Oct 9 - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of October 8, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------- ---------- ------ ------- ---------
SHORT TERM RATINGS:
-------------------
Aym Syntex Ltd ST Bk Fac (Fund CARE A2+ 790 Revised from
Based) CARE A1
( enhanced from 65.00 Crore)
Aym Syntex Ltd ST Bk Fac (Non CARE A2+ 2510 Revised from
Fund Based) CARE A1
(enhanced from 210.00 Crore)
Alpha Marine ST Bk Fac - 0 Withdrawn
Baba Super Minerals Pvt Ltd ST Bk Fac CARE A4 78 Assigned
Bvg India Ltd ST Bk Fac - - Reaffirmed at
CARE A3+ and
Withdrawn
Dhariwal Infrastructure Ltd ST Bk Fac CARE A3 750 Reaffirmed
Ecap Equities Ltd ST CARE PP-MLD A1+2000 Re-affirmed
PrincipalProtected
Market Linked Debenture
Ecl Finance Ltd CP (IPO Financing) CARE A1+ 50000 Reaffirmed
Ecl Finance Ltd CP CARE A1+ 50000 Reaffirmed
Edelweiss Asset Reconstruction CompanyCP CARE A1+ 3000 Re-affirmed
Edelweiss Custodial Services Ltd ST Bk Fac CARE A1+ 15000 Reaffirmed
Edelweiss Finance And Investment Ltd CP CARE A1+ 10000 Reaffirmed
Edelweiss Finance And Investment Ltd CP (IPO Financing) CARE A1+ 25000 Reaffirmed
Edelweiss Financial Services Ltd CP CARE A1+ 10000 Reaffirmed
Edelweiss Housing Finance Ltd CP CARE A1+ 10000 Reaffirmed
Edelweiss Retail Finance Ltd CP CARE A1+ 5000 Reaffirmed
Edelweiss Rural And Corporate ServicesST Bk Fac-Non Fund CARE A1+ 1800 Reaffirmed
Ltd Based@
@The said instrument has been transferred from Edelweiss Agri Value Chain Limited to Edelweiss
Rural & Corporate Services Limited (Erstwhile Edelweiss Commodities Services Limited) as per the
scheme of amalgamation.
Edelweiss Rural And Corporate ServicesCP CARE A1+ 85000 Reaffirmed
Ltd
Edelweiss Rural And Corporate ServicesCP (IPO Financing) CARE A1+ 60000 Reaffirmed
Ltd
Edelweiss Securities Ltd CP CARE A1+(A One 10000 Reaffirmed
Plus)
Gencor Pacific Auto Engineering Pvt LtST Bk Fac CARE A4 6.9 Reaffirmed
(ILC/FLC and BG)
Hindalco Industries Ltd ST Bk Fac TL - - Withdrawn*
(reduced from 1,000.00 Crore)/*withdrawn as the company does not plan to raise the proposed
short term loan
Hindalco Industries Ltd CP (CP) issue CARE A1+ 10000 Reaffirmed
(Standalone)
Housing Development Finance CorporatioCP Issue CARE A1+ 750000 Reaffirmed
Ltd
Housing Development Finance CorporatioST Bk Fac CARE A1+ 498229.5Reaffirmed
Ltd
Indostar Capital Finance Ltd CP CARE A1+ 20000 Reaffirmed
Indostar Home Finance Pvt Ltd CP CARE A1+ 2000 Reaffirmed
Jamipol Ltd ST Bk Fac CARE A1+ 10 Reaffirmed
Kaze Energy Ltd ST Fund based - - -
BkFac - Working
Capital Demand loan
Placed on credit watch with developing implications and withdrawn
Kalyani Steels Ltd ST Bk Fac CARE A1+ 5000 Reaffirmed
Kalyani Steels Ltd CP - Proposed CARE A1+ 750 Reaffirmed
Kreedai Exim ST Bk Fac - - Reaffirmed at
CARE A4
and Withdrawn
Ksh International Pvt Ltd ST Bk Fac CARE A2 90 Reaffirmed
L&T Finance Holdings Ltd CP CARE A1+ 25000 Reaffirmed
