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CARE ratings for Indian debt instruments-Sep 24

    Sep 24  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of September 23, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bagla Polifilms Ltd                   ST Bk Fac          CARE A4+       30      Reaffirmed
(Reduced from 6.50 crs)
Battulal Radhey Shyam And Sons        ST Bk Fac          CARE A4        20      -
(Issuer Not Cooperating); Based on best available information
Bilaspur Mining Industries Pvt Ltd    ST Bk Fac          CARE A4;       24.8    Revised from
                                                                                CARE A4+;
(Issuer Not Cooperating)
Chaitanya Electric Company            ST Bk Fac          CARE A4        50      -
(Issuer Not Cooperating); Based on best available information
Future Enterprises Ltd                ST non-fund based  CARE A4        6020    -
                                      Bk Fac – LC/BG
(Credit Watch with developing implications)
Hindustan Spirits Ltd                 ST Bk Fac          CARE A4        20      -
(Issuer Not Cooperating); Based on best available information
Idea Sales Agencies Pvt Ltd           ST Bk Fac          CARE A4;       13.5    -
(Issuer Not Cooperating); Based on best available information
Indo Count Industries Ltd             ST Bk Fac          CARE A1        7550    Reaffirmed
Jay Fe Cylinders Ltd                  ST Bk Fac          CARE A4+       500     -
(Issuer Not Cooperating); Based on best available information
Kandagiri Spinning Mills Ltd          ST Bk Fac          CARE D;        10      -
(Issuer Not Cooperating); Based on best available information
Kapilansh Dhatu Udyog Pvt Ltd         Short- Term Bk Fac -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Madhur Timber                         ST Bk Fac          CARE A4;       36
(Issuer Not Cooperating); Based on best available information
Mayur Distributors                    ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Nevco Engineers Pvt Ltd               ST Bk Fac          CARE A4        50      -
(Issuer Not Cooperating); Based on best available information
Omjyoti Apparels                      ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Phillips Carbon Black Ltd             CP issue           CARE A1+       5000    Reaffirmed
Sadbhav Engineering Ltd               ST Bk Fac          CARE A3+       200     Revised from
                                                                                CARE A2+
rating put under credit watch with Negative Implications
Saffron Speciality Papers Pvt Ltd     ST Bk Fac          CARE A4        35      -
(Issuer Not Cooperating); Based on best available information
Sapna Metal Processing Company        ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4; and
                                                                                Withdrawn
Shri Vaijanath Industries Pvt Ltd     ST Bk Fac          CARE D         3.1     -
(Issuer Not Cooperating); Based on best available information
Touchstone Fine Jewellery             ST Bk Fac          CARE A4        1       -
(Issuer Not Cooperating); Based on best available information
Uv Exports Pvt Ltd                    ST Bk Fac          CARE A4        103     -
(Issuer Not Cooperating); Based on best available information
Western Transformer & Equipment Pvt LtST Bk Fac          CARE A4;       30      -
(Issuer Not Cooperating); Based on best available information

MEDIUM TERM RATINGS:
-------------------
Future Enterprises Ltd                Fixed Deposit      CARE C (FD)    7000    -
                                      Programme
(Credit Watch with developing implications)
Kandagiri Spinning Mills Ltd          Fixed Deposit      CARE D (FD);   140.1   -
(Issuer Not Cooperating); Based on best available information
 

LONG TERM RATINGS:
-------------------
Almighty Agrotech Pvt Ltd             LT Bk Fac          CARE BB-;      73.6    -
                                                         Stable;
(Issuer Not Cooperating); Based on best available information
Amman Sago Factory                    LT Bk Fac          CARE BB-;Stable157.5   Assigned
Amrapali Smart City Developers Pvt LtdLT Bk Fac          CARE D         2700    -
(Issuer Not Cooperating); Based on best available information
Amrit Humifresh Preservation Pvt Ltd  LT Bk Fac          CARE B         150     Revised from
                                                                                CARE B+;
(Issuer Not Cooperating); Based on best available information
Bagla Polifilms Ltd                   LT Bk Fac          CARE BB+;      244.2   Reaffirmed
                                                         Stable
(Enhanced from 12.71 crs)
Bagla Polifilms Ltd                   LT/ ST Bk Fac      CARE BB+;      0.8     Reaffirmed
                                                         Stable/CARE A4+
(Reduced from 3.79 crs)
Battulal Radhey Shyam And Sons        LT Bk Fac          CARE C; Stable 40      -
(Issuer Not Cooperating); Based on best available information
Bilaspur Mining Industries Pvt Ltd    LT Bk Fac          CARE BB-       439     Revised from
                                                                                CARE BB;
(Issuer Not Cooperating)
C. P Ispat Pvt Ltd                    LT Bk Fac          CARE D;        145     -
(Issuer Not Cooperating); Based on best available information
C. P Sponge Iron Pvt Ltd              LT Bk Fac          CARE D;        200     -
(Issuer Not Cooperating); Based on best available information
Chaitanya Electric Company            LT Bk Fac          CARE B-; Stable10      Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating); Based on best available information
