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Company News

CARE ratings for Indian debt instruments-Apr 2

    Apr 2 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 30&31, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aarnav Industries Pvt Ltd             ST Bk Fac          CARE A3+       100     Reaffirmed
Adani Agrifresh Ltd                   ST Bk Fac          CARE A3        100     Reaffirmed
Aishwarya Plast Exports Pvt Ltd       ST Bk Fac          CARE A4        194     -
                                      Non-fund based
ISSUER NOT COOPERATING
Ajanta Universal Fabrics Pvt Ltd      ST Bk Fac          CARE A4+       130     Reaffirmed
Ajeet And Company                     ST Bk Fac          CARE A4        30      Reaffirmed
Allflex Plastics Llp                  ST Bk Fac          CARE A4        6       Assigned
Amit Mines Pvt Ltd                    ST Bk Fac          CARE A4        60      -
ISSUER NOT COOPERATING
Amit Metaliks Ltd                     ST Bk Fac          CARE D         105     -
ISSUER NOT COOPERATING
Antony Waste Handling Cell Pvt Ltd    ST Bk Fac          CARE A3        230     Assigned
Ashok Motors                          ST Bk Fac          CARE A4+       6       Revised from
                                                                                CARE A4
Balaram Papers Pvt Ltd                ST Bk Fac          CARE A4        7       -
Issuer not cooperating
Bebo International                    ST Bk Fac          CARE A4        35      -
ISSUER NOT COOPERATING
Bharat Ship Breakers Corporation      ST Bk Fac          CARE A4+       663     Reaffirmed
Bluecross Commodities Pvt Ltd         ST Bk FacNon-FB    CARE A4+       7.5     -
Issuer not cooperating
Bridal Jewellery Manufacturing CompanyST Bk Fac          CARE A4+       415     Reaffirmed
Caspia Hotels Pvt Ltd                 ST Bk Fac          CARE A3        100     Reaffirmed
Chinar Forge Ltd                      ST Bk Fac          CARE A4+       200     Revised from
                                                                                CARE A3
ISSUER NOT COOPERATING
Cipla Ltd                             ST Bk Fac (FB)     CARE A1+       31920   Reaffirmed
Cipla Ltd                             ST Bk Fac (Non-FB) CARE A1+       584.1   Reaffirmed
Clix Capital Services Pvt Ltd         ST Bk Fac          CARE A1+       300     Reaffirmed
Clix Capital Services Pvt Ltd         CP Issue           CARE A1+       7000    Reaffirmed
(enhanced from 600 Crore)
Clix Finance India Pvt Ltd            CP (CP) issue      CARE A1+       3000    Reaffirmed
(enhanced from 200 Crore)
Creative Casuals India Pvt Ltd        ST Bk Fac (Non     CARE A4+       60      Assigned
                                      Fund Based)
                                      (FC/LC/BG)
Creative Casuals India Pvt Ltd        ST Bk Fac (Nonfund -              -       Withdrawn
                                      Based)(LC/BG)
Deesan Cotex Pvt Ltd                  ST Bk Fac          CARE A4        10      Reaffirmed
Dura Roof Pvt Ltd                     ST Bk Facility     CARE A4        25      Assigned
Epson Vitrified Pvt Ltd               ST Bk Fac          CARE A4        22.5    Reaffirmed
Eros International Media Ltd          ST Bk Fac          CARE A3+       1870    Revised from
                                                                                CARE A2
Finolex J-Power Systems Pvt Ltd       ST Bk Fac          CARE A3        260     Reaffirmed
Flamingo Pharmaceuticals Ltd          ST Bk Fac          CARE A4        130     Revised from
                                      (Non-Fund Based)                          CARE A4
ISSUER NOT COOPERATING
Genuine Promoters                     ST Bk Fac          CARE A3        100     Revised from
                                                                                CARE A4+
Gem Granites                          ST Bk Fac          CARE D         771.6   -
ISSUER NOT COOPERATING
Gopi Synthetics Pvt Ltd               ST Bk Fac          CARE A3+       100     Reaffirmed
Hanuman Weaving Factory               ST Bk Fac          CARE A4+       15.5    Revised from
                                                                                CARE A3
Hule Constructions Pvt Ltd            ST Bk Fac          CARE A4        30      -
ISSUER NOT COOPERATING
K.K.R Agro Mills Pvt Ltd              ST Bk Fac          CARE A4+       11.7    Reaffirmed
K.K.R. Mills                          ST Bk Fac          CARE A4+       40      Reaffirmed
Kakoti Engineering Works              ST Bk Fac          CARE A4        12.5    Assigned
Karan Letex Ltd                       ST Bk Fac          CARE A4+       4       -
Issuer not cooperating
Kesar Multimodal Logistics Ltd        ST Bk Fac (Non     CARE A4        90      Reaffirmed
                                      Fund Based- BG
                                      limit
Krushna Cotex Pvt Ltd                 ST Bk Fac          CARE A4        56.8    Reaffirmed
Kse Electricals Pvt Ltd               ST Bk Fac          CARE A2        113     Revised from
                                                                                CARE A3+
Kuantum Papers Ltd                    ST Bk Fac          CARE A2+       532.5   Revised from
                                                                                CARE A2
Karuna Management Services Ltd        ST Bk Facility     -              -       Withdrawn
Lala Munni Lal Mange Ram Charitable   ST Bk Fac          CARE A2+       4       Reaffirmed
Trust
Madhav Solar (Karnataka) Pvt Ltd      ST Bk Facility     CARE A2+       500     Reaffirmed
Mantena Infra Llp                     ST Bk Fac          CARE A3+       310     -
Issuer not cooperating
Master Construction Company           ST Bk Fac          CARE A4        20      Assigned
Mense Electricals Pvt Ltd             ST Bk Fac          CARE A4        80      Reaffirmed
Milano Bathroom Fittings Pvt Ltd      Non Fund based -   CARE A3+       2.5     Reaffirmed
                                      ST Bk Fac -LOC
Mittal Infrastructure Pvt Ltd         ST Bk Fac          CARE A4        10      Reaffirmed
Modison Copper Pvt. Ltd.              ST Bk Fac          CARE A3+       45      Reaffirmed
Modison Metals Ltd                    ST Bk Fac          CARE A1        175     Reaffirmed
Murli Krishna Pharma Pvt Ltd          ST Bk Fac          CARE D         99      Revised from
                                                                                CARE A4
Netafim Agricultural Financing Agency ST Bk Fac          CARE A2+       1300    Reaffirmed
Pvt. Ltd.
