September 30, 2019 / 9:40 AM / 14 days ago

CARE ratings for Indian debt instruments-Sep 30

    Sep 30 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 27 and 28, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Allcargo Logistics Ltd                CP (CP) issue      CARE A1+       2500    Reaffirmed
Allcargo Logistics Park Pvt Ltd       ST Bk Fac – NFBL   -              -       Withdrawn#
#Withdrawn on the basis of No Dues Certificate received from the bankers
Amba Shakti Udyog Ltd                 ST BkFac           CARE A4+       262.5   Revised
from
                                                                                CARE A3
*Issuer did not cooperate; Based on best available information

Ambica Timber Mart                    ST Bk Fac          CARE A4        3       Reaffirmed
Bajrang Wire Products (India) Pvt Ltd ST Bk Fac          CARE A3        207     Reaffirmed
Bhushan Energy Ltd                    ST Bk              -              -       Withdrawn
Bhushan Energy Ltd                    ST Bk Fac(Non-fund -              -       Withdrawn
                                      Based)
Bharat Petroleum Corporation Ltd      CP                 CARE A1+       35000   Reaffirmed
Energy Efficiency Services Ltd        ST Bk Fac          CARE A1+       8700    Reaffirmed
Havells India Ltd                     ST Bk Fac          CARE A1+       6550    Reaffirmed
Hester Biosciences Ltd                Short- term BkFac  CARE A2        239.7   Reaffirmed
(reduced from Rs.28.97 crore)
Jai Gopal International Impex Pvt Ltd ST Bk Fac          CARE A4+       450     Reaffirmed
Gmr Warora Energy Ltd                 ST Bk Fac (BG)     CARE D         2300    Reaffirmed
Krishna Overseas                      ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Medihauxe Healthcare Pvt Ltd          ST Fac             -              0       Withdrawn
Murlidhar Ratanlal Exports Ltd        ST BkFac           CARE D         575     Revised from
                                                                                CARE D
Issuer not cooperating
Pharmaveda India Pvt Ltd              ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Saraya Industries Ltd                 ST Bk Fac-         CARE D         36      -
                                      Non-Fund Based
Issuer not cooperating
Shiv Shakti Float Glasses Pvt Ltd     ST Bk Fac          -              -       Withdrawn
Vivanta Ceramic Pvt Ltd               ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Jk Agri Genetics Ltd                  ST Bk Fac -        CARE A3+       20      Revised from
                                      Proposed                                  CARE A2
Kalinga International Coal Terminal   ST Bk Fac          CARE A1 (CE)   300     Reaffirmed
Paradip Pvt Ltd
Kopalle Pharma Chemicals Pvt Ltd      ST Bk Fac          CARE A4;       97.5    -
Issuer not cooperating
Matson Surgicals Pvt Ltd              ST Bk Fac          CARE A4+       49.3    -
Issuer not cooperating; Based on best available information
Mayurakshi Cold Storage Pvt Ltd       ST Bk Fac          CARE A4        2.1     Reaffirmed
Removed from Non Cooperation
Promotional Club                      ST Bk Fac          CARE A4        104.5   -
Issuer not cooperating
Raajratna Ventures Ltd                ST Bk Fac          CARE A2        415     Reaffirmed
Rac Papers Ltd                        ST BkFac           CARE A4        3.3     -
Issuer not cooperating
Sanga Builders Pvt Ltd                ST BkFac           CARE A4        200     Reaffirmed
Sharda Construction And Corporation   ST Bk Fac          CARE A3        1500    -
Pvt Ltd
Issuer not cooperating
Shiv Hari Plywood Pvt Ltd             ST Bk Fac          CARE A4        17      -
Issuer not cooperating
Shri Ramchander Straw Products Ltd    ST BkFac           CARE A4        6       -
Issuer not cooperating
Sonic Biochem Extractions Pvt Ltd     ST Bk Fac          CARE A3+       195     Reaffirmed
Spenzzer Craft Pvt Ltd                ST Bk Fac          CARE A4        10      Reaffirmed
Sukhmani Mega Structures Pvt Ltd      ST BkFac           CARE A4        70      -
Issuer not cooperating

LONG TERM RATINGS:
-------------------
Adeline Pharma Pvt Ltd                LT Bk Fac@         CARE A (CE);   200     Revised from
                                                         Stable                 CARE A-
@ backed by the unconditional and irrevocable corporate guarantee provided by Keimed Private
Limited (rated CARE A; Stable ).