Coastal Farms                         LT Bk Fac          CARE BB-;      525     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable;
(Issuer Not Cooperating)
Florentina Realty Llp                 LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-;
                                                                                Stable; and
                                                                                Withdrawn
(Issuer Not Cooperating);
Future Enterprises Ltd                LT fund based Bk   CARE C         6250    -
                                      Fac – CC
(Credit Watch with developing implications)
Future Enterprises Ltd                LT - TL            CARE C         5500    -
(Credit Watch with developing implications)
Future Enterprises Ltd                NCD Issue          CARE C         21320   -
(Credit Watch with developing implications)
Future Enterprises Ltd                NCD Issue          CARE D         3270    Revised from
                                                                                CARE C
rating removed from credit watch with developing implications
Future Enterprises Ltd                NCD Issue          CARE D         2650    -
Hindustan Spirits Ltd                 LT Bk Fac          CARE B-;       142.3   Revised from
                                                         Stable;                CARE B; Stable
(Issuer Not Cooperating); Based on best available information
Idea Sales Agencies Pvt Ltd           LT Bk Fac          CARE B-;       129.3   Revised from
                                                         Stable;                CARE B; Stable
(Issuer Not Cooperating); Based on best available information
Indo Count Industries Ltd             LT Bk Fac          CARE A+; Stable498.8   Reaffirmed
(Reduced from 71.44 crs)
Jai Mata Di Ginning & Pressing FactoryLT Bk Fac          CARE B+; Stable56.1    -
(Issuer Not Cooperating); Based on best available information
Jay Fe Cylinders Ltd                  LT Bk Fac          CARE BB+;      292.5   -
(Issuer Not Cooperating); Based on best available information
Kalawati Devi Suraj Bhan Verma MemoriaLT Bk Fac          CARE B-;       100     Revised from
Education Society                                        Stable;                CARE B;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Kandagiri Spinning Mills Ltd          LT Bk Fac          CARE D;        308.5   -
(Issuer Not Cooperating); Based on best available information
Kapilansh Dhatu Udyog Pvt Ltd         Long- Term Bk Fac  -              -       Reaffirmed at
                                                                                CARE BB-;
                                                                                Stable and 
                                                                                Withdrawn
Madhur Timber                         LT Bk Fac          CARE B; Stable 15
(Issuer Not Cooperating); Based on best available information
Mahip Industries Ltd (Erstwhile Known LT Bk Fac          CARE B-;       237.2   Revised from
As Care Corupack Ltd)                                                           CARE B+;
(Issuer Not Cooperating); Based on best available information
Manaj Tollway Pvt Ltd                 LT Bk Fac – Fund   -              -       Withdrawn
                                      Based- TL
Mayur Distributors                    Long- Term Bk Fac  -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
Mehsana District Co-Operative Milk    LT Bk Fac          -              -       Reaffirmed at
Producers’ Union Ltd                                                            CARE AA-;
                                                                                Stable; and
                                                                                Withdrawn
Mehsana District Co-Operative Milk    LT / ST Bk Fac     -              -       Reaffirmed at
Producers’ Union Ltd                                                            CARE AA-;
                                                                                Stable/CARE A1+
                                                                                and Withdrawn
Nandagudi Oils & Agro Industries Llp  LT Bk Fac          CARE C; Stable;100     Revised from
                                                                                CARE B;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Nevco Engineers Pvt Ltd               LT Bk Fac          CARE BB; Stable100     -
(Issuer Not Cooperating); Based on best available information
Phillips Carbon Black Ltd             LT Bk Fac          CARE AA-;      5500    Reaffirmed
                                                         Stable
Phillips Carbon Black Ltd             LT/ ST Bk Fac      CARE AA-;      18500   Reaffirmed
                                                         Stable/CARE A1+
Phool Chand Infrastructure Pvt Ltd    LT Bk Fac          CARE B-;       250     Revised from
                                                         Stable;                CARE B;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Ratnakar Ispat India Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Regalia Jewels Pvt Ltd                LT Bk Fac          CARE B; Stable 35      Revised from
                                                                                CARE B-;
                                                                                Stable;
(Reduced from 6.50 crs)/(Issuer Not Cooperating)
Reliance Home Finance Ltd-Indian      Series A1 PTCs     CARE A (SO)    144.8   Reaffirmed
Receivable
Trust 2019 Series 3
Reliance Home Finance Ltd-Indian      Series A2 PTCs     CARE A (SO)    1319.7  Reaffirmed
Receivable
Trust 2019 Series 3
Reliance Home Finance Ltd-Indian      Series A3 PTCs     CARE A (SO)    57.2    Reaffirmed