L&T Finance Ltd CP CARE A1+ 185000 Reaffirmed
L&T Housing Finance Ltd CP CARE A1+ 50000 Reaffirmed
L&T Infrastructure Finance Co. Ltd CP CARE A1+ 110000 Reaffirmed
L&T Infrastructure Finance Co. Ltd CP CARE A1+ 110000 Reaffirmed
Liberty Shoes Ltd ST Bk Fac CARE A2 635 Revised from
CARE A2+
(Enhanced from 47.64 Crore)
Madhusudan Agrawal ST Bk Fac CARE A4; 60 rating
putunder INC
(Issuer Not Cooperating)
Maithan Alloys Ltd ST BkFac CARE A1+ 4350 Reaffirmed
Merge Stones ST Bk Fac CARE A4; 40
(Issuer Not Cooperating)
Nacl Industries Ltd Short- term Bk Fac CARE A2 720 Reaffirmed
(Enhanced from 58.00 Crore)
Ostro Madhya Wind Pvt Ltd LT Bk Fac – - 0 Withdrawn^
^CARE has withdrawn the rating assigned to the cash credit facility of all the 7 SPVs in the
co-borrower structure with immediate effect, as the company has repaid the aforementioned
facility in full and there is no amount outstanding as on date.
Prem Industries ST BkFac CARE A3 19 Reaffirmed
Reliance Jio Infocomm Ltd CP CARE A1+ 350000 -
Sian Infra And Realcon Llp ST Bk Fac CARE A4 340 Reaffirmed
and removed
from INC
Sunshine Tiles Company Pvt Ltd ST Bk Fac CARE A2 407.2 Reaffirmed
(Reduced from 51.52 Crore)
Talbros Engineering Ltd ST Bk Fac CARE A2 628 Reaffirmed
(enhanced from 57.80 Crore)
Tata Teleservices Ltd. ST Bk Fac-BG CARE A1+ 765 Reaffirmed
(reduced from 102.00 Crore)
Tata Teleservices Ltd. CP CARE A1+ 85000 Reaffirmed
MEDIUM TERM RATINGS:
-------------------
L&T Housing Finance Ltd Medium Term CARE AAA (FD); 1000 Reaffirmed
Instrument- Fixed Stable
Deposit
LONG TERM RATINGS:
-------------------
Aarish Solar Power Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)/*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs promoted by
greenko group
Aashman Energy Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)/*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs promoted by
greenko group
Akshar Cotton Industries LT Bk Fac CARE D 100 Reaffirmed
Alland & Sayaji Llp LT Bk Fac CARE BBB- 18.6 Reaffirmed
(CE); Stable
(Reduced from 3.19 Crore)
Alland & Sayaji Llp LT / ST BkFac CARE BBB- 30 Reaffirmed
(CE);
Stable/CARE A3 (CE)
Alliance One Industries India Pvt Ltd LT / Shortterm Bk CARE BBB-; 710 Reaffirmed
Fac Stable /CARE A3
Alpha Marine LT/ST Bk Fac - 0 Withdrawn
Alpha Marine LT Bk Fac - 0 Withdrawn
Antech Construction Company LT Bk Fac CARE BB-; 170 Assigned
Stable
Antech Construction Company LT / ST Bk Fac CARE BB-; 150 Assigned
Stable /CARE A4
Aryamaan Developers Pvt Ltd LT Bk Fac CARE BB+; 1587 Reaffirmed,
Positive and removed
from INC
outlook revised from stable to Positive/(Reduced from 159.90 Crore)
Avp Powerinfra Pvt Ltd LT BkFac – - 0 Withdrawn^
CashCredit
^CARE has withdrawn the rating assigned to the cash credit facility of all the 7 SPVs in the
co-borrower structure with immediate effect, as the company has repaid the aforementioned
facility in full and there is no amount outstanding as on date.
