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CARE ratings for Indian debt instruments-Sep 7

    Sep 7  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of September 4, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abode Granito Llp                     ST Bk Fac          CARE A4        35      Reaffirmed
Alfa Flexitubes Pvt Ltd               ST Bk Fac          CARE A4;       12.4    -
(Issuer Not Cooperating) Based on best available information
Alumil Buildmate Pvt Ltd              ST Bk Fac          CARE A4        30      Reaffirmed
removed from INC
Anabond Ltd                           ST Bk Fac          CARE A4+       50      Revised from
                                                                                CARE A2+
(Issuer Not Cooperating)
Anuspaa Heritage Products Pvt Ltd     ST Bk Fac          CARE A4        10      Reaffirmed
(Reduced from 1.50 crs)/ removed from INC
Asian Tea Company Pvt Ltd             ST Bk Fac          -              0       Withdrawn
Asian Tea Company Pvt Ltd             ST Bk Fac          CARE A4+       450     Reaffirmed
(Enhanced from 34.50 crs)
Deep Lumbers Pvt Ltd                  ST Bk Fac          CARE A4;       75      -
(Issuer Not Cooperating); Based on best available information
Deep Timbers Pvt Ltd                  ST Bk Fac          CARE A4        75      -
(Issuer Not Cooperating); Based on best available information
Falcon Yarns Pvt Ltd                  ST Bk Fac          CARE A3        35      Reaffirmed
(reduced from 4.50 crs)
Findoc Investmart Pvt Ltd             ST Bk Fac          CARE A3        250     Assigned
Flexituff Ventures International Ltd  ST Bk Fac          CARE D         1900.2  Assigned
Gas Projects India Pvt Ltd            ST Bk Fac          CARE A4        87.5    -
(Issuer Not Cooperating); Based on best available information
Greenlam Industries Ltd               ST Bk Fac          CARE A1+       2300    Reaffirmed
Hardware Trading Corporation          ST Bk Fac          CARE A4+       100     Revised from
                                                                                CARE A4
(Issuer Not Cooperating) and removed from INC
Jk Lakshmi Cement Ltd                 ST Bk Fac          CARE A1+       7000    Reaffirmed
Jk Lakshmi Cement Ltd                 CP*                CARE A1+       1750    Reaffirmed
*Carved out of working capital limits
Jm Ferro & Alloys Pvt Ltd             ST Bk Fac          CARE D         120     -
(Issuer Not Cooperating); Based on best available information
Kanin India Ltd                       ST Bk Fac          CARE A3        67      Reaffirmed
Kic Metaliks Ltd                      ST Bk Fac          CARE A3+       500     Reaffirmed
M. K. Timber And Company              ST Bk Fac          CARE A4        150     Reaffirmed
Magnum Estates Pvt Ltd                ST Bk Fac          CARE A4+       213.5   -
(Issuer Not Cooperating); Based on best available information
Magnum Sea Foods Ltd                  ST Bk Fac          CARE A4+       603     -
(Issuer Not Cooperating); Based on best available information
Maithan Ceramic Ltd                   ST Bk Fac          CARE A2        306     Reaffirmed
Maithan Ceramic Ltd                   ST Bk Fac          CARE A2        6       Reaffirmed
Mellcon Engineers Pvt Ltd             ST Bk Fac          CARE A4        25      -
(Issuer Not Cooperating); Based on best available information
Navneet Motors                        ST Bk Fac          CARE A4;       470     - 
(Issuer Not Cooperating); Based on best available information
Organic Coatings Ltd                  ST Bk Fac          CARE A4        5       Reaffirmed
Pacific Garments Pvt Ltd              ST Bk Fac          CARE A4        30.5    -
(Issuer Not Cooperating); Based on best available information
Parishudh Machines Pvt Ltd            ST Bk Fac          CARE D         20      -
(Issuer Not Cooperating) Based on best available information
Se Forge Ltd                          ST Bk facility –   CARE D         960     Reaffirmed
                                      Non Fund based
                                      working capital limits
Sri Karpagam Mills India Pvt Ltd      ST Bk Fac          CARE D         139.5   Assigned
Shree Ganesh Rice Mills Sirsa         Bk Fac- Fund       CARE A4        17      -
                                      Based- STWorking
                                      Capital Limits
(Issuer Not Cooperating); Based on best available information
Siddhartha Engineering Ltd            ST Bk Fac          CARE A4        150     Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Vibhor Steel Tubes Pvt Ltd            ST Bk Fac          CARE A3        796     Reaffirmed
removed from (Issuer Not Cooperating)
Vdc Utility Services Llp              ST Bk Fac          -             -       Reaffirmed at
                                                                                CARE D and
                                                                                Withdrawn
 
 

