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CARE ratings for Indian debt instruments-Sep 4

    Sep 4  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of September 3, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ahitri Spinning Mills Pvt Ltd         ST Bk Fac          CARE A4;       13.5    -
ISSUER NOT COOPERATING; Based on Best Available Information
Cetex Petrochemicals Ltd              ST Bk Fac          CARE A3+       150     Revised from
                                                                                CARE A3
Jpl Industries Ltd                    ST Bk Fac          CARE A4;       2       Revised
                                                                                from CARE A4+;
Issuer not cooperating) on the basis of best available information
K.C.P. Sugar And Industries CorporatioST Bk Fac          CARE A1        410.9   Reaffirmed
Ltd
(enhanced from 6.50 crs)
Livia Polymer Bottles Pvt Ltd         ST Bk Fac          CARE A2        210     Reaffirmed
M/S Shree Samriddhi Traders           ST Bk Fac          CARE A4        380.2   Assigned
M2M Cybernetics Pvt Ltd               ST Bk Fac (BG/LC)  CARE A4+       70.3    Reaffirmed
(reduced from 9.14 crs)
Manba Finance Ltd                     CP                 CARE A2        100     Reaffirmed
Neo Pack Plast (India) Pvt Ltd        ST Bk Fac          CARE A4;       3.5     -
Issuer not cooperating; Based on best available information
Pioneer Embroideries Ltd              ST Bk FacProposed  CARE A4        7.5     Reaffirmed
Racl Geartech Ltd                     ST Bk Fac          CARE A3+       50      Revised from
                                                                                CARE A3
Radha Rani Wire Product               ST Bk Fac          -              -       Revised to
                                                                                CARE A4 from
                                                                                CARE A4+ and
                                                                                Withdrawn
Rahul Pam Pvt Ltd                     ST Bk Fac          CARE A4        285     Assigned
Rama Rice And General Mills           ST Bk Fac          CARE A4        8       -
Issuer not cooperating; Based on best available information
Rapicut Carbides Ltd                  ST Bk Fac          CARE A4+       37.5    Revised from
                                                                                CARE A3
Ratan Engineering Company Pvt Ltd     ST Bk Fac          CARE A4;       2.5     -
Issuer not cooperating; Based on best available information
S A Mulla                             ST Bk Fac          CARE A4        60      Reaffirmed
Shoppers Stop Ltd                     ST Bk Fac          CARE A1        380     Revised from
                                      (Non Fund Based)                          CARE A1+
Shruti Fashions Pvt Ltd               ST Bk Fac          CARE A4;       3.4     -
Issuer not cooperating; Based on best available information
Tata Blue Scope Steel Pvt Ltd         ST Bk Fac          CARE A1+       2000    Reaffirmed
 
 
 
MEDIUM TERM RATINGS:
-------------------
K.C.P. Sugar And Industries CorporatioFixed              CARE A (FD);   892.7   Reaffirmed
Ltd                                   Deposit programme  Stable
 
   
 