Avp Powerinfra Pvt Ltd LT BkFac – CARE A- (CE) 1275.7 -
TermLoan@
Rating continues to be under credit watch with negative implications /(reduced from 133.49
Crore) /@ Structured payment mechanism in the form of waterfall payment mechanism as per which
in case of shortfall in funds in any TRA Account the co-borrowers shall infuse funds from other
TRA accounts to fund the shortfall in the relevant TRA account as per the terms of the relevant
TRA agreement.
Aym Syntex Ltd LT Bk Fac (TL) CARE A-; Stable1817.6 Revised from
CARE A;Stable
(reduced from 207.20 Crore)
B & A Ltd LT Bk Fac - 0 Withdrawn
B & A Ltd LT Bk Fac CARE BBB; 560 Revised from
Stable CARE BBB+;
Stable
(Reduced from 56.08 Crore)
Baba Super Minerals Pvt Ltd LT Bk Fac CARE BB-; 192.5 Reaffirmed
Stable and removed
from INC
(Reduced from 19.58 Crore)
Baba Super Minerals Pvt Ltd LT / ST Bk Fac CARE BB-; 250 Reaffirmed
Stable /CARE A4 and removed
from INC
(Enhanced from 9.25 Crore)
Badoni Power Pvt Ltd LT BkFac – - 0 Withdrawn^
CashCredit
^CARE has withdrawn the rating assigned to the cash credit facility of all the 7 SPVs in the
co-borrower structure with immediate effect, as the company has repaid the aforementioned
facility in full and there is no amount outstanding as on date.
Badoni Power Pvt Ltd LT BkFac – CARE A- (CE) 1368.1 -
TermLoan@
Rating continues to be under credit watch with negative implications /(Reduced from 143.30
Crore)/@ Structured payment mechanism in the form of waterfall payment mechanism as per which in
case of shortfall in funds in any TRA Account the co-borrowers shall infuse funds from other TRA
accounts to fund the shortfall in the relevant TRA account as per the terms of the relevant TRA
agreement
Badoni Power Pvt Ltd LT BkFac – CARE A+ (CE); 297.4 Reaffirmed
TermLoan* Stable
(Reduced from 31.01 Crore)/* Rating backed by unconditional and irrevocable corporate guarantee
from Renew Power Private Limited (RPPL, rated CARE A+; Stable/CARE A1+) available for the full
tenure of the facility.
Brace Iron & Steel Pvt Ltd LT Bk Fac CARE A-; 5500.2 Revised from
CARE A; Stable
put on credit watch with negative implications /(reduced from 626.11 Crore)
Bvg India Ltd LT Bk Fac - - Reaffirmed at
CARE
BBB+;Positive
and Withdrawn
Bvg India Ltd LT / ST BkFac - - Reaffirmed at
CARE
BBB+;Positive /
CARE A3+ and
Withdrawn
Chaman Lal Setia Exports Ltd LT/ ST BkFac - - Reaffirmed at
CARE A-;
Stable/CARE A2
+ and Withdrawn
Darbhanga Motihari Transmission Co. LtNCD issue CARE AAA; 7424
Continues to be on credit watch /(Reduced from 770.00 Crore)
Dhariwal Infrastructure Ltd LT Bk Fac CARE BBB; 29763 Reaffirmed
Stable
(Reduced from 3,321.00 Crore)
Dhunseri Tea & Industries Ltd LT Bk Fac CARE A+; Stable90 Assigned