Ahuja Construction Engineers          LT / ST Bk Fac     -              -       Withdrawn
Ahuja Construction Engineers          LT / ST Bk Fac     -              -       Withdrawn
Allcargo Logistics Ltd                NCD (NCD) issue    CARE AA; Stable2000    Reaffirmed
                                      (Proposed)
Allcargo Logistics Ltd                NCD (NCD) issue    CARE AA; Stable2000    Assigned
                                      (Proposed)
Allcargo Logistics Park Pvt Ltd       LT Bk Fac – FBL    -              -       Withdrawn#
#Withdrawn on the basis of No Dues Certificate received from the bankers
Allcargo Logistics Park Pvt Ltd       LT Bk Fac – TL     -              -       Withdrawn#
#Withdrawn on the basis of No Dues Certificate received from the bankers
Allcargo Logistics Park Pvt Ltd       FB/Non-FBLT/ST     CARE AA (CE);  50      Reaffirmed
                                                         Stable /CARE
                                                         A1+ (CE)
Amba Shakti Udyog Ltd                 LT BkFac           CARE BB+;      537.5   Revised
from
                                                         Stable                 CARE BBB-
*Issuer did not cooperate; Based on best available information
Ambica Timber Mart                    LT / ST Bk Fac     CARE B+;       60      Reaffirmed
                                                         Stable /CARE A4
Ardent Properties Pvt Ltd             LT Bk Fac – TL     CARE AA; Stable1000    Reaffirmed
Ardent Properties Pvt Ltd             LT Bk Fac – Fund   CARE AA; Stable1000    Reaffirmed
                                      based
Ardent Properties Pvt Ltd             NCD Issue          CARE AA; Stable1000    Reaffirmed
Ariel Sbl Ifmr Capital 2015           Series A1 PTC      CARE A- (SO)   10      Reaffirmed
Ariel Sbl Ifmr Capital 2015           Series A2 PTC      CARE BBB+ (SO) 2.8     Reaffirmed
                                                         [CARE
Asp Enterprises                       LT Bk Fac          -              -       Withdrawn
Bajrang Wire Products (India) Pvt Ltd LT Bk Fac          CARE BBB-;     133.1   Reaffirmed
                                                         Stable
Bajrang Wire Products (India) Pvt Ltd LT/STBk Fac        CARE BBB-;     500     Reaffirmed
                                                         Stable/CARE A3
Bharat Petroleum Corporation Ltd      NCD issue          CARE AAA;      5500    Reaffirmed
                                                         Stable
Bharat Petroleum Corporation Ltd      NCD issue          CARE AAA;      7500    Reaffirmed
                                                         Stable
Bharat Petroleum Corporation Ltd      NCD issue          CARE AAA;      10000   Reaffirmed
                                                         Stable
Bharat Petroleum Corporation Ltd      NCD issue          CARE AAA;      5000    Reaffirmed
                                      (Proposed)         Stable
Bhushan Energy Ltd                    LT Bk Fac(TL/ ECB) -              -       Withdrawn
                                      Fac(Short-TL)
Bivab Developers Pvt Ltd              LT BkFac           CARE B; Stable 69.5    Assigned
Brightsolar Renewable Energy Pvt Ltd  LT Bk Fac – BG     -              -       Withdrawn
Brij Bhoomi Expressway Pvt Ltd        LT Bk Fac – TL     CARE BBB;      1207.3  Reaffirmed
                                                         Stable
(reduced from Rs.128.59 crore)
Cold Care Technologies Pvt Ltd        Long -term BkFac   CARE B: Stable 97.5    Revised from
                                                                                CARE B+:Stable
Issuer not Cooperating)Based on best available information
Dalmia Refractories Ltd               LT Bk Fac - Fund   CARE A-; Stable400     Reaffirmed
                                      Based
Dalmia Refractories Ltd               LT Bk Fac –        CARE A-; Stable930     Assigned
                                      Non-Fund Based
                                      (stand bylimit)
Dalmia Refractories Ltd               LT/ST Bk Fac -     CARE A-;       400     Reaffirmed
                                      Non-Fund Based     Stable/CARE A2+
Dhruvi Pharma Pvt Ltd                 LT Bk Fac@         CARE A (CE);   170     Revised from
                                                         Stable                 CARE A-
Energy Efficiency Services Ltd        LT Bk Fac          CARE AA-;      0       Assigned
                                                         Stable
Energy Efficiency Services Ltd        NCD issue (NCD –I) CARE AA-;      5000    Revised from
                                                         Stable                 CARE AA
Energy Efficiency Services Ltd        NCD issue (NCD –   CARE AA-;      4500    Revised from
                                      II)                Stable                 CARE AA