New Manasa Mata Foods                 ST Bk Fac          CARE A4        4.5     Assigned
P.K. Thakur And Company Pvt Ltd       ST Bk Fac          CARE A4        55      -
Issuer not cooperating
Pannalal Mahesh Chandra Jewellers     ST Bk Fac          CARE A4        201.5   Reaffirmed
Paramount Impex Pvt Ltd               ST Bk Fac          CARE A4        105     -
ISSUER NOT COOPERATING
Pioneer Foods And Agro Industries Pvt ST Bk Fac          CARE A4        300     Reaffirmed
Ltd
Prabhat Elastomers Pvt Ltd            ST Bk Fac          CARE A4        140     Reaffirmed
Issuer not cooperating
Priyanka Communications (India) Pvt   ST Bk Fac (Non-FB) CARE A3+       800     -
Limite
ISSUER NOT COOPERATING
R.B.S Candiaparcar Engineers And      ST Bk Facility     CARE A4+       125     Reaffirmed
Contractors
Rallifan Ltd                          ST Bk Fac          CARE A4        30      Reaffirmed
Recorn Foods Pvt Ltd                  ST Bk Fac          CARE A4        1       Assigned
Ring Plus Aqua Ltd                    ST Bk Fac          CARE A1+       119     Reaffirmed
Rosmerta Technologies Ltd             ST Bk Fac          CARE A4        300     Reaffirmed
S S Group Pvt Ltd                     ST Bk Facility     CARE A4+       200     Assigned
S. N. Rice Mills                      ST Bk Facility     CARE A4        40      Reaffirmed
Sai Balaji Constructions              ST Bk Facility     CARE A4        30      Assigned
Samhi Hotels (Ahmedabad) Pvt Ltd      ST Bk Fac          CARE A3        40      Reaffirmed
Sanghi Brothers (Indore) Pvt Ltd      ST Bk Fac          CARE A4+       190     Reaffirmed
Satya Sai Exims                       ST Bk Fac          CARE A4        50      -
ISSUER NOT COOPERATING
Shaarc Projects Ltd                   ST Bk Fac          CARE A4+       65      -
ISSUER NOT COOPERATING
Shrijee Lifestyle Pvt Ltd             ST - FB Fac        CARE A3+       250     Reaffirmed
Shrishaila Electricals India Pvt Ltd  ST Bk Facility     CARE A4        100     Reaffirmed
(Enhanced from 4.00 Crore)
Sri Venkata Vamsi Krishna Traders     ST Bk Fac          -              -       Withdrawn
Sajjala Woven Sacks Pvt Ltd           ST Bk Facility     CARE D         10      Revised from
                                                                                CARE A4
Smbt Sevabhavi Trust                  ST Bk Fac          CARE A4        236     -
ISSUER NOT COOPERATING
Pruthvi Aditya Infratech Pvt Ltd      ST Bk Fac          -              -       Withdrawn
Technovinyl Polymers India Ltd        ST Bk Fac          CARE A3+       26.8    Reaffirmed
Texspin Bearings Ltd                  ST Bk Fac          CARE A2        12.8    Reaffirmed
Tractors India Pvt Ltd                ST Fac             CARE A2        1100    Assigned
Uppal Housing Pvt Ltd                 ST Bk Fac          CARE A4+       1550    Revised from
                                                                                CARE A3
Issuer not cooperating
Us Technology International Pvt Ltd   ST Bk Fac          CARE A3+       2880    Reaffirmed
Venus Pipes And Tubes Pvt Ltd         ST Bk Fac          CARE A4        25      Assigned
Whitefields Apparel                   ST Bk Fac          CARE A4        33.5    Revised from
                                                                                CARE A4
ISSUER NOT COOPERATING
Yogendra International                ST Bk Fac          CARE A4        127     Assigned
York Transport Equipment (India) Pvt  ST Bk Fac          CARE A2        150     -
Placed on credit watch with developing implications
Unique Green Energy Technologies Pvt  ST Bk Fac          -              -       Withdrawn


LONG TERM RATINGS:
-------------------
Aakash Global Foods Pvt Ltd           LT Bk Fac          CARE BBB+      93.1    Revised from
                                                                                CARE BBB
Aakash Global Foods Pvt Ltd           LT / ST Bk Fac     CARE BBB+/A3+  60      Revised from
                                                                                CARE BBB/A3
Aarnav Fabrics Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Aarnav Industries Pvt Ltd             LT Bk Fac          CARE BBB       586.3   Reaffirmed
Aarnav Industries Pvt Ltd             LT / ST Bk Fac     CARE BBB/A3+   10      Reaffirmed
Adani Agrifresh Ltd                   LT Bk Fac          CARE BBB-      174.1   Reaffirmed
Adani Agrifresh Ltd                   LT/ ST Bk Fac      CARE BBB-/A3   1450    Reaffirmed
Adani Ports And Special Economic Zone NCDs (Proposed) - ICARE AA+       7500    Reaffirmed
Ltd
Adani Ports And Special Economic Zone NCDs Issue - II    CARE AA+       600     Reaffirmed
Ltd
Ahill Apparel Exports Pvt Ltd         LT Bk Fac          CARE BB+       279.2   Revised from
                                                                                CARE BBB-
ISSUER NOT COOPERATING
Ahmedabad Ring Road Infrastructure LtdLT Bk Fac          CARE A+        2707    Reaffirmed
Aishwarya Plast Exports Pvt Ltd       Bk Fac-Fund Based  CARE BB        30      -
                                      (CC)
ISSUER NOT COOPERATING
Ajanta Universal Fabrics Pvt Ltd      LT Bk Fac          CARE BB+       96.4    Reaffirmed
Ajanta Universal Fabrics Pvt Ltd      LT /ST Bk Fac      CARE BB+/A4+   27.5    Reaffirmed
Ajeet And Company                     LT/ST Bk Fac       CARE B+ /CARE  140     Revised from