Dhunseri Tea & Industries Ltd LT Bk Fac CARE A+; Stable1066.9 Reaffirmed
Divyesh Power Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)/The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs promoted by
greenko group
Ecap Equities Ltd Principal CARE PP-MLD 8000 Revised
Protected Market A+; Stable fromCARE
Linked Debenture PP-MLD AA-;
Negative
Ecl Finance Ltd Retail Bonds - - Withdrawn
Ecl Finance Ltd LT Bk Fac CARE A+; 126866.6Revised from
Stable CARE AA-;
Negative
Ecl Finance Ltd NCDs CARE A+; 4468.3 Revised from
Stable CARE AA-;
Negative
(reduced from 1,711 Crore)
Ecl Finance Ltd Subordinate Debt CARE A+; 9500 Revised from
Stable CARE AA-;
Negative
(reduced from 1400 Crore)
Ecl Finance Ltd Principal CARE A+; 2019.8 Revised from
protected Stable CARE PP-MLD
Marketlinked Debenture AA-; Negative
(reduced from 203.28 Crore)
Ecl Finance Ltd NCDs (Public Issue)CARE A+; 10000 Revised from
Stable CARE AA-;
Negative
Ecl Finance Ltd NCDs CARE A+; 10000 Revised from
Stable CARE AA-;
Negative
Ecl Finance Ltd NCDs CARE A+; 11040 Revised from
Stable CARE AA-;
Negative
Ecl Finance Ltd Principal CARE PP-MLD 3000 Revised from
protected A+; Stable CARE PP-MLD
Marketlinked Debenture AA-; Negative
Edelweiss Asset Reconstruction CompanyLT Bk Fac CARE A (CE); 1282.5 Revised from
Stable # CARE A+ (CE);
Negative #
#The above ratings are backed by a letter of comfort issued by Edelweiss Financial Services Ltd.
(EFSL)
Edelweiss Asset Reconstruction CompanyNCDs CARE A+ (CE); 902.5 Revised from
Stable * CARE AA-
(CE); Negative *
*The above rating is backed by an unconditional and irrevocable corporate guarantee issued by
Edelweiss Financial Services Ltd. (EFSL)
Edelweiss Asset Reconstruction CompanyPrincipal CARE PP-MLD A+ 5000 Revised from
Protected Market (CE); Stable * CARE PP-MLD
Linked Debentures (PP-MLD) AA- (CE);
Negative *
*The above rating is backed by an unconditional and irrevocable corporate guarantee issued by
Edelweiss Financial Services Ltd. (EFSL)
Edelweiss Asset Reconstruction CompanyPrincipal CARE PP-MLD 5825 Revised from
Protected Market A+(CE); Stable CARE PP-MLD
Linked Debentures AA- (CE);
Negative *
(reduced from 595.50 crore Crore)/*The above rating is backed by an unconditional and
irrevocable corporate guarantee issued by Edelweiss Financial Services
Ltd. (EFSL)
Edelweiss Asset Reconstruction CompanyLT Bk Fac Prov CARE A 2200 Revised from
(CE); Stable # Prov CARE A+
(CE); Negative #
#The above ratings are backed by a letter of comfort issued by Edelweiss Financial Services Ltd.
(EFSL)
Edelweiss Asset Reconstruction CompanyNCDs Prov CARE A 3700 Revised from
(CE); Stable# Prov CARE A+
(CE); Negative #
#The above ratings are backed by a letter of comfort issued by Edelweiss Financial Services Ltd.