Energy Efficiency Services Ltd        NCD issue (NCD –   CARE AA-;      5000    Revised from
                                      III & IV)          Stable                 CARE AA
Energy Efficiency Services Ltd        LT/ST BkFac        CARE AA-;      5000    Revised from
                                      (Proposed)         Stable /CARE           CARE AA
                                                         A1+
Focus Medisales Pvt Ltd               LT Bk Fac@         CARE A (CE);   200     Revised from
                                                         Stable                 CARE A-
Gangavaram Port Ltd                   LT BkFacility^     CARE AAA (SO); 32.3    Revised from
                                                         Stable                 CARE AA+
^backed by collateral in the form of fixed deposits (lien marked)(reduced from 89.20)
Gmr Warora Energy Ltd                 LT Bk Fac (TL)     CARE D         29336.4 Reaffirmed
(reduced from Rs.3,058 crore Crore)
Gmr Warora Energy Ltd                 NCDs (NCD)         CARE D         750     Revised from
                                                                                CARE C
Gmr Warora Energy Ltd                 Long/ST BkFac      CARE D/CARE D  3900    Reaffirmed
                                      (CC/LC)
Grih Laxmi Sales & Marketing          LT Bk Fac          CARE B; Stable 72.9    Reaffirmed
Gurudeo Datta Construction Company    LT Bk Fac          CARE B Stable  60      -
Issuer not cooperating
Hain Future Natural Products Pvt Ltd  LT Bk Fac          CARE A- (CE);  100     Assigned
                                                         Stable*
*The ratings of HFNP are based on the credit enhancement in the form of unconditional and
irrevocable partial corporate guarantee to the extent of 50% (of Rs. 25.88 cr facilities i.e Rs.
12.94 cr) provided by Future Consumer Ltd (rated CARE A; Stable/CARE A1)
Hain Future Natural Products Pvt Ltd  LT Bk Fac          CARE A- (CE);  158.8   Reaffirmed
                                                         Stable*
*The ratings of HFNP are based on the credit enhancement in the form of unconditional and
irrevocable partial corporate guarantee to the extent of 50% (of Rs. 25.88 cr facilities i.e Rs.
12.94 cr) provided by Future Consumer Ltd (rated CARE A; Stable/CARE A1)
Hari Om Retail Pvt Ltd                LT Bk Fac          CARE B         100     -
Issuer not cooperating
Havells India Ltd                     LT Bk Fac          CARE AAA;      1450    Reaffirmed
                                                         Stable
Hdfc’S Assignment Of Receivables Of   HDFC’s Assignment  -              -       Withdrawn
Dec’ 09 Ii                            of Receivables of
                                      Dec’ 09 II Assignee Payouts
Hdfc’S Assignment Of Receivables Of   HDFC’s Assignment  -              -
Dec’ 09 Ii                            of Receivables of
                                      Dec’ 09 II Second Loss Facility
Hdfc’S Assignment Of Receivables Of   HDFC’s Assignment  -              -       Withdrawn
Mar’ 09                               of Receivables of
                                      Mar’ 09 Assignee Payouts
Hdfc’S Assignment Of Receivables Of   HDFC’s Assignment  -              -
Mar’ 09                               of Receivables of
                                      Mar’ 09 Second Loss Facility
Hdfc’S Assignment Of Receivables Of   HDFC’s Assignment  -              -       Withdrawn
May’ 09 Ii                            of Receivables of
                                      May’ 09 II Assignee Payouts
Hdfc’S Assignment Of Receivables Of   HDFC’s Assignment  -              -
May’ 09 Ii                            of Receivables of
                                      May’ 09 II Second Loss Facility
Hester Biosciences Ltd                LT BkFac           CARE A-; Stable167.4   Reaffirmed
(reduced from Rs.20.82 crore)
Hester Biosciences Ltd                Long / ST Bk Fac   CARE A-;       300     Reaffirmed
                                                         Stable/CARE A2
Hotel Royal Potala                    LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Incred Financial Services Ltd (FormerlSecured Redeemable CARE PP-MLD A; 1000    Assigned
Known As Visu Leasing Finance Pvt Ltd)Principal          Stable
                                      Protected –Market Linked NCD (NCD)
Indian Receivable Trust 19 – Feb2019  Series A1 PTCs     CARE A (SO)    419.9   Reaffirmed at
                                                                                CARE A ,
                                                                                removed from
Credit Watch with Negative Implications and placed on Credit Watch with Devel
Removed from Credit Watch with Negative Implications and placed on Credit Watch with
DevelopingImplications
Indian Receivable Trust 19 – Feb2019  Series A2 PTCs     CARE A (SO)    1536    Reaffirmed at