                                                         A4                     CARE BB-
Akshat Agro Milling Company Pvt Ltd   LT Bk Fac          CARE BB+       300     -
Issuer not cooperating
Allflex Plastics Llp                  LT Bk Fac          CARE B+        149.4   Assigned
Amit Metaliks Ltd                     LT Bk Fac          CARE D         1052.7  -
ISSUER NOT COOPERATING
Amit Mines Pvt Ltd                    LT Bk Fac          CARE BB        350     -
ISSUER NOT COOPERATING
Anantha Agency’S Pvt Ltd              LT Bk Fac          CARE B+        150     -
ISSUER NOT COOPERATING
Antony Lara Enviro Solutions Pvt Ltd  LT Bk Fac : TL     CARE BBB       1105    Assigned
Antony Waste Handling Cell Pvt Ltd    LT Bk Fac          CARE BBB       275     Assigned
Apple Hospitals And Research InstituteLT Bk Fac          CARE BB+       237     Reaffirmed
Ltd
Ashok Leyland Ltd                     LT/ST Bk Fac       CARE AA+/A1+   26000   Revised from
                                                                                CARE AA/A1+
Ashok Motors                          LT Bk Fac          CARE BB        199.5   Revised from
                                                                                CARE BB-
Ashok Motors                          LT/ ST Bk Fac      CARE BB/A4+    5       Assigned
Aspiro Pharma Ltd                     LT Bk Fac          CARE BBB-      323.1   Reaffirmed
Balaram Papers Pvt Ltd                LT Bk Fac          CARE B+        90      -
Issuer not cooperating
Balaram Papers Pvt Ltd                LT/ ST Bk Fac      CARE B+/A4     40      -
Issuer not cooperating
Balu Iron & Steel Company             LT Bk Fac          CARE BB-       1000    -
Issuer not cooperating
Bebo International                    LT Bk Fac          CARE B+        30      -
ISSUER NOT COOPERATING
Beta Wind Farm Pvt Ltd                LT Bk Fac          CARE D         9379    Reaffirmed
Bgr Energy Systems Ltd                LT Bk Fac          CARE BBB+      31840   Revised from
                                                                                CARE BBB+
Bgr Energy Systems Ltd                LT / ST Bk Fac     CARE BBB+/A3+  66930   Revised from
                                                                                CARE BBB+/A2
Bharat Ship Breakers Corporation      LT Bk Fac          CARE BB+       87      Reaffirmed
Binayak Tex Processors Ltd            Bk Fac-FB - LT/    CARE BBB-/A3   420     Revised from
                                      ST-CC/PC/ Bill                            CARE BBB-/A3
                                      Discounting
Bluecross Commodities Pvt Ltd         LT Bk FacFB        CARE BB+       300     -
Issuer not cooperating
Bluecross Commodities Pvt Ltd         LT Bk Fac          CARE BB+       20      -
                                      (Proposed TL)
Issuer not cooperating
Caspia Hotels Pvt Ltd                 LT Bk Fac          CARE BBB-      2070.3  Reaffirmed
Chinar Forge Ltd                      LT Bk Fac          CARE BB+       307.5   Revised from
                                                                                CARE BBB-
ISSUER NOT COOPERATING
Clix Capital Services Pvt Ltd         LT Bk Fac          CARE AA-       21200   Reaffirmed
(enhanced from 1120 Crore)
Clix Capital Services Pvt Ltd         LT/STBk Fac        CARE AA-       2000    Reaffirmed
Clix Capital Services Pvt Ltd         Non - Convertible  CARE AA-       1000    Reaffirmed
                                      Debentures
                                      (Proposed)
Clix Capital Services Pvt Ltd         Non - Convertible  CARE AA-       1000    Assigned
                                      Debentures
                                      (Proposed)
Clix Capital Services Pvt Ltd         Non - Convertible  CARE AA-       3000    Assigned
                                      Debentures
                                      (Proposed)
Clix Finance India Pvt Ltd            LT Bk Fac          CARE AA-       15000   Reaffirmed
(enhanced from 700 Crore)
Clix Finance India Pvt Ltd            NCDs(Proposed)     CARE AA-       1000    Reaffirmed
Clix Finance India Pvt Ltd            NCDs(Proposed)     CARE AA-       2000    Assigned
Clix Finance India Pvt Ltd            LT/ST BkFac        CARE AA- /CARE 3000    Reaffirmed
                                                         A1+
(enhanced from 100 Crore)
Creative Casuals India Pvt Ltd        LT Bk Fac (Fund    -              -       Withdrawn
                                      Based)(CC/PCFC)
Creative Casuals India Pvt Ltd        LT Bk Fac (Fund    CARE BB+       80      Assigned
                                      Based)(CC/PCFC)
Deesan Cotex Pvt Ltd                  LT Bk Fac          CARE B         180     Revised from
                                                                                CARE B+
Dev Priya Products Pvt Ltd            LT Bk Fac          CARE A-        450     Assigned
Drushti Realtors Pvt Ltd              LT Bk Fac          CARE D         150     -
Issuer not cooperating
Dura Roof Pvt Ltd                     LT Bk Facility     CARE BB-       174.9   Assigned
Ecoren Energy India Pvt Ltd           LT/ST Bk Fac       CARE BBB+/A3   500     Reaffirmed
Epson Vitrified Pvt Ltd               LT Bk Fac          CARE BB-       75      Reaffirmed
