt Ltd                ST Bk Fac          CARE A4        14      -
Issuer not cooperating; Based on best available information
Rayana Paper Board Industries Ltd     ST Bk Fac          CARE A4        15.4    Revised from
                                                                                CARE A3
(Issuer not Cooperating)
Skm Egg Products Export (India) Ltd   ST Bk Fac          CARE A3        490     Reaffirmed
Srei Equipment Finance Ltd            ST Bk Fac          CARE A3+       10580
Removed from Credit Watch; Revised from CARE A2; Credit Watch with Negative Implications
Welspun Corp Ltd                      ST Bk Fac          CARE A1+       44080   Reaffirmed
(reduced from 5,500.00crs)
Welspun Corp Ltd                      CP (CP) Issue      CARE A1+       5000    Reaffirmed
 
LONG TERM RATINGS:
-------------------
Al-Sami Agro Products Pvt Ltd         LT Bk Fac          -              0       Withdrawn
Al-Sami Agro Products Pvt Ltd         LT / ST Bk Fac     CARE BB+;      236     Reaffirmed
                                                         Stable /CARE
                                                         A4+
Al-Sami Food Exports Pvt Ltd          LT Bk Fac          CARE BB+;      10      Reaffirmed
                                                         Stable
Al-Sami Food Exports Pvt Ltd          LT / ST Bk Fac     CARE BB+;      90      Reaffirmed
                                                         Stable /CARE
                                                         A4+
Bengal Tea & Fabrics Ltd              LT Bk Fac          CARE BBB-;     247.1   Revised
                                                         Stable                 from CARE
                                                                                BBB; Negative
(Reduced from Rs.29.17crs)
Bhagwan Mahavir Education Foundation  LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BBB-;
                                                                                Stable and
                                                                                Withdrawn
(Issuer not cooperating)
Blue Ocean Biotech Pvt Ltd            LT Bk Fac          -              0       Withdrawn
Blue Ocean Biotech Pvt Ltd            LT Bk Fac          CARE BB; Stable200     Reaffirmed
(enhanced from 16.00 crs)
Cleanmax Ipp 2 Pvt Ltd                LT Bk Fac          CARE BBB+;     141010  Revised from
                                                         Stable                 CARE BBB;
                                                                                Stable
Dalmia Refractories Ltd               LT Bk Fac -        CARE A-        400     -
                                      Fund Based
Continues to be on Credit Watch with Positive Implications
Dalmia Refractories Ltd               LT Bk Fac –        CARE A-        930     -
                                      NonFund Based
                                      (stand by limit)
Continues to be on Credit Watch with Positive Implications
Dalmia Refractories Ltd               LT/ST Bk Fac -     CARE A-/CARE   400     -
                                      Non-Fund Based     A2+
Continues to be on Credit Watch with Positive Implications
Dde Renewable Energy Pvt Ltd          LT Bk Fac          CARE D         422.1   Reaffirmed
Dhingra Exports                       LT/ ST Bk Fac-FB   -              -       Withdrawn
Empee Distilleries Ltd                LT Bk Fac          -              -       Withdrawn
Empee Distilleries Ltd                NCD                -              -       Withdrawn
Global Knitfab                        LT Bk Fac          CARE B; Stable 70.4    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Gogoal Hydro Pvt Ltd                  LT Bk Fac-         CARE B+; Stable130     Revised from
                                      Cash Credit                               CARE BB-;
                                                                                Stable
(Issuer not cooperating)
Gr Akkalkot Solapur Highway Pvt Ltd   LT Bk Fac          CARE A; Stable 3743.5  Reaffirmed
Greater Hyderabad Municipal CorporatioLT Bk Fac          CARE AA; Stable15000   Assigned
Hetro Spinners Pvt Ltd                LT Bk Fac          CARE D         216.8   -
Issuer not cooperating; Based on best available information
Indiabulls Real Estate Ltd            LT Bk Fac-TL       -              -       Withdrawn
Indiabulls Real Estate Ltd            NCDs^              -              -       Withdrawn
^Out of Rs. 985 crore of total NCD s, Rs.495 crore is outstanding and balance
is withdrawn
Indira Constructions                  LT Bk Fac – Lease  -              -       Withdrawn
                                      Rental Discounting
                                      (LRD)
Ishanika Hotels Pvt Ltd               LT Bk Fac- TL      CARE D         120     Revised
                                                                                from
                                                                                CARE D
Issuer Not Cooperating; Based on best available information
Jindal Coke Ltd                       LT Bk Fac (TL)     CARE BBB;      3999.5  Revised from
                                                         Stable                 CARE
                                                                                BBB+; 
                                                                                Negative
Jindal Coke Ltd                       LT Bk Fac (Fund    CARE BBB;      240     Revised from
                                      Based)             Stable                 CARE
                                                                                BBB+;Negative
Jsw Energy Ltd                        NCD Issues         CARE A+        14000   Revised from
                                                                                CARE AA-
Jsw Energy Ltd                        LT Bk limits       CARE A+; Stable23711.8 Revised from
                                                                                CARE AA-
Jyotindra Prasad Singh                LT Bk Fac          CARE B         60      Revised from
                                                                                CARE B+
(Issuer not cooperating)
Kamla Rice And General Mills          LT Bk Fac          CARE BB-;      120     Reaffirmed
                                                         Stable
(enhanced from Rs.9.80 crore)
Kims Super Speciality Hospital Pvt LtdLT Bk Fac          CARE BB-       238.6   Revised from
                                                                                CARE BB
(Issuer not cooperating)
Maruti Granites And Marbles Pvt Ltd   LT Bk Fac          CARE D         110     Revised from
                                                                                CARE B+
Issuer not cooperating
Mittal Filaments Pvt Ltd              LT Bk Fac          CARE BB-;      109     -
                                                         Stable
(Issuer not co-operating) Based on best available information
Mynor Enterprises Pvt Ltd             LT Bk Fac          CARE B+; Stable20      Reaffirmed
Om Aastha Indo Energy Pvt Ltd         LT Bk Fac          CARE D         70      -
(Issuer not cooperating)
Rahul Commerce Pvt Ltd                LT Bk Fac          CARE C; Stable;126     Revised
                                                                                from CARE B;
                                                                                Stable
Issuer not cooperating; Based on best available information
Rajiv Chowk Sohna Highway Pvt Ltd     LT Bk Fac          CARE A-        3378*   -
Rating put on Credit watch with Negative implications/*Includes Bank Guarantee amounting to
Rs.78 crore as Sub-limit of this term loan facility.