MEDIUM TERM RATINGS:
-------------------
Jk Lakshmi Cement Ltd                 Fixed Deposits     CARE AA- (FD); 500     Reaffirmed
                                                         Stable
Small Industries Development Bank Of  Fixed Deposit      CARE AAA (FD); 80000   Reaffirmed
India                                 Program            Stable
 
 
 
 
LONG TERM RATINGS:
------------------
Abode Granito Llp                     LT Bk Fac          CARE BB-;      334.4   Reaffirmed
                                                         Stable
(Reduced from 34.25 crs)
Alfa Flexitubes Pvt Ltd               LT Bk Fac          CARE B; Stable 10      Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer Not Cooperating) Based on best available information
Alfa Flexitubes Pvt Ltd               LT/ ST Bk Fac      CARE B;        145     Revised from
                                                         Stable/CARE A4         CARE B+;
                                                                                Stable;
(Issuer Not Cooperating) Based on best available information
Allcargo Inland Park Pvt Ltd          LT Bk Fac (TL      CARE AA (CE);  650     Assigned
                                      against            Negative
                                      Lease Rental Discounting)
Allcargo Inland Park Pvt Ltd          LT Bk Fac (TL)     ProvCARE AA    250     Assigned
                                                         (CE); Negative
Allcargo Multimodal Pvt Ltd           LT Fund Based (TL  CARE AA (CE);  750     Assigned
                                      against            Negative
                                      Lease Rental Discounting)
Alumil Buildmate Pvt Ltd              LT Bk Fac          CARE B+; Stable47.6    Reaffirmed
removed from INC/(Enhanced from 2.26 crs)
Anabond Ltd                           LT Bk Fac          CARE BB+;      198.3   Revised from
                                                         Stable                 CARE A-;
                                                                                Stable
(Issuer Not Cooperating)
Anabond Ltd                           LT / Short Term Bk CARE BB+;      50      Revised from
                                      Fac                Stable /CARE           CARE A-;
                                                         A4+;                   Stable /CARE A+
(Issuer Not Cooperating)
Anand Swaroop Arya Saraswati Vidhya   LT Bk Fac-         CARE B-        80      Revised
Mandir Sr. Sec. School                Cash Credit                               from CARE B+
(Issuer Not Cooperating) Based on best available information
Anuspaa Heritage Products Pvt Ltd     LT Bk Fac          CARE BB; Stable50      Assigned
Anuspaa Heritage Products Pvt Ltd     LT Bk Fac          CARE BB; Stable72.5    Revised from
                                                                                CARE BB-
(Enhanced from 6.50 crs )?(Issuer Not Cooperating) and removed from INC
Anuspaa Heritage Products Pvt Ltd     LT / ST Bk Fac     CARE BB;       37.5    Assigned
                                                         Stable /CARE A4
Apco Chetak Ultraway Pvt Ltd          LT Bk Fac          CARE A-; Stable8900    Reaffirmed
Asha Enterprises Pvt Ltd              LT Bk Fac          CARE BB-;      15      Revised
                                                         Stable                 from CARE BB
                                                                                Stable
(Issuer Not Cooperating)
Asha Enterprises Pvt Ltd              LT/ ST Bk Fac      CARE BB-;      80      Revised
                                                         Stable/CARE A4         from CARE
                                                                                BB;Stable;
(Issuer Not Cooperating)
Ashwath Quippo Infraprojects Pvt Ltd  LT Bk Fac          CARE A- (CE);  340     -
                                      (Facility-I)       Stable
Removed from Credit Watch; Revised from CARE A (CE); Credit Watch with Negative Implications
[Single A (Credit Enhancement); Credit Watch with Negative Implications]
Ashwath Quippo Infraprojects Pvt Ltd  LT Bk Fac          CARE A- (CE);  270     -
                                      (Facility-II)      Stable
Removed from Credit Watch; Revised from CARE A (CE); Credit Watch with Negative Implications
[Single A (Credit Enhancement); Credit Watch with Negative Implications]
Ashwath Quippo Infraprojects Pvt Ltd  Proposed LT Bk Fac ProvCARE A-    1390    -
                                      (FacilityIII)      (CE); Stable
Removed from Credit Watch;Revised from Provisional CARE A (CE); Credit Watch with Negative
Implications[Provisional Single A (Credit Enhancement); Credit Watch with Negative Implications]
Asian Tea Company Pvt Ltd             LT Bk Fac          CARE BB+;      160     Reaffirmed
                                                         Stable