(EFSL)
Edelweiss Asset Reconstruction CompanyNCDs - - Withdrawn
Edelweiss Finance And Investment Ltd NCD (Public issue) CARE A+; Stable5000 Revised from
CARE AA-;
Negative
Edelweiss Finance And Investment Ltd NCD CARE A+; Stable7000 Revised from
CARE AA-;
Negative
Edelweiss Finance And Investment Ltd Principal CARE PP-MLD 5000 Revised from
Protected Market A+; Stable CARE PP-MLD
Linked Debentures AA-; Negative
Edelweiss Finvest Pvt Ltd Principal CARE PP-MLD 691.1 Revised from
Protected Market A+; Stable CARE PP-MLD
Linked Debentures AA-; Negative
(reduced from 87.52 Crore)
Edelweiss Finvest Pvt Ltd Principal CARE PP-MLD 5000 Revised from
Protected Market A+; Stable CARE PP-MLD
Linked Debentures AA-; Negative
Edelweiss Housing Finance Ltd NCD* - - Withdrawn
*The above rating was backed by an unconditional and irrevocable corporate guarantee issued by
Edelweiss Financial Services Ltd. (EFSL) rated CARE A1+
Edelweiss Housing Finance Ltd Bk Fac CARE A+; 16750 Revised from
Stable CARE AA-;
Negative
Edelweiss Housing Finance Ltd Retail NCD CARE A+; 4431 Revised from
Stable CARE AA-;
Negative
(reduced from 500 Crore)
Edelweiss Housing Finance Ltd Subordinate Debt CARE A+; 3000 Revised from
Stable CARE AA-;
Negative
Edelweiss Housing Finance Ltd NCD CARE A+; 6650 Revised from
Stable CARE AA-;
Negative
Edelweiss Retail Finance Ltd NCDs CARE A+; 2250 Revised from
Stable CARE AA-;
Negative
Edelweiss Retail Finance Ltd Subordinate Debt CARE A+; 3000 Revised from
Stable CARE AA-;
Negative
Edelweiss Rural And Corporate ServicesLT Bk Fac-Fund CARE A+; Stable4200 Revised
Ltd Based@ fromCARE AA-;
Negative
@The said instrument has been transferred from Edelweiss Agri Value Chain Limited to Edelweiss
Rural & Corporate Services Limited (Erstwhile Edelweiss Commodities Services Limited) as per the
scheme of amalgamation.
Edelweiss Rural And Corporate ServicesST/LT/FB CARE A+; Stable4000 Revised
Ltd Fac/Non-FundBased fromCARE AA-;
Fac@ Negative/ CARE
A1+
@The said instrument has been transferred from Edelweiss Agri Value Chain Limited to Edelweiss
Rural & Corporate Services Limited (Erstwhile Edelweiss Commodities Services Limited) as per the
scheme of amalgamation.
Edelweiss Rural And Corporate ServicesNCD CARE A+; Stable1375 Revised from
Ltd CARE AA-;
Negative
Edelweiss Rural And Corporate ServicesProposed NCDs@ ProvCARE A+ 1700 Revised
Ltd (CE); Stable fromProv CARE
AA-(CE);
Negative ^
@The said instrument has been transferred from Edelweiss Agri Value Chain Limited to Edelweiss
Rural & Corporate Services Limited (Erstwhile Edelweiss Commodities Services Limited) as per the
scheme of amalgamation.
Elena Renewable Energy Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
*The above rating is based on credit enhancement in the form of financial support arrangement
for debt servicing among the 10 solar power SPVs promoted by greenko group
Gencor Pacific Auto Engineering Pvt ST Bk Fac (PC)* - 0 Withdrawn
Ltd
* PC facility to the tune of Rs.3.00 crore has been surrendered as per the revised sanction