Eros International Media Ltd          LT Bk Fac          CARE BBB+      5630    Revised from
                                                                                CARE A-
Finolex J-Power Systems Pvt Ltd       LT Bk Fac          CARE BBB-      206.4   Reaffirmed
Flamingo Pharmaceuticals Ltd          LT Bk Fac – TL     CARE B         1378.2  Revised from
                                                                                CARE BB+
ISSUER NOT COOPERATING
Flamingo Pharmaceuticals Ltd          LT /ST Bk Fac      CARE B/A4      750     Revised from
                                      (Fund Based)                              CARE BB+/A4
ISSUER NOT COOPERATING
Ganraj Ispat Pvt Ltd                  LT Bk Facility     CARE BB-       300     Reaffirmed
Gem Granites                          LT Bk Fac          CARE D         580.2   -
ISSUER NOT COOPERATING
Gem Granites                          LT/ST Bk Fac       CARE D         193.3   -
ISSUER NOT COOPERATING
Genuine Promoters                     LT Bk Fac          CARE BBB-      1250    Revised from
                                                                                CARE BB+
Gopi Synthetics Pvt Ltd               LT Bk Fac          CARE BBB       1123.9  Reaffirmed
Gopi Synthetics Pvt Ltd               LT/ Shortterm Bk   CARE BBB/A3+   35      Reaffirmed
                                      Facilit
Goverdhan Energy And Petrochemicals PvLT Bk Facility     CARE BB        81.4    Reaffirmed
Ltd
Goverdhan Energy And Petrochemicals PvLT/ST Bk Facilitie CARE BB        30      Revised from
Ltd                                                                             CARE BB
Greenergy Wind Corporation Pvt Ltd    LT Bk Fac@         Prov.CARE BBB+ 395     Reaffirmed
@ The above rating is provisional due to ongoing process of transferring wind mill assets of
8.2MW of Golden Hatcheries (GOH). The rating will be finalized post transfer of assets involving
no cash outflow. Interest and redemption of preference shares, if issued for acquisition, will
be subordinated to bank’s debt
Hanuman Weaving Factory               LT Bk Fac          CARE BB+       97      Revised from
                                                                                CARE BBB-
Haryana Liquors Pvt Ltd               LT Bk Fac          CARE B+        583.5   Reaffirmed
Haryana Liquors Pvt Ltd               LT/ST Bk Fac       CARE B+/A4     10      Reaffirmed
Hetero Labs Ltd                       LT Bk Facility     CARE A+        37484.3 Revised from
                                                                                CARE AA-
Hetero Labs Ltd                       LT/ST Bk Fac       CARE A+/A1+    12500   Revised from
                                                                                CARE AA-/A1+
Hetero Med Solutions Ltd              LT Bk Facility     CARE A+        1322.3  Revised from
                                                                                CARE AA-
Hetero Wind Power (Pennar) Pvt Ltd    LT Bk Facility     CARE A+        935     Revised from
                                                                                CARE AA-
Hetero Wind Power Ltd                 LT Bk Facility     CARE A+        2242.1  Revised from
                                                                                CARE AA-
Hilton Infrastructure                 LT Bk Fac          CARE D         231.5   Reaffirmed
Honey Vanijya Pvt Ltd                 LT Bk Fac          CARE BB-       100     Assigned
Hule Constructions Pvt Ltd            LT Bk Fac          CARE B+        90      -
ISSUER NOT COOPERATING
Icici Prudential Mutual Fund          LT Bk Fac (CC/     CARE AAA       20000   Revised from
                                      Overdraft facility)                       CARE A1+
Impresario Entertainment & HospitalityLT Bk Fac          CARE BB-       22.1    Revised from
Pvt Ltd                                                                         CARE B
Incredible Realcon Pvt Ltd            LT Instruments     CARE BB+       6000    Revised from
                                      (Non- Convertible                         CARE BBB-
                                      Debentures)
Insight Media City (India) Pvt Ltd    LT Bk Fac          CARE BB+       500     Assigned
Jaipur Mahua Tollway Pvt Ltd          LT Bk Facility     CARE AA-       1350.1  Reaffirmed
Jaipur Mahua Tollway Pvt Ltd          LT Instrument-     CARE AA-       1605.4  Reaffirmed
                                      Nonconvertible
                                      debentures
Jaya Educational Society              LT Bk Fac          CARE BBB-      469     Reaffirmed
Jrg Fincorp Ltd                       LT Bk Fac          CARE BBB       500     -
ISSUER NOT COOPERATING
K.K.R Agro Mills Pvt Ltd              LT/ST Bk Fac       CARE BB        330     Reaffirmed
K.K.R Flour Mills                     LT Bk Facility     CARE BB        150     Reaffirmed
K.K.R. Food Products                  LT Bk Facility     CARE BB        300     Reaffirmed
K.K.R. Mills                          LT Bk Facility     CARE BB        150     Reaffirmed
Kakoti Engineering Works              LT Bk Fac          CARE B+        60      Assigned
Karan Letex Ltd                       LT Bk Fac          CARE BB+       115     -
Issuer not cooperating
Karthika Modern Rice Mill             LT Bk Facility     CARE BB        110     Reaffirmed