Baruanagar Tea Estate Pvt Ltd         LT Bk Fac          CARE BB-;      77.5    Reaffirmed
                                                         Stable
(Reduced from 7.99 crs)
Behl Motors Pvt Ltd                   LT Bk Fac          CARE B+; Stable90      Revised from
                                                                                CARE BB-;
                                                                                Stable;
(Issuer Not Cooperating)
Bhagwati Recycling Pvt Ltd            LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE
                                                                                B-; Stable and
                                                                                Withdrawn
(Issuer Not Cooperating)
Dbl Nidagatta Mysore Highways Pvt Ltd LT Bk Fac – TL     CARE A-; Stable7860    Reaffirmed
Deep Lumbers Pvt Ltd                  LT Bk Fac          CARE C; Stable 15      Revised from
                                                                                CARE B-;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
Deep Timbers Pvt Ltd                  LT Bk Fac          CARE C;        30      Revised from
                                                         Stable;                CARE B-;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Devaraj Hotels Pvt Ltd                LT Bk Fac          CARE B+; Stable187     Assigned
Dropadi Industries                    LT Bk Fac          CARE B-; Stable54      Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating)
Ekta Enterprises – Kala Amb           LT Bk Fac          CARE BB-;      130     Reaffirmed
                                                         Stable
(reduced from 17.00 crs)
Falcon Yarns Pvt Ltd                  LT Bk Fac          CARE BBB-;     535.1   Reaffirmed
                                                         Stable
(reduced from 67.91 crs)
Flexituff Ventures International Ltd  LT Bk Fac          CARE D         362.4   Assigned
Flexituff Ventures International Ltd  LT/ST Bk Fac       CARE D/CARE D  2372.4  Assigned
Future Consumer Ltd                   -                  -              -       Withdrawn
Future Supply Chain Solutions Ltd     Proposed CP Issue* -              -       Withdrawn
*carved out of working capital limits
Gas Projects India Pvt Ltd            LT Bk Fac          CARE B; Stable 47.5    -
(Issuer Not Cooperating); Based on best available information
Gic Bhutan Reinsurance Ltd            Issuer Rating*     CARE A (Is);   -       Assigned
                                                         Stable
*The rating is subject to the company maintaining solvency ratio above 1.5 times
Gmr Airports Ltd                      Bk Fac – Non Fund  CARE A- /CARE  2000    -
                                      based- LT/ST       A2+;
                                      –LC/BG
Removed from Credit watch with developing implications. Ratings reaffirmed and Negative outlook
assigned ; Classification changed from ST to LT/ST
Gmr Airports Ltd                      Non-Convertible    CARE A-;       8000    -
                                      Bonds              Negative
Removed from Credit watch with developing implications. Ratings reaffirmed and Negative outlook
assigned
Gmr Airports Ltd                      Non-Convertible    CARE A-;       6500    -
                                      Bonds              Negative
Removed from Credit watch with developing implications. Ratings reaffirmed and Negative outlook
assigned
Gmr Airports Ltd                      Non-Convertible    CARE A-;       2200    -
                                      Bonds              Negative
Removed from Credit watch with developing implications. Ratings
reaffirmed and Negative outlook assigned
Greenlam Industries Ltd               LT Bk Fac          CARE A+; Stable3193.7  Reaffirmed
Hansdeep Industries & Trading Co. Ltd NCD                -              -       Withdrawn
Hansdeep Industries & Trading Co. Ltd NCD                CARE AA- (CE); 105.6   Reaffirmed
                                                         Stable*
(Reduced from 55.04 crs) /*Backed by unconditional and irrevocable corporate guarantee from JK
Lakshmi Cement Limited (JKLC, rated CARE AA-;
Stable/CARE A1+
Hansdeep Industries & Trading Co. Ltd NCD                CARE AA- (CE); 50      Reaffirmed
                                                         Stable*
(Reduced from 100.00 crs)/ *Backed by unconditional and irrevocable corporate guarantee from JK
Lakshmi Cement Limited (JKLC, rated CARE AA-;Stable/CARE A1
Hansdeep Industries & Trading Co. Ltd NCD                CARE AA- (CE); 50      Reaffirmed
                                                         Stable*
(Reduced from 50.00 crs)/*Backed by unconditional and irrevocable corporate guarantee from JK
Lakshmi Cement Limited (JKLC, rated CARE AA-; Stable/CARE A1+)
Harrow Educational Society            LT Bk Fac          CARE D;        53.9    -