terms dated September 25, 2020
Gencor Pacific Auto Engineering Pvt LT Bk Fac CARE B-; 120.3 Reaffirmed
Ltd Stable
(Enhanced from 9.56 Crore)
Goswami Infratech Pvt Ltd NCDs (NCDs) CARE A+ (CE) 6000 Revised from
Tranche I^ CARE AA (CE);
Stable
rating put under credit watch
Goswami Infratech Pvt Ltd NCDs (NCDs) CARE A+ (CE) 1819 Revised from
Tranche II CARE AA (CE);
Stable
rating put under credit watch
Goswami Infratech Pvt Ltd NCDs (NCDs) CARE A+ (CE) 2000 Revised from
Tranche III CARE AA (CE);
(Series IIA) Stable
rating put under credit watch
Goswami Infratech Pvt Ltd NCDs (NCDs) CARE A+ (CE) 1750 Revised from
Tranche III CARE AA (CE);
(Series IIB) Stable
rating put under credit watch
Goswami Infratech Pvt Ltd NCDs (NCDs) CARE A+ (CE) 3200 Revised from
Tranche IV (Series CARE AA (CE);
A) Stable
rating put under credit watch
Goswami Infratech Pvt Ltd NCDs (NCDs) CARE A+ (CE) 5050 Revised from
Tranche IV (Series CARE AA (CE);
B) Stable
rating put under credit watch
Gr Phagwara Expressway Ltd LT Bk Fac CARE AA; 5400 Revised from
Positive CARE A+;
Positive
Gspl India Gasnet Ltd LT BkFac CARE A-; 44740 Reaffirmed
Stable
Hindalco Industries Ltd LT Bk Fac – Fund CARE AA+; 122455 Reaffirmed
Based Negative
(enhanced from 1,642.50 Crore)
Hindalco Industries Ltd LT Bk Fac – TL CARE AA+; 97047.3 Reaffirmed
Negative
(enhanced from 9680.12 Crore)
Hindalco Industries Ltd NCD issue CARE AA+; 60000 Reaffirmed
Negative
Hindalco Industries Ltd LT/ST Bk Fac – Non CARE AA+; 144660 Reaffirmed
Fund Based Negative /CARE
A1+
(enhanced from 11,593.50 Crore)
Hindustan Construction Co. Ltd LT Bk Fac-TL CARE D 5849.3 Reaffirmed
Hindustan Construction Co. Ltd LT Bk Fac-CC CARE D 11016.5 Reaffirmed
Hindustan Construction Co. Ltd LT/ST Bk Fac – Non CARE D 63673.7 Reaffirmed
Fund based
Hindustan Construction Co. Ltd Non – Convertible CARE D 184.8 Reaffirmed
Debenture
Hindustan Construction Co. Ltd Non – Convertible CARE D 689.3 Reaffirmed
Debenture
Hi-Tech Systems & Services Ltd LT BkFac CARE A-; 776.7
Stable
Removed from Credit watch
Hi-Tech Systems & Services Ltd LT/ Shortterm Bk CARE A-; 525
Fac Stable/CARE A2+
Removed from Credit watch
Housing Development Finance CorporatioIssuer rating CARE AAA (Is); - Reaffirmed
Ltd Stable
Housing Development Finance CorporatioLT Bk Fac CARE AAA; 229975.8Reaffirmed
Ltd Stable
Idfc First Bank Ltd LT debt instrumentsCARE AA; Stable58326.8 Revised from
CARE AA+;
Negative
(Reduced from 10,226.78 Crore)
Indostar Capital Finance Ltd LT debt programme CARE AA-; 99000 Reaffirmed
Stable
Indostar Capital Finance Ltd Market-linked CARE PP-MLD 1000 Reaffirmed
Debentures AA-; Stable
Jamipol Ltd LT / ST Bk Fac CARE AA-; 200 Reaffirmed
Positive /CARE
A1+
Jc Biotech Pvt Ltd LT Bk Fac* - 0 Withdrawn
*CARE has withdrawn the outstanding ratings of ‘CARE A-(CE); Outlook: Stable’ assigned to one of
the bank facility (Term Loan facility) of JC Biotech Private Limited based on ‘No Dues
Certificate’ received from the lender.