                                                                                CARE A ,
                                                                                removed from
Credit Watch with Negative Implications and placed on Credit Watch with Devel
Removed from Credit Watch with Negative Implications and placed on Credit Watch with
DevelopingImplications
Indian Receivable Trust 19 – Feb2019  Series A3 PTCs     CARE A (SO)    76.5    Reaffirmed at
                                                                                CARE A ,
                                                                                removed from
Credit Watch with Negative Implications and placed on Credit Watch with Devel
Removed from Credit Watch with Negative Implications and placed on Credit Watch with
DevelopingImplications
Ireo Grace Realtech Pvt Ltd           LT Bk Fac – TL     -              -       Reaffirmed
                                                                                and Withdrawn
Jai Gopal International Impex Pvt Ltd LT Bk Fac          CARE BB; Stable50      Reaffirmed
Jk Agri Genetics Ltd                  LT Bk Fac          CARE BBB+;     800     Revised from
                                                         Stable                 CARE A-
(reduced from Rs. 80.30 crore)
Kalinga International Coal Terminal   LT Bk Fac          CARE A (CE);   5470    Reaffirmed
Paradip Pvt Ltd                                          Stable
CARE A (CE); Stable [Single A (Credit Enhancement); Outlook: Stable]
Keimed Pvt Ltd                        LT BkFac           CARE A (CE);   450     Revised from
                                                         Stable                 CARE A-
Kirtiman Cements & Packaging IndustrieLT Bk Fac          CARE B         270     -
Ltd
Issuer not cooperating
Kolkata-One Excelton Pvt Ltd          LT Bk Fac – TL     CARE AA; Stable2000    Reaffirmed
Kopalle Pharma Chemicals Pvt Ltd      Long -term Bk Fac  CARE C; Stable;150     Revised from
                                                                                CARE B+
Issuer not cooperating
Kushal Karyashala                     LT BkFac           CARE BB;       55      -
                                                         Stable;
Issuer not cooperating
Lucky Pharmaceuticals Pvt Ltd         LT Bk Fac@         CARE A (CE);   120     Revised from
                                                         Stable                 CARE A- (CE);
                                                                                Stable
M. C. Roller Flour Mills Pvt Ltd      LT BkFac           CARE BB-;      180     Revised from
                                                         Stable                 CARE B+
Issuer not cooperating
Magic Wires Pvt Ltd                   LTBk Fac           CARE B+        150     -
Issuer not cooperating
Maharashtra Airport Development Co. LtIssuer Ratings     CARE BBB+(Is); -       Revised
                                                         Stable                 from CARE
                                                                                A-(Is); Stable
Issuer not cooperating
Maharashtra Airport Development Co. LtLT BkFac           CARE BBB+;     1730.5  Revised
                                                         Stable                 from CARE A-;
                                                                                Stable
Issuer not cooperating
Maharashtra Airport Development Co. LtNCD                CARE BBB+;     1500    Revised
                                                         Stable                 from CARE A-;
                                                                                Stable
Issuer not cooperating
Mahesh Oil Industries                 LT Bk Fac          CARE BB+;      491.7   Revised from
                                                         Stable                 CARE BBB-
Mansarovar Roller Flour Mills Pvt Ltd LT Bk Fac          CARE B+; Stable56      Reaffirmed
Matson Surgicals Pvt Ltd              LT Bk Fac          CARE BB; Stable47      -
Issuer not cooperating; Based on best availableinformation
Matson Surgicals Pvt Ltd              LT/ STBk Fac       CARE BB;       28.7    -
                                                         Stable/CARE A4+
Issuer not cooperating; Based on best available information
Mayurakshi Cold Storage Pvt Ltd       LT Bk Fac          CARE B+; Stable69.7    Reaffirmed
Removed
from Non Cooperation,(reduced from 8.07)
Medihauxe Healthcare Pvt Ltd          LT Fac@            CARE A (CE);   60      Revised from
                                                         Stable                 CARE A- (CE);
                                                                                Stable
(Enhanced from Rs. 4.00
crore),@ backed by the unconditional and irrevocable corporate guarantee provided by Keimed
Private Limited (rated CARE A; Stable ).