Karuna Management Services Ltd        LT Bk Facility     -              -       Withdrawn
Kerala Police Housing Co-Operative    LT Bk Fac          CARE BBB       1000    -
Society Ltd
Issuer not cooperating
Kesar Multimodal Logistics Ltd        LT Bk Fac (TL)     CARE B+        991.1   Revised from
                                                                                CARE BB+
Kesar Terminals And Infrastructure LtdLT Bk Fac (TL)     CARE B+        118.8   Revised from
                                                                                CARE BB+
Khagaria Purnea Highway Project Ltd   LT Bk Fac (Senior  CARE A-        4623.5  Revised from
                                      debt)                                     CARE A
(reduced from Rs.516.95 crore Crore)
Khagaria Purnea Highway Project Ltd   LT Bk Fac          CARE BBB+      300     Revised from
                                      (Sub-ordinate debt)                       CARE A-
Krushna Cotex Pvt Ltd                 LT Bk Fac          CARE B+        82.2    Reaffirmed
Kse Electricals Pvt Ltd               LT Bk Fac          CARE BBB+      808.2   Reaffirmed
Kuantum Papers Ltd                    LT Bk Fac          CARE A-        2150.8  Revised from
                                                                                CARE BBB+
Kuantum Papers Ltd                    LT/Medium-term     CARE A-(FD)    400     Revised from
                                      Fixed deposits                            CARE BBB+
L&T Finance Ltd.                      LT Bk Facility     CARE AAA       211000  Reaffirmed
L&T Housing Finance Ltd               LT Bk Facility     CARE AAA       39000   Reaffirmed
Lala Munni Lal Mange Ram Charitable   LT Bk Fac          CARE A-        346     Reaffirmed
Trust
Legitimate Assets Operators Pvt. Ltd. NCD                CARE A+        2722.5* Reaffirmed
* the above rating is based on the credit enhancement in the form of Escrow agreement entered
between Future Retail Ltd. (FRL), Legitimate Assets Operators Pvt. Ltd. (LAOPL) and LAOPL’s
debenture trustee wherein FRL has given an unconditional undertaking that it shall continue to
make payment of monthly lease rentals (as per Master Lease Agreement, MLA) and annual management
fees (as per Master Fees Agreement, MFA) to LAOPL until the NCD issue of LAOPL is repaid in full
irrespective of usage of the assets leased by LAOPL to FRL. The rating also factors in the
unconditional and irrevocable undertaking extended by Mr. Kishore Biyani, Mr. Rakesh Biyani and
Mr. Vijay Biyani assuring the performance by FRL of its obligations under the MLA, MFA and
Escrow Agreement.
Lokmangal Agro Industries Ltd         LT Bk Fac          CARE BB        1100    -
Issuer not cooperating
Lokmangal Sugar Ethanol And           LT Bk Fac          CARE D         1747.1  -
Co-Generation Industries Ltd
Issuer not cooperating
M.B. Ispat Corporation Ltd            LT Bk Fac          CARE B+        112.5   Revised from
                                                                                CARE B+
M/S Kala Chand Bose                   LT Bk Fac          CARE B+        66      Assigned
Macro Group Pvt Ltd                   LT Bk Fac          CARE D         165     Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Madhav Solar (Karnataka) Pvt Ltd      LT Bk Facility     CARE A-        612.8   Reaffirmed
Manav Sevarth Trust                   LT Bk Fac          CARE A-        250     Reaffirmed
Mantena Infra Llp                     LT Bk Fac          CARE BBB+      300     -
Issuer not cooperating
Master Construction Company           LT Bk Fac          CARE BB-       70      Assigned
Mense Electricals Pvt Ltd             LT Bk Fac          CARE BB        85      Reaffirmed
Milano Bathroom Fittings Pvt Ltd      Fund Based - LT Bk CARE BBB+      100     Reaffirmed
                                      Fac – CC
Mitra Infratech Pvt. Ltd.             LT Bk Facility     CARE A-        958.2   Revised from
                                                                                CARE BBB+
Mittal Infrastructure Pvt Ltd         LT Bk Fac          CARE B+        60      Reaffirmed
Modison Copper Pvt. Ltd.              LT Bk Fac – TL     -              -       Withdrawn
Modison Copper Pvt. Ltd.              LT Bk Fac          CARE BBB+      24      Revised from
                                                                                CARE BBB
Modison Metals Ltd                    LT Bk Fac          CARE A         450     Reaffirmed
Molagavalli Renewable Pvt Ltd         Proposed LT        Prov.CARE A+   3130    Reaffirmed
                                      Instrument – NCDs
                                      (Issuance III) @
@ backed by credit enhancement in the form of: a. Proposed Unconditional and irrevocable
promoter guarantee by Renew Power Ventures Private Limited (RPVPL, rated CARE A+; Stable/CARE
A1+) for 30% of outstanding principal amount and available throughout the tenure of the NCDs and
structured payment mechanism. b. Proposed Unconditional and irrevocable co-obligor guarantee to
the NCDs issued by each of the other Issuers (Narmada Wind Energy Private Limited and Renew Wind
Energy (Rajasthan One) Private Limited) within the Restricted Group. Further all associates
shall unconditionally and irrevocably guarantee their respective Issuers.