Rayana Paper Board Industries Ltd     LT Bk Fac          CARE BB; Stable427.5   Revised from
                                                                                CARE BBB-;
                                                                                Stable
(Issuer not Cooperating)
Reliance Jio Infratel Pvt Ltd         Proposed NCD       CARE           118360  Assigned
                                                         AAA; Stable
S. M. Autoparts Pvt Ltd               LT Bk Fac- CC      CARE B+; Stable100     Revised from
                                                                                CARE BB-
(Issuer not cooperating)
Sansar Trust June 2019 (Originator:   Second             CARE A (SO)    -       Reaffirmed
Shriram Transport Finance Co. Ltd)    loss Facility
(Under Credit watch with
Negative Implications)
Sansar Trust June 2019 (Originator:   Series A PTCs      CARE AAA (SO)  -       Reaffirmed
Shriram Transport Finance Co. Ltd)
(Under Credit watch with Negative Implications)
Sansar Trust May 2018 II (Originator: Second             CARE A (SO)    -       Reaffirmed
Shriram Transport Finance Co. Ltd)    loss Facility
Sansar Trust May 2018 Ii (Originator: Series A PTCs      CARE AAA (SO)  -       Reaffirmed
Shriram Transport Finance Co. Ltd)
Shree Hardeo Industries               LT Bk Fac          CARE B-; Stable64.4    Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating)
Shridhar Industries Katni Pvt Ltd     LT Bk Fac          CARE B+; Stable102.5   Reaffirmed
Skm Egg Products Export (India) Ltd   LT Bk Fac          CARE BBB;      33.3    Reaffirmed
                                                         Stable
(Reduced from 3.80crs)
Skm Egg Products Export (India) Ltd   LT / ST Bk Fac     CARE BBB;      360     Reaffirmed
                                                         Stable /CARE A3
Srei Equipment Finance Ltd            Unsecured          CARE           1258
                                      Subordinated       BBB; Stable
                                      Tier II NCDs (Series IV, V, VII, & IX)
(reduced from 261.80crs)/Removed from Credit Watch; Revised from CARE A-; Credit Watch with
Negative Implications
Srei Equipment Finance Ltd            Perpetual Bonds    CARE           375     -
                                      (Series I)         BBB-; Stable
Removed from Credit Watch; Revised from CARE BBB+; Credit Watch with Negative Implications
Srei Equipment Finance Ltd            LT Bk Fac          CARE           158542.1
                                                         BBB+; Stable
(reduced from 16,534.21crs) /Removed from Credit Watch; Revised from CARE A; Credit Watch with
Negative Implications
Srei Equipment Finance Ltd            NCDs (NCDs)        CARE           5021.5
                                      (Series VII, XII,  BBB+; Stable
                                      XIV and XV)
(reduced from 533.86crs)/Removed from Credit Watch; Revised from CARE A; Credit Watch with
Negative Implications
Srei Equipment Finance Ltd            Proposed NCD issue CARE           3
                                                         BBB+; Stable
Removed from Credit Watch; Revised from CARE A; Credit Watch with Negative Implications
Sri Laxmi Traders                     LT Bk Fac          CARE C; Stable 70      Revised from
                                                                                CARE B-;
                                                                                Stable
(Issuer Not Cooperating)
Vivriti Confluence 072018 (Originator:Series A2 PTC      -              -       Withdrawn
Samunnati Financial Intermediation And
Services Pvt Ltd)-Vivriti Confluence 07 2018
Welspun Corp Ltd                      NCD-I              -              -       Withdrawn
                                      (INE191B07071)*
*withdrawn as the entire amount is redeemed 
Welspun Corp Ltd                      NCD-II             CARE AA; Stable900     Reaffirmed
Welspun Corp Ltd                      NCDs (Proposed)    CARE AA; Stable5000    Assigned
--------------------------------------------------------------------------------------------
$: 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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