Medihauxe Pharma Pvt Ltd              LT Bk Fac@         CARE A (CE);   160     Revised from
                                                         Stable                 CARE A-
@ backed by the unconditional and irrevocable corporate guarantee provided by Keimed Private
Limited (rated CARE A; Stable )
Meh India Overseas Pvt Ltd            LT/ ShortTerm Bk   CARE BB-;      105     Assigned
                                      Fac                Stable/CARE A4
Meher Distributors Pvt Ltd            LT Bk Fac@         CARE A (CE);   400     Revised from
                                                         Stable                 CARE A- (CE);
                                                                                Stable
@ backed by the unconditional and irrevocable corporate guarantee provided by Keimed Private
Limited (rated CARE A; Stable ).
Mithila Cars Pvt Ltd                  LT Bk Fac          CARE C; Stable 300     Revised from
                                                                                CARE BB
Issuer not cooperating
Murlidhar Ratanlal Exports Ltd        LT Bk Fac          CARE D         882.8   Revised from
                                                                                CARE D
Issuer not cooperating
Murlidhar Ratanlal Exports Ltd        LT/ STBk Fac       CARE D         175     Revised from
                                                                                CARE D
Issuer not cooperating
Murlidhar Ratanlal Exports Ltd        *Issuer did not                   0       -
                                      cooperate
Neelkanth Drugs Pvt Ltd               LT Bk Fac@         CARE A (CE);   450     Revised from
                                                         Stable                 CARE A-
Ok Food Pvt Ltd                       LT Bk Fac          CARE BB-;      192.3   Reaffirmed
                                                         Stable
Palepu Pharma Pvt Ltd                 LT Bk Fac@         CARE A (CE);   750     Revised from
                                                         Stable                 CARE A-
Pawan Autowheels Pvt Ltd              LT Bk Fac          CARE B         111.5   -
Issuer not cooperating
Pharmaveda India Pvt Ltd              LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Princeton Infrastructure Pvt Ltd      LT Bk Fac – Fund   CARE AA; Stable500     Reaffirmed
                                      based
Principal Asset Management Pvt. Ltd.  Principal ST Debt  Withdrawn      -       -
                                      Fund
Promont Hillside Pvt Ltd              NCD Issue          CARE AA (CE);  4000    Reaffirmed
                                                         Stable
CARE AA (CE); Stable [Double A (Credit Enhancement); Outlook: Stable]
Promotional Club                      LT Bk Fac          CARE B         142.8   -
Issuer not cooperating
Raajratna Ventures Ltd                LT Bk Fac          CARE BBB+;     619     Reaffirmed
                                                         Stable
Rac Papers Ltd                        LT BkFac           CARE C; Stable 133     -
Issuer not cooperating
Reliance Home Finance Ltd             Indian Receivable  CARE A (SO)    419.9   Reaffirmed at
                                      Trust 2019 Series                         CARE A ,
                                      3 Series A1 PTCs                          removed from
Credit Watch with Negative Implications and placed on Credit Watch with Devel
Removed from Credit Watch with Negative Implications and placed on Credit Watch with
DevelopingImplications
Reliance Home Finance Ltd             Indian Receivable  CARE A (SO)    1536    Reaffirmed at
                                      Trust 2019 Series                         CARE A ,
                                      3 Series A2 PTCs                          removed from
Credit Watch with Negative Implications and placed on Credit Watch with Devel
Removed from Credit Watch with Negative Implications and placed on Credit Watch with
DevelopingImplications
Reliance Home Finance Ltd             Indian Receivable  CARE A (SO)    716.1   Reaffirmed at
                                      Trust 2019 Series                         CARE A ,
                                      4 Series A1 PTCs                          removed from
Credit Watch with Negative Implications and placed on Credit Watch with Devel
Removed from Credit Watch with Negative Implications and placed on Credit Watch with
DevelopingImplications
Reliance Home Finance Ltd             Indian Receivable  CARE A (SO)    1381    Reaffirmed at
                                      Trust 2019 Series                         CARE A ,