LONG TERM RATINGS:
-------------------
Ahitri Spinning Mills Pvt Ltd         LT Bk Fac          CARE B-;       190     Revised from
                                                         Stable                 CARE B+;
                                                                                Stable
ISSUER NOT COOPERATING; Based on Best Available Information
Amritsar Swadeshi Textile Corporation LT Bk Fac          CARE B;        86.6    Revised from
Pvt Ltd                                                  Stable;                CARE B+;
                                                                                Stable;
Issuer not cooperating) on the basis of best available information
Bhaval Export                         LT Bk Fac          CARE BB-;      55.2    Reaffirmed
                                                         Stable
(Reduced from 5.59 crs)
Canara Bank                           Basel III          CARE AA;       32500*  Assigned
                                      Compliant AT-I     Negative
                                      bonds
*Transferred from erstwhile Syndicate Bank pursuant to its amalgamation with Canara Bank.
Canara Bank                           Basel III          CARE AAA;      30000   -
                                      Compliant Tier-II  Negative
                                      bonds
removed from credit watch with developing implications
Canara Bank                           Bonds-Tier II BondsCARE AAA;      44000*  Assigned
                                                         Negative
*Transferred from erstwhile Syndicate Bank pursuant to its amalgamation with Canara Bank.
Cetex Petrochemicals Ltd              LT Bk Fac          -              0       Reaffirmed
Cetex Petrochemicals Ltd              LT Bk Fac          CARE BBB+;     370     Revised from
                                                         Stable                 CARE
                                                                                BBB; Stable
Cetex Petrochemicals Ltd              LT / ST Bk Fac     CARE BBB+;     60      Revised from
                                                         Stable /CARE           CARE
                                                         A3+                    BBB; Stable /
                                                                                CARE A3
Ck Birla Healthcare Pvt Ltd           LT Bk Fac          CARE AA+ (CE); 300     Assigned
                                                         Stable*
* Backed by unconditional and irrevocable corporate guarantee of GMMCO Limited
Classic Citi Investments Pvt Ltd      LT Bk Fac*         CARE BBB+      1225.1  Revised
                                                         (CE); Negative         from CARE A
                                                                                (CE); Negative
* The above ratings are based on the credit enhancement in the form of Letter of Comfort
provided by Sun-N-Sand Hotels Private Limited.
Craft India Industries                LT Bk Fac          CARE B; Stable;54.6    Revised from
                                                                                CARE
                                                                                B+; Stable
Issuer not cooperating; Based on best available information
Crossword Bookstores Ltd              LT Bk Fac (TL)     CARE A+ (CE);  15.7    Revised from
                                                         Negative               CARE AA-
                                                                                (CE); Stable
outlook revised from stable/(Reduced from 2.47 crs)
Crossword Bookstores Ltd              LT/ Shortterm Bk   CARE A+ (CE);  120     Revised from
                                      Fac                Negative /CARE         CARE AA-
                                                         A1 (CE)                (CE); Stable /
                                                                                CARE A1+ (CE)
outlook revised from stable
Crossword Bookstores Ltd              Proposed           ProvCARE A+    94.3    Revised from
                                      Longterm/ST Bk Fac (CE); Negative         Prov CARE AA-
                                                         /CARE A1 (CE)          (CE); Stable /
                                                                                 CARE A1+ (CE)
outlook revised from stable/(Enhanced from 8.53 crs)
Garg Steels_Jalandhar                 LT Bk Fac          CARE B-;       110     -
                                                         Stable;
Issuer not cooperating; Based on best available information
Gmr Airport Developers Ltd            LT Bk Fac*         CARE A- (CE);  54.2    -
                                                         Negative
Removed from Credit watch with developing implications. Rating reaffirmed and Negative outlook
assigned/*backed by unconditional and irrevocable corporate guarantee provided by GMR Airports
Limited (GAL, rated CARE A-; Negative/ CARE A2+)./(Reduced from 23.33 crs)
Gulshan Homes And Infrastructure Pvt LProposed NCD issue CARE BB; Stable1250    Assigned
Huhtamaki Foodservice Packaging India LT Bk Fac          CARE B-;       230     Revised from
Pvt Ltd                                                  Stable;                CARE B;
                                                                                Stable;
ISSUER NOT COOPERATING*) on the basis of best available information
Indianoil Skytanking Pvt Ltd          LT Bk FacNon Fund  CARE AA;       800     Reaffirmed
                                      Based (BG)         Negative
Outlook revised from Stable
Indianoil Skytanking Pvt Ltd          LT Bk FacTL        CARE AA;       144.1   Reaffirmed
                                                         Negative
Outlook revised from Stable
Jpl Industries Ltd                    LT Bk Fac          CARE BB;       86.1    Revised
                                                         Stable;                from CARE
                                                                                BB+; Stable
Issuer not cooperating) on the basis of best available information
K.C.P. Sugar And Industries CorporatioLT Bk Fac          CARE A; Stable 2138.7  Reaffirmed
Ltd
K.K. Roller Flour Mills               LT Bk Fac          CARE B-;       110     Revised from
                                                         Stable;                CARE B;
Issuer not cooperating; Based on best available information
L. S. Rice Exports Pvt Ltd            LT Bk Fac          CARE B; Stable 48.3    Revised from
                                                                                CARE B+;
                                                                                Stable
Issuer not cooperating) on the basis of best available information
Livia Polymer Bottles Pvt Ltd         LT Bk Fac          CARE BBB+;     178.5   Reaffirmed
                                                         Stable
(reduced from 22.71 crs)
Livia Polymer Bottles Pvt Ltd         LT / ST Bk Fac     CARE BBB+;     175     Reaffirmed
                                                         Stable/CARE A2
M/S Shree Samriddhi Traders           LT Bk Fac          CARE BB; Stable200     Assigned
M2M Cybernetics Pvt Ltd               LT Bk Fac (CC)     CARE BB+;      130.5   Reaffirmed
                                                         Stable
(enhanced from 11.05 crs)
Machine Tools India Ltd               LT/Shortterm Bk FacCARE B/CARE A4;85      Revised from
                                                                                CARE BB-/CARE
                                                                                A4
Issuer not cooperating on the basis of best available information