(Issuer Not Cooperating); Based on best available information
Himanshu Industries                   LT Bk Fac          CARE D         100     -
(Issuer Not Cooperating); Based on best available information
Indianoil Lng Pvt Ltd                 LT Bk Fac          CARE AA-;      28770   Revised from
                                                         Stable                 CARE A-;
                                                                                Stable
Indianoil Lng Pvt Ltd                 LT Compulsory      CARE AAA (CE); 7870    Reaffirmed
                                      Convertible        Stable
                                      Debentures (CCD-II)*
*The rating is based on credit enhancement in form of irrevocable & unconditional undertaking
from Indian Oil Corporation Ltd (IOCL) for (a) funding Service Account with amount of interest
before/on due date and (b) buy-out of CCDs on exercise of put-option by investors 
Janani Exports                        LT Bk Fac          CARE B+; Stable150     Revised from
                                                                                CARE BB;
                                                                                Stable;
(Issuer Not Cooperating)
Jk Lakshmi Cement Ltd                 NCDs**             -              0       Withdrawn
**CARE has withdrawn the rating assigned to the Non-Convertible debentures (NCDs) of the company
with immediate effect, as the company has repaid the balance outstanding amount in full and
there is nil amount outstanding under the said instruments as on date.
Jk Lakshmi Cement Ltd                 LT Bk Fac          CARE AA-;      14594.1 Reaffirmed
                                                         Stable
(Enhanced from 1,412.84 crs)
Jk Lakshmi Cement Ltd                 NCDs               CARE AA-;      2250    Reaffirmed
                                                         Stable
Jm Ferro & Alloys Pvt Ltd             LT Bk Fac          CARE D         75      -
(Issuer Not Cooperating); Based on best available information
Kanin India Ltd                       LT Bk Fac          CARE BBB-;     170.7   Reaffirmed
                                                         Stable
(enhanced from Rs.13.57 crore)
Kanin India Ltd                       LT Bk Fac/ ST Bk   CARE BBB-;     95      Reaffirmed
                                      Fac                Stable/CARE A3
Kic Metaliks Ltd                      LT Bk Fac          CARE BBB;      430     Reaffirmed
                                                         Negative
(Reduced from 45.00 crs)
M. K. Timber And Company              LT Bk Fac          CARE B+; Stable37.5    Reaffirmed
M.G. Oils                             LT Bk Fac          CARE BB+;      25.5    Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Reduced from 4.30 crs)
M.G. Oils                             LT / ST Bk Fac     CARE BB+;      220     Revised from
                                                         Stable/CARE A4+        CARE BB;
                                                                                Stable/ CARE A4
Magnum Estates Pvt Ltd                LT Bk Fac          CARE BB+       127.5   -
(Issuer Not Cooperating); Based on best available information
Magnum Sea Foods Ltd                  LT Bk Fac          CARE BB+       34      -
(Issuer Not Cooperating); Based on best available information
Maithan Ceramic Ltd                   LT Bk Fac          CARE BBB+;     40      Assigned
                                                         Negative
Maithan Ceramic Ltd                   LT Bk Fac          CARE BBB+;     400     Reaffirmed
                                                         Negative
outlook revised from stable
Maithan Ceramic Ltd                   LT / ST Bk Fac     CARE BBB+;     15      Reaffirmed
                                                         Negative /CARE
                                                         A2
outlook revised from stable
Maithan Ceramic Ltd                   LT / ST Bk Fac     CARE BBB+;     135     Reaffirmed
                                                         Negative /CARE
                                                         A2
outlook revised from stable
Mellcon Engineers Pvt Ltd             LT Bk Fac          CARE B; Stable 40      Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Navayuga Real Ventures Pvt Ltd        LT Bk Fac          CARE BB+;      385.8   Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
(Issuer Not Cooperating)
Navneet Motors                        LT Bk Fac          CARE B+; Stable250     Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
New Front Housing                     LT Bk Fac          CARE B+;Stable 122.2   Revised from
                                                                                CARE B; Stable
removed from (Issuer Not Cooperating)/(Reduced from 15.00 crs)
Nice International Ltd                LT Bk Fac          CARE B; Stable 60      Revised