                                      4 Series A2 PTCs                          removed from
Credit Watch with Negative Implications and placed on Credit Watch with Devel
Removed from Credit Watch with Negative Implications and placed on Credit Watch with
DevelopingImplications
Reliance Home Finance Ltd             Indian Receivable                 76.5    Reaffirmed at
                                      Trust 2019 Series                         CARE A ,
                                      3 Series A3 PTCs                          removed from
Credit Watch with Negative Implications and placed on Credit Watch with Devel
Renew Wind Energy (Varekarwadi) Pvt LtLT Bk Fac          CARE BBB+;     2366.1  Reaffirmed
                                                         Stable
Royal Grains Pvt Ltd                  LT Bk Fac          CARE BB-;      88.2    Assigned
                                                         Stable
S. Sagar Enterprise                   LT / ST BkFac      CARE BB;       77.9    Revised from
                                                         Stable/CARE A4         CARE BB+
Sanga Builders Pvt Ltd                LT Bk Fac          CARE B; Stable 80      Reaffirmed
Sanjeevani Pharma Distributors Pvt LtdLT Bk Fac@         CARE A (CE);   250     Revised from
                                                         Stable                 CARE A-
@ backed by the unconditional and irrevocable corporate guarantee provided by Keimed Private
Limited (rated CARE A;
Stable ).
Saraya Industries Ltd                 LT Bk Fac-TL       CARE D         222.2   -
Issuer not cooperating
Saraya Industries Ltd                 LT Bk Fac-Fund     CARE D         218.8   -
                                      Based
Issuer not cooperating
Sharda Construction And Corporation PvLT Bk Fac          CARE BBB-      1500    -
Ltd
Issuer not cooperating
Shiv Hari Plywood Pvt Ltd             LT Bk Fac          CARE B         58      -
Issuer not cooperating
Shiv Shakti Float Glasses Pvt Ltd     LT Bk Fac          -              -       Withdrawn
Shree Mahesh Oil Products             LT Bk Fac          CARE BB+;      240     Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
Shri Ramchander Straw Products Ltd    LT BkFac           CARE B+        80      Revised from
                                                                                CARE BB
Issuer not cooperating
Singh Education Society               LT Bk Fac          CARE B; Stable 47.8    Reaffirmed
Sonic Biochem Extractions Pvt Ltd     LT Bk Fac          CARE BBB+;     1582.9  Reaffirmed
                                                         Stable
Sonic Biochem Extractions Pvt Ltd     Long/ST BkFac      CARE BBB+;     55      Reaffirmed
                                                         Stable/CARE A3+
Spenzzer Craft Pvt Ltd                LT Bk Fac          CARE BB-;      66.4    Reaffirmed
                                                         Stable
Spenzzer Craft Pvt Ltd                LT/STBk Fac        CARE BB-;      90      Reaffirmed
                                                         Stable/CARE A4
Srinivasa Medisales Pvt Ltd           LT Bk Fac@         CARE A (CE);   280     Revised from
                                                         Stable                 CARE A-
Sukhmani Mega Structures Pvt Ltd      LT BkFac           CARE B-        110     Revised from
                                                                                CARE B
Issuer not cooperating
Vardhman Pharma Distributors Pvt Ltd  LT Bk Fac@         CARE A (CE);   350     Revised from
                                                         Stable                 CARE A-
Vindhyachal Expressway Pvt Ltd        LT Bk Fac – TL     CARE BBB;      4801.5  Reaffirmed
                                                         Stable
Vivanta Ceramic Pvt Ltd               LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Vivanta Ceramic Pvt Ltd               LT/ ST Bk Fac      -              -       Reaffirmed
                                                                                and Withdrawn
Vivriti Leonidas 09 2019              Series A PTC #     CARE A+ (SO)   494.6   Assigned
#Series A PTCs are rated on Ultimate Payment basis
Xerxes Sbl Ifmr Capital 2016          Series A1 PTC      CARE A- (SO)   46.9    Reaffirmed
Xerxes Sbl Ifmr Capital 2016          Series A2 PTC      CARE BBB- (SO) 12.7    Reaffirmed

--------------------------------------------------------------------------------------------
$: 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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