Momai Foods Pvt Ltd                   Long- term Bk Fac  CARE D         86.4    Reaffirmed
Removed from issuer not cooperating ,(reduced from 9.86 Crore)
Murli Krishna Pharma Pvt Ltd          LT Bk Fac          CARE D         21      Revised from
                                                                                CARE B+
Muthoot Fincorp Ltd                   LT Bk Fac          CARE A-        30000   Reaffirmed
Mynores India Pvt Ltd                 LT Bk Fac          CARE A-        194.2   Reaffirmed
Mynores India Pvt Ltd                 LT/ Shortterm Bk   CARE A-/A2     30      Reaffirmed
                                      Facilit
Narmada Wind Energy Pvt Ltd           Proposed LT        Prov.CARE A+   5640    Reaffirmed
                                      Instrument – NCDs
                                      (Issuance II) @
@ backed by credit enhancement in the form of: a. Proposed Unconditional and irrevocable
promoter guarantee by Renew Power Ventures Private Limited (RPVPL, rated CARE A+; Stable/CARE
A1+) for 30% of outstanding principal amount and available throughout the tenure of the NCDs and
structured payment mechanism. b. Proposed Unconditional and irrevocable co-obligor guarantee to
the NCDs issued by each of the other Issuers (Narmada Wind Energy Private Limited and Renew Wind
Energy (Rajasthan One) Private Limited) within the Restricted Group. Further all associates
shall unconditionally and irrevocably guarantee their respective Issuers.
Netafim Agricultural Financing Agency LT Bk Fac          CARE A-        3682.6  Reaffirmed
Pvt. Ltd.
New Manasa Mata Foods                 LT Bk Fac          CARE B+        71.6    Assigned
Ocean Healthcare Pvt Ltd              LT Bk Fac          CARE B         131     Revised from
                                                                                CARE BB
ISSUER NOT COOPERATING
Omkar Cotton Industries               LT Bk Fac          -              -       Withdrawn
Ongc Petro-Additions Ltd              Compulsory -       CARE AAA @     4920    Assigned
                                      Convertible
                                      Debenture issue
@ The above rating(s) is based on the credit enhancement in the form of irrevocable &
unconditional undertaking from Oil and Gas Corporation Ltd for (a) fun
P.K. Thakur And Company Pvt Ltd       LT Bk Fac          CARE B+        30.1    -
Issuer not cooperating
Pannalal Mahesh Chandra Jewellers     LT/ST Bk Fac       CARE BB /CARE  173.5   Revised from
                                                         A4                     CARE BB-
Paramount Impex Pvt Ltd               LT Bk Fac          CARE B+        17.6    -
ISSUER NOT COOPERATING
Pate Future Constructions Llp         LT Bk Fac          CARE D         450     Revised from
                                                                                CARE BB
Patel Knr Heavy Infrastructure Ltd    LT Bk Fac -        CARE AA        1124.3  Revised from
                                      External                                  CARE AAA
                                      Commercial Borrowing (ECB)
Patel Knr Heavy Infrastructure Ltd    LT Instruments -   CARE AA        3442    Revised from
                                      NCD (NCD                                  CARE AAA
Patel Knr Infrastructure Ltd          NCD                CARE AA+       2752.8  Revised from
                                                                                CARE AAA*
*The rating assigned to the NCDs of PKIL were put under credit watch with developing
implications on account of the proposed sale of the entire equity stake
Platinum Trust January 2014 -         Series A PTC       CARE AAA       -       Reaffirmed
Cholamandalam Investment And Finance
Company Ltd
Pnp Maritime Services Pvt Ltd         LT Bk Fac ^        CARE AA        1293.5  Reaffirmed
^backed by an unconditional and irrevocable guarantee from Shapoorji Pallonji and Company
Private Limited (SPCPL, rated ‘CARE AA+ Stable/ CARE A1+’) for maintaining revolving Debt
service reserve account (DSRA) for an amount payable towards scheduled one quarter interest and
one quarter principal for immediately succeeding quarter during the tenure of the facility
Pnp Maritime Services Pvt Ltd         LT Bk Fac          CARE BBB+      727.3   Reaffirmed
Polakulath Narayanan Renai Medicity   LT Bk Fac          CARE BBB-      130.6   Reaffirmed
Prabhat Elastomers Pvt Ltd            LT/ST Bk Fac       CARE BB /CARE  230     Reaffirmed
                                                         A4
Issuer not cooperating
Priyanka Communications (India) Pvt   LT Bk Fac (FB)     CARE BBB       1200    -
Limite
ISSUER NOT COOPERATING
Protech Feed Pvt Ltd                  LT Bk Fac          CARE B         109.5   Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Protima Alu Company                   LT Bk Fac          CARE B+        60      Assigned
Pruthvi Aditya Infratech Pvt Ltd      LT Bk Fac          -              -       Withdrawn
R. G. Buildwell Engineers Ltd         LT Bk Fac          CARE BBB       380     Reaffirmed
R. G. Buildwell Engineers Ltd         LT/ST Bk Fac       CARE BBB/A3+   1570    Revised from
                                                                                CARE BBB /
                                                                                CARE A3
R. K. Marble Pvt Ltd                  LT Bk Fac          CARE A+        1550    Reaffirmed
R. K. Marble Pvt Ltd                  LT / ST Bk Fac     CARE A+/A1+    1210    Reaffirmed
R.B.S Candiaparcar Engineers And      LT Bk Facility     CARE BB+       160     Reaffirmed
Contractors
Radhe Enterprise                      LT Bk Fac          -              -       Withdrawn
Rallifan Ltd                          LT Bk Fac          CARE B+        60      Revised from
                                                                                CARE BB-