Machine Tools India Ltd               LT Bk Fac          CARE B; Stable 50      Revised from
                                                                                CARE BB-
Issuer not cooperating on the basis of best available information
Manba Finance Ltd                     Bk Loan Fac – TL   CARE BBB+;     1737.3  Reaffirmed
                                                         Negative
outlook revised from Stable to Negative
Manba Finance Ltd                     Bk Loan Fac – CC   CARE BBB+;     785     Reaffirmed
                                                         Negative
outlook revised from Stable to Negative
Manba Finance Ltd                     NCD                CARE BBB+;     100     Reaffirmed
                                                         Negative
outlook revised from Stable to Negative
Medics International Lifesciences Ltd LT Bk Fac          CARE A-; Stable2050    Reaffirmed
Mgm Infra Development Solutions Pvt LtLT Bk Fac          CARE D;        56.9    -
Issuer not cooperating; Based on best available information
Neo Pack Plast (India) Pvt Ltd        LT / ST Bk Fac     CARE B; Stable 60      Revised from
                                                         /CARE A4;              CARE B+;
                                                                                Stable /CARE A4
Issuer not cooperating; Based on best available information
Neo Pack Plast (India) Pvt Ltd        LT Bk Fac          CARE B;        8       Revised from
                                                         Stable;                CARE B+;
                                                                                Stable;
Issuer not cooperating; Based on best available information
New Habitat Housing Finance And       LT Bk Fac          CARE BB+;      1000    Revised from
Development Ltd                                          Stable                 CARE BBB-;
                                                                                Negative
Paras Healthcare (Ranchi) Pvt Ltd     LT Bk Fac *        CARE BBB+      384     Assigned
                                                         (CE); Stable
* The above rating is backed by credit enhancement in the form of unconditional, irrevocable and
continuing corporate guarantee from Paras Healthcare Private Limited (PHPL; rated: CAREA BBB+;
Stable/ CARE A2).
Pioneer Embroideries Ltd              LT Bk Fac          CARE B; Stable 150     Reaffirmed
Racl Geartech Ltd                     LT Bk Fac          CARE BBB+;     1065.2  Revised from
                                                         Stable                 CARE BBB;
                                                                                Positive
(Enhanced from 97.58 crs)
Radha Rani Wire Product               LT Bk Fac          -              -       Revised to
                                                                                CARE BB;
                                                                                Stable from CARE
                                                                                BB+;Stable and
                                                                                Withdrawn
Rahul Pam Pvt Ltd                     LT Bk Fac          CARE BB; Stable123.5   Assigned
Rahul Pam Pvt Ltd                     LT Bk Fac          CARE BB; Stable111.5   Revised from
                                                                                CARE B+;
                                                                                Stable
(Reduced from 24.00 crs)
Rama Rice And General Mills           LT Bk Fac          CARE B-;Stable;112     Revised from
                                                                                CARE B;Stable
Issuer not cooperating; Based on best available information
Rapicut Carbides Ltd                  LT Bk Fac          CARE BB+;      0.7     Revised from
                                                         Stable                 CARE BBB-;
                                                                                Negative
Rapicut Carbides Ltd                  LT/ ShortTerm Bk   CARE BB+;      47      Revised from
                                      Fac                Stable/CARE A4+        CARE BBB-;
                                                                                Negative/ CARE
                                                                                A3
Ratan Engineering Company Pvt Ltd     LT Bk Fac          CARE B-;       127.5   Revised from
                                                         Stable;                CARE B; Stable
Issuer not cooperating; Based on best available information
Revathi Equipment Ltd                 LT/ Short term     CARE BBB+/CARE 395     -
                                      Bk Fac             A2
Placed on Credit watch with developing implications
Revathi Equipment Ltd                 LT Bk Fac          CARE BBB+;     410     -
Placed on Credit watch with developing implications
S A Mulla                             LT Bk Fac          CARE B-; Stable50      Revised from
                                                                                CARE B; Stable
Shoppers Stop Ltd                     LT Bk Fac (TL)     CARE A+;       2200    Revised from
                                                         Negative               CARE
                                                                                AA-; Stable
Shoppers Stop Ltd                     LT Bk Fac          CARE A+;       1490    Revised from
                                      (Fund Based)       Negative               CARE
                                                                                AA-; Stable
Shoppers Stop Ltd                     Proposed NCD Issue CARE A+;       1000    Revised from
                                                         Negative               CARE
                                                                                AA-; Stable
Shruti Fashions Pvt Ltd               LT Bk Fac          CARE BB-;      53      Revised from
                                                         Stable;                CARE BB;
                                                                                Stable;
Issuer not cooperating; Based on best available information
Sunfuel Technologies Llp              LT Bk Fac          CARE BB-;      57.8    Revised from
                                                         Stable;                CARE BB;
                                                                                Stable
Issuer not cooperating) on the basis of best available information
Syndicate Bank                        Lower Tier II Bonds-              -       Withdrawn
Syndicate Bank                        Upper Tier II Bonds-              -       Withdrawn
Syndicate Bank                        Perpetual Bonds    -              -       Withdrawn
Syndicate Bank                        Basel III Tier II  -              -       Withdrawn
                                      Bonds
Syndicate Bank                        Basel III          -              -       Withdrawn
                                      Additional Tier I
                                      Bonds
Tata Blue Scope Steel Pvt Ltd         LT Bk Fac          CARE AA; Stable5000    Revised from
                                                                                CARE AA-;
                                                                                Stable
(reduced from 680.00 crs)
--------------------------------------------------------------------------------------------
$: 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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