                                                                                from CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Nice International Ltd                LT/ ST Bk Fac      CARE B;        40      Revised
                                                         Stable/CARE A4         from CARE B+;
                                                                                Stable; /CARE A4
(Issuer Not Cooperating)
Om Packaging                          LT Bk Fac-         CARE C         60      Revised from
                                      Cash Credit                               CARE B+
(Issuer Not Cooperating) Based on best available information
Organic Coatings Ltd                  LT Bk Fac          -              0       Withdrawn
Organic Coatings Ltd                  LT Bk Fac          CARE B; Stable 64.9    Reaffirmed
(Reduced from 7.26 crs)
Organic Coatings Ltd                  Long/ST Bk Fac     CARE B;        7.4     Reaffirmed
                                                         Stable/CARE A4
Pacific Garments Pvt Ltd              LT Bk Fac          CARE B; Stable 6.9     Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer Not Cooperating); Based on best available information
Pacific Garments Pvt Ltd              LT/Short- term Bk  CARE B; Stable 22.6    Revised from
                                      Fac                /CARE A4               CARE B+;
                                                                                Stable/ CARE A4
(Issuer Not Cooperating); Based on best available information
Parishudh Machines Pvt Ltd            LT Bk Fac          CARE D         65      -
(Issuer Not Cooperating) Based on best available information
Polyblend Colours Concentrate         LT Bk Fac          CARE B; Stable 52.5    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating); Based on best available information
Quippo Oil & Gas Infrastructure Ltd   LT Bk Fac          CARE BBB+      550     -
                                                         (CE); Stable
Removed from Credit Watch; Revised from CARE A (CE); Credit Watch with Negative Implications
[Single A (Credit Enhancement); Credit Watch with Negative Implications]
Quippo Oil & Gas Infrastructure Ltd   Long/ST Bk Fac     CARE BBB+      650     -
                                                         (CE);
                                                         Stable/CARE A3+ (CE)
Removed from Credit Watch; Revised from CARE A (CE)/CARE A2+ (CE); Credit Watch with Negative
Implications [Single A (Credit Enhancement)/A Two Plus (Credit Enhancement); Credit Watch with
Negative Implications]
S.S. Khardekar India Pvt Ltd          LT Bk Fac          CARE B+; Stable171.7   Revised from
                                                                                CARE
                                                                                BB-; Stable
Sapphire Foods India Pvt Ltd          LT Bk Facility     -              -       Reaffirmed at
                                                                                CARE BBB-;
                                                                                Stable and
                                                                                withdrawn
Satyam Roller Flour Mills Pvt Ltd     LT Bk Fac          CARE B; Stable 100     Revised
                                                                                from CARE
                                                                                BB-; Stable
(Issuer Not Cooperating)
Se Forge Ltd                          LT Bk facility - TLCARE D         1808.5  Reaffirmed
(reduced from 183.4 crs)
Se Forge Ltd                          LT Bk facility –   CARE D         464.5   Reaffirmed
                                      Fund Based Working
                                      capital limits
Shivsahaj Engineering And Plastics PvtLT Bk Fac          -              -       Withdrawn
Ltd
Shree Ganesh Rice Mills Sirsa         Bk Fac- Fund-      CARE C         22.6    Revised
                                      Based- LTTL                               from CARE B
(Issuer Not Cooperating); Based on best available information
Shree Ganesh Rice Mills Sirsa         Bk Fac- Fund       CARE C         110     Revised
                                      Based- LTCC                               from CARE B
(Issuer Not Cooperating); Based on best available information
Shree Ganesh Rice Mills Sirsa         Bk Fac- Fund       CARE C         0.4     Revised
                                      Based- LTProposed                         from CARE B
(Issuer Not Cooperating); Based on best available information
Shree Krishna Educational Trust       LT Bk Fac          CARE C         150     Revised
                                                                                from CARE B-;
                                                                                Stable;