Ranjan Fabrics Pvt Ltd                LT Bk Fac          CARE BB        100     Reaffirmed
Ras Bearings Pvt Ltd                  LT Bk Fac#         CARE BBB       104.7   Reaffirmed
# backed by credit enhancement in the form of letter of comfort extended by TBL (rated: CARE
BBB+; Positive/CARE A2) for ensuring debt servicing
Ras Bearings Pvt Ltd                  LT Bk Fac#         CARE BBB-      41.6    Reaffirmed
# backed by credit enhancement in the form of letter of comfort extended by TBL (rated: CARE
BBB+; Positive/CARE A2) for ensuring debt servicing
Ras Bearings Pvt Ltd                  Long/ST Bk Fac #   CARE BBB/A3+   2.5     Reaffirmed
# backed by credit enhancement in the form of letter of comfort extended by TBL (rated: CARE
BBB+; Positive/CARE A2) for ensuring debt servicing
Recorn Foods Pvt Ltd                  LT Bk Fac          CARE B+        220     Assigned
Renew Wind Energy (Rajasthan One) Pvt LT Instrument –    Prov.CARE A+   5740    Reaffirmed
Ltd                                   NCD (Issuance I) @
@ backed by credit enhancement in the form of: a. Proposed Unconditional and irrevocable
promoter guarantee by Renew Power Ventures Private Limited (RPVPL, rated CARE A+; Stable/CARE
A1+) for 30% of outstanding principal amount and available throughout the tenure of the NCDs and
structured payment mechanism. b. Proposed Unconditional and irrevocable co-obligor guarantee to
the NCDs issued by each of the other Issuers (Narmada Wind Energy Private Limited and Renew Wind
Energy (Rajasthan One) Private Limited) within the Restricted Group. Further all associates
shall unconditionally and irrevocably guarantee their respective Issuers
Ring Plus Aqua Ltd                    LT Bk Fac – TL     -              -       Withdrawn*
*Term loans have been entirely repaid by the company and hence rating has been withdrawn
Ring Plus Aqua Ltd                    LT Bk Fac – Fund   CARE A+        920.3   Reaffirmed
                                      based
Rmg Developers Pvt Ltd                LT instruments-    CARE BB        500     Reaffirmed
                                      NonConvertible
                                      Debentures
Rrb Energy Ltd                        LT Bk Fac –Fund    CARE D         950     Revised from
                                      based                                     CARE C
Rrb Energy Ltd                        LT/ ST Bk Fac –    CARE D/CARE D  400     Revised from
                                      Non-fund based                            CARE C / CARE
                                                                                A4
S S Group Pvt Ltd                     LT Bk Facility     CARE BB+       270     Reaffirmed
S. M Musthafa                         LT Bk Fac          CARE B         220     -
ISSUER NOT COOPERATING
S. N. Rice Mills                      LT Bk Facility     CARE BB        135     Reaffirmed
Sai Balaji Constructions              LT Bk Facility     CARE B+        40      Assigned
Sajjala Woven Sacks Pvt Ltd           LT Bk Facility     CARE D         71.7    Revised from
                                                                                CARE C
Removed from Non-Cooperation
Saktthi Footwear                      LT Bk Fac/ST Bk FacCARE BB-/A4    90      -
ISSUER NOT COOPERATING
Samhi Hotels (Ahmedabad) Pvt Ltd      LT Bk Fac          CARE BBB-      2792.4  Reaffirmed
Sand Dune Constructions Pvt Ltd       LT Bk Fac          CARE BB-       250     -
Issuer not cooperating
Sanghi Brothers (Indore) Pvt Ltd      LT Bk Fac          CARE BB+       820     Reaffirmed
Sankhya Financial Services Pvt Ltd    Subordinated Debt  CARE A-        800     Assigned
Sansar Trust December 2016 V - ShriramSeries A PTC       CARE AA        -       Reaffirmed
Transport Finance Co. Ltd
Sansar Trust March 2016 Ii - Shriram  Series A PTC       CARE AA        -       Reaffirmed
Transport Finance Co. Ltd
Satya Sai Exims                       LT Bk Fac          CARE BB-       60.3    -
ISSUER NOT COOPERATING
Satyamev Eminence                     LT Bk Fac          CARE BB        150     Assigned
Scofiled Sbl Ifmr Capital 2017 - VisagSeries A2 PTC      CARE BB+       -       Reaffirmed
Holdings & Finance Pvt Limite
Scofiled Sbl Ifmr Capital 2017 - VisagSeries A1 PTC      CARE BBB+      -       Reaffirmed
Holdings & Finance Pvt Limite
Shaarc Projects Ltd                   LT Bk Facility     CARE BB+       10      -
ISSUER NOT COOPERATING
Shaarc Projects Ltd                   LT/ST Bk Fac       CARE BB+/A4+   25      -
ISSUER NOT COOPERATING
Shiv Real Ispat Pvt Ltd               LT Bk Fac          CARE BB+       60      Revised from
                                                                                CARE BB
Shree Pandurang Sahakari Sakhar       LT Bk Fac          CARE BB        2684.8  -
Karkhana Ltd
Issuer not cooperating
Shri Ganga Four Wheels Pvt Ltd        LT BkFac           CARE B-        105     Assigned
Shri Gurugorakhnath Rice Mills        LT Bk Fac          CARE B+        200     Reaffirmed
Shri Krishnashray (India) Pvt Ltd     LT Bk Facility     CARE D         128     Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Shrijee Lifestyle Pvt Ltd             LT - Fund based    CARE BBB+      297.8   Reaffirmed
                                      (TL)
Shrijee Lifestyle Pvt Ltd             LT - FB Fac        CARE BBB+      150     Reaffirmed
Shriram City Union Finance            Series A2 PTC      CARE AA-       6.4     Reaffirmed
Shriram City Union Finance            Series A1 PTC      CARE AAA       120.5   Reaffirmed
Shriram Transport Finance Co. Ltd     Series A PTC       CARE AA        -       Reaffirmed
Shrishaila Electricals India Pvt Ltd  LT Bk Facility     CARE B+        30      Revised from
                                                                                CARE B
(Enhanced from 1.50 Crore)
Smbt Sevabhavi Trust                  LT Bk Fac          CARE B         1404.6  Revised from