Receivable
Trust 2019 Series 3
Reliance Home Finance Ltd-Indian      Series A1 PTCs     CARE A (SO)    172.5   Reaffirmed
Receivable
Trust 2019 Series 4
Reliance Home Finance Ltd-Indian      Series A2 PTCs     CARE A (SO)    1179.2  Reaffirmed
Receivable
Trust 2019 Series 4
S G Control And Switchgear Pvt Ltd    LT / ST Bk Fac     CARE B+;       1.9     -
                                                         Stable/CARE A4;
(Issuer Not Cooperating); Based on best available information
S G Control And Switchgear Pvt Ltd    LT Bk Fac          CARE B+;       63.1    -
                                                         Stable;
(Issuer Not Cooperating); Based on best available information
Sadbhav Engineering Ltd               LT Bk Fac          CARE BBB+      6579.7  Revised from
                                                                                CARE A-;
                                                                                Stable
rating put under credit watch with Negative Implications/(Reduced from 701.93 crs)
Sadbhav Engineering Ltd               LT/ST Bk Fac       CARE BBB+      20000   Revised from
                                                         /CARE A3+              CARE A-;
                                                                                Stable /CARE A2+
rating put under credit watch with Negative Implications
Sadbhav Infrastructure Project Ltd    LT NonConvertible  CARE BBB+ (CE) 1500    Revised from
                                      Debentures-III                            CARE A- (CE);
                                                                                Stable
rating put under credit watch with Negative Implications/(reduced from 189.30 crs)
Sadbhav Infrastructure Project Ltd    LT NonConvertible  CARE BBB+ (CE) 892     Revised from
                                      Debentures-IV                             CARE A- (CE);
                                                                                Stable
rating put under credit watch with Negative Implications/(reduced from 102.00 crs)
Sadbhav Infrastructure Project Ltd    LT NonConvertible  CARE BBB+ (CE) 1108    Revised from
                                      Debentures-V                              CARE A- (CE);
                                                                                Stable
rating put under credit watch with Negative Implications/(reduced from 127.40 crs)
Sadbhav Infrastructure Project Ltd    LT / Short – term  CARE BBB+      4000    Revised from
                                      Bk Fac             /CARE A3+              CARE A-;
                                                                                Stable /CARE A2+
rating put under credit watch with Negative Implications
Saffron Speciality Papers Pvt Ltd     LT / ST Bk Fac     CARE B+;       45      -
                                                         Stable /CARE
                                                         A4;
(Issuer Not Cooperating); Based on best available information
Sapna Metal Processing Company        LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-;
                                                                                Stable and
                                                                                withdrawn
Shri Vaijanath Industries Pvt Ltd     LT Bk Fac          CARE D         61      -
(Issuer Not Cooperating); Based on best available information
Sree Gopal Rice Mill                  LT Bk Fac          CARE B-;       44.7    Revised From
                                                         Stable;                CARE B; Stable
(Issuer Not Cooperating); Based on best available information
Tezalpatty Tea Pvt Ltd                LT Bk Fac          CARE D         63.5    -
(Issuer Not Cooperating); Based on best available information
Touchstone Fine Jewellery             LT Bk Fac          CARE B; Stable;100     Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Ultra Home Construction Pvt Ltd       LT Bk Fac          CARE D         2045.6  -
(Issuer Not Cooperating); Based on best available information
Umashakti Steels Pvt Ltd              LT Bk Fac          CARE BB; Stable150     Revised from
                                                                                CARE BB+;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Uniworld Sugars Pvt Ltd               LT Bk Fac          CARE D         600     -
(Issuer Not Cooperating); Based on best available information
Uv Exports Pvt Ltd                    LT Bk Fac          CARE B+; Stable43.9    Revised from
                                                                                CARE BB-;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Vaasavaa Pharmaceuticals Pvt Ltd      Long- Term Bk Fac  -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
Vaasavaa Pharmaceuticals Pvt Ltd      Short- Term Bk Fac -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Western Transformer & Equipment Pvt LtLT/shortterm Bk FacCARE B;        50      Revised from
                                                         Stable/CARE A4         CARE B;
                                                                                Stable;/CARE A4;
(Issuer Not Cooperating); Based on best available information
Western Transformer & Equipment Pvt LtLT Bk Fac          CARE B; Stable;30      Revised from
                                                                                CARE B;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
--------------------------------------------------------------------------------------------
$: 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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