(Issuer Not Cooperating) on the basis of best available information
Shree Niketan Sarees Pvt Ltd          LT Bk Fac          CARE B+;Stable 50      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Shreemaavaishnavi Agri Producer Co.   LT Bk Fac          CARE D         49.5    -
Ltd 
(Issuer Not Cooperating); Based on best available information
Siddhartha Engineering Ltd            LT Bk Fac          CARE BB-;      375     Revised from
                                                         Stable                 CARE BB+;
                                                                                Stable
(Issuer Not Cooperating)
Siddhartha Engineering Ltd            LT / Short Term Bk CARE BB-;      957.5   Revised from
                                      Fac                Stable /CARE A4        CARE BB+;
                                                                                Stable /CARE A4+
(Issuer Not Cooperating)
Small Industries Development Bank Of  Issuer Rating*     CARE AAA (Is); -       Reaffirmed
India                                                    Stable
*The rating is subject to the company maintaining its borrowing levels within regulatory limits.
Small Industries Development Bank Of  LT Bk Fac          CARE AAA;      300000  Reaffirmed
India                                                    Stable
Small Industries Development Bank Of  Unsecured Bonds    CARE AAA;      334890# Reaffirmed
India                                                    Stable
# Reduction in rated amount by Rs.1000 crore on account of redemption of bonds.
Small Industries Development Bank Of  MSE Deposits /     CARE AAA;      1055000 Reaffirmed
India                                 RIDF Deposits      Stable
Small Industries Development Bank Of  CD program /       CARE AAA;      460000  Reaffirmed
India                                 Commercial Paper   Stable /CARE
                                                         A1+
Speedage Trade Ltd                    NCD                CARE BB-;      600     Reaffirmed
                                                         Stable
Sri Karpagam Mills India Pvt Ltd      Long –term Bk Fac  CARE D         459.7   Assigned
Tulsi Trading Co.                     LT Bk Fac          CARE D         62.5
(Issuer Not Cooperating); Based on best available information
Udaipur Cement Works Ltd              LT / ST Bk Fac     CARE AA- (CE); 200     Reaffirmed
                                                         Stable /CARE
                                                         A1+ (CE)*
*Backed by unconditional and irrevocable corporate guarantee from JK Lakshmi Cement Limited
(JKLC, rated CARE AA- ; Stable/CARE A1+)
Udaipur Cement Works Ltd              LT Bk Fac          CARE AA- (CE); 5899.3  Reaffirmed
                                                         Stable*
*Backed by unconditional and irrevocable corporate guarantee from JK Lakshmi Cement Limited
(JKLC, rated CARE AA- ; Stable/CARE A1+)
Udaipur Cement Works Ltd              Unsupported Rating CARE BBB+      -       Revised from
                                                         /CARE A3+              CARE BBB-/
                                                                                CARE A3
Vdc Utility Services Llp              LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE D and
                                                                                Withdrawn
Veria Lifestyle, Inc                  LT Bk Fac          CARE B; Stable 8250    Revised from
                                                                                CARE BB;
                                                                                Stable;
(Issuer Not Cooperating) on the basis of best available information
Vibhor Steel Tubes Pvt Ltd            LT Bk Fac          CARE BBB;      124.5   Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable;
removed from (Issuer Not Cooperating)
Vibhor Steel Tubes Pvt Ltd            Long/ST Bk Fac     CARE BBB;      380     Revised from
                                                         Stable/CARE A3         CARE BBB-;
                                                                                Stable
removed from (Issuer Not Cooperating)
Vikas Associates                      LT Bk Fac          CARE BB-;      90      Revised
                                                         Stable                 from CARE BB;
                                                                                Stable
(Issuer Not Cooperating)
Weldfast Electrodes Pvt Ltd           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE
                                                                                BB+;Stable; and
                                                                                Withdrawn
(Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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