                                                                                CARE BB
ISSUER NOT COOPERATING
Sobhagia Clothing Company             LT BkFac           CARE BBB-      298.2   Reaffirmed
(reduced from Rs. 30 cr. Crore)
Sohn Steel Pvt Ltd                    LT Bk Facility     CARE BB-       140     Assigned
Sohn Steel Pvt Ltd                    LT/ST Bk Fac       CARE BB-/A4    70      Assigned
Sri Venkata Vamsi Krishna Traders     LT Bk Fac          -              -       Withdrawn
Stt Global Data Centres India Pvt Ltd LT Bk Fac          CARE AA        16000   Reaffirmed
Stt Global Data Centres India Pvt Ltd Proposed LT Bk Fac CARE AA        30000   Reaffirmed
Sudarshan Beopar Co. Ltd              LT Bk Fac          CARE BB+       160     Assigned
Sunrise Electromelt Ltd               LT Bk Fac          CARE BB        250     Reaffirmed
Surani Paper Pvt Ltd                  LT Bk Fac          CARE B         36.2    -
Issuer not cooperating
Surani Paper Pvt Ltd                  LT/ ST Bk Fac      CARE B /CARE A472.5    -
Issuer not cooperating
Sushee Ivrcl Arunachalhighways Ltd    LT Bk Fac          CARE BB        2340    Revised from
                                                                                CARE BBB-
Sushee Ivrcl Arunachalhighways Ltd    LT/ST Bk Fac       CARE BB/A4     743     Revised from
                                                                                CARE BBB-/A3
Sushma Buildtech Ltd                  LT Bk Fac          CARE BB+       1125.7  -
ISSUER NOT COOPERATING
Talwar Mobiles Pvt Ltd                LT Bk Fac          CARE BB        250     Revised from
                                                                                CARE BB
Taquito Lease Operators Pvt. Ltd.     LT Bk Fac@         CARE A-        2747.4  Reaffirmed
@ The above rating is based on credit enhancement in the form of Tripartite agreement between
Future Retail Ltd. (FRL, rated CARE AA-; table/ CARE A1+), Taquito Lease Operators Pvt. Ltd.
(TLO) and TLO’s lender wherein FRL has given an unconditional undertaking that it shall continue
to make payment of monthly lease rentals to TLO until the term loan of TLO is repaid in full
irrespective of usage of the assets leased by TLO to FRL. The rating also factors in the
personal guarantee provided by Mr. Kishore Biyani and Mr. Vijay Biyani.
Technovinyl Polymers India Ltd        LT Bk Fac          CARE BBB+      140     Reaffirmed
Texspin Bearings Ltd                  LT Bk Fac          CARE BBB+      1380.6  Reaffirmed
Three M Paper Manufacturing Company   LT Bk FacTL        CARE BB+       135     Reaffirmed
Ltd
Three M Paper Manufacturing Company   LT Bk FacFund basedCARE BB+       220     Reaffirmed
Ltd
Three M Paper Manufacturing Company   Proposed LT Bk     CARE BB+       25      Reaffirmed
Ltd                                   Fac-Fund based
Tractors India Pvt Ltd                LT Bk Fac          CARE A-        4480    Revised from
                                                                                CARE A-
Tractors India Pvt Ltd                Long/ST Bk Fac     CARE A-/A2     5000    Revised from
                                                                                CARE A-/A2
Um Green Lighting Pvt Ltd             LT Bk Fac          CARE D         160     Revised from
                                                                                CARE BB
Um Green Lighting Pvt Ltd             LT/ Short Tem Bk   CARE D/D       105     Revised from
                                      Facility                                  CARE BB/A4
Umang Realtech Pvt Ltd                LT Bk Fac^         CARE BB+       1000    Revised from
                                                                                CARE BBB-
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee from Uppal Housing Private Limited (UHPL) rated CARE A4+; ISSUER
NOT COOPERATING.
Union Roller Flour Mills Pvt Ltd      LT Bk Fac          CARE BB        119.3   Assigned
Unique Green Energy Technologies Pvt LLT Bk Fac          -              -       Withdrawn
United Petro Finance Ltd              LT Bk Facility     CARE BBB       2500    Reaffirmed
U-Phase Infraprojects Pvt Ltd         LT Bk Fac          CARE A-        609.9*  Revised from
                                                                                CARE BBB+
* The above ratings are based on the credit enhancement in the form of Tripartite agreement
between Future Retail Ltd. (FRL), U-Phase Infraprojects Pvt Ltd
Us Technology International Pvt Ltd   LT Bk Fac          CARE BBB+      220     Reaffirmed
Us Technology Resources Pvt Ltd       LT Bk Fac          CARE BBB+      400     Reaffirmed
Ust Global Information Technology ParkLT Bk Fac          CARE BBB+      1300@   Reaffirmed
Pvt Ltd
@backed by unconditional and irrevocable corporate guarantee provided by US Technology
International Private Limited (USTIPL; rated CARE BBB+; Stable / CARE A3+)
Ust Global Technology Services (India)LT Bk Fac          CARE BBB+      350     Reaffirmed
Pvt Ltd
Venus Pipes And Tubes Pvt Ltd         LT Bk Fac          CARE BB-       153.1   Revised from
                                                                                CARE B+
Vippy Spinpro Ltd                     LT Bk Fac          CARE BBB+      3.2     Reaffirmed
Vippy Spinpro Ltd                     LT/ ST Bk Fac      CARE BBB+/A2   190     Reaffirmed
Vrundavan Ginning Industries          LT Bk Fac          CARE BB-       60.8    Assigned
Whitefields Apparel                   Long -term Bk Fac  CARE B         92      Revised from
                                                                                CARE BB
ISSUER NOT COOPERATING
Yogendra International                LT Bk Fac          CARE BB-       26.4    Assigned
York Transport Equipment (India) Pvt  LT Bk Fac          CARE BBB+      700     -
Placed on credit watch with developing implications

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