Jc Biotech Pvt Ltd LT Bk Fac@ CARE A- (CE); 72.5 Reaffirmed
@ Backed by Letter of Comfort provided by Advanced Enzyme Technologies Limited
Stable
(reduced from 8.05 Crore)
Jindal Films India Ltd LT / ST BkFac @ CARE A (CE); 250 Reaffirmed
Stable/CARE A1
(CE)
@Jindal Poly Films Limited (JPFL, rated CARE A+; Positive/ CARE A1+), the promoter company of
JFIL, has provided Letter of Comfort (LoC) towards the facilities of JFIL
Jindal Poly Films Ltd LT Bk Fac CARE A+; 1545.2 Reaffirmed
Positive
outlook revised from stable/(Reduced from 186.73 Crore)
Jindal Poly Films Ltd LT / ST BkFac CARE A+; 1590 Reaffirmed
Positive /CARE
A1+
outlook revised from stable/(Enhanced from 139.00 Crore)
Joyville Shapoorji Housing Pvt Ltd Bk Fac CARE BBB; 3750 Reaffirmed
Negative
Joyville Shapoorji Housing Pvt Ltd NCD (Series B)^ CARE BBB+ 6082.5 Revised from
CARE A+
continues to be on credit watch /(Enhanced from 549.45 Crore)
^ Series A subscribed by sponsor and Series B subscribed by investors
Sponsor: Shapoorji Pallonji and Company Private Limited (SPCPL rated CARE A-/A2+; under Credit
Watch with Negative Implications, revised on September 29, 2020),
Investors: Actis Place Holdings No.2 (Singapore) Private Limited [Acquired from Standard
Chartered Real Estate Investment (Singapore) III Private Limited], International Finance
Corporation (IFC), Asian Development Bank (ADB)
Joyville Shapoorji Housing Pvt Ltd NCD (Series A)^ CARE BBB+ 2606.8 Revised from
CARE A+
continues to be on credit watch /(Enhanced from 235.48 Crore)
continues to be on credit watch /(Enhanced from 549.45 Crore)
^ Series A subscribed by sponsor and Series B subscribed by investors
Sponsor: Shapoorji Pallonji and Company Private Limited (SPCPL rated CARE A-/A2+; under Credit
Watch with Negative Implications, revised on September 29, 2020),
Investors: Actis Place Holdings No.2 (Singapore) Private Limited [Acquired from Standard
Chartered Real Estate Investment (Singapore) III Private Limited], International Finance
Corporation (IFC), Asian Development Bank (ADB)
Joyville Shapoorji Housing Pvt Ltd Proposed NCD@ ProvCARE BBB+ 993.2 Revised from
Prov CARE A+
continues to be on credit watch /(Reduced from 124.52 Crore)
Joyville Shapoorji Housing Pvt Ltd Proposed NCD@ ProvCARE BBB+ 2317.5 Revised from
Prov CARE A+
continues to be on credit watch /(Reduced from 290.55 Crore)
@The rating is ‘provisional’ and will be confirmed once the company submits the following
documents to the satisfaction
of CARE
1) Executed version of agreements/documents such as Debenture Trust Deed,
2) Information Memorandum, Debenture Subscription Agreement etc.
K.V.Developers LT Bk Fac CARE BB-; 136.7 Reaffirmed
Stable
(Reduced from 18.00 Crore)
Kalyani Steels Ltd LT Bk Fac - 0 Withdrawn
Kalyani Steels Ltd LT Bk Fac CARE AA; 1500 Reaffirmed
Stable
Kalyani Steels Ltd LT / ST Bk Fac CARE AA; 419.9 Reaffirmed
Stable /CARE
A1+
(enhanced from Rs.33.00 crs Crore)
Kaze Energy Ltd LT Fund based Bk - - -
Fac – TL
Placed on credit watch with developing implications and withdrawn
Ksh International Pvt Ltd LT Bk Fac CARE A-; Stable158.2 Reaffirmed
(Reduced from 35.97 Crore)
Ksh International Pvt Ltd LT /STBk Fac CARE A-; 800 Reaffirmed
Stable /CARE A2
L&T Finance Holdings Ltd PS CARE AAA(RPS); 28360 Reaffirmed
Stable
L&T Finance Holdings Ltd NCDs CARE AAA; 10000 Reaffirmed
Stable
L&T Finance Ltd Perpetual Debt CARE AA+; 5000 Reaffirmed
Stable
L&T Finance Ltd LT Fac CARE AAA; 260000 Reaffirmed
Stable
L&T Finance Ltd NCDs CARE AAA; 155000 Reaffirmed
Stable
L&T Finance Ltd NCDs (Public Issue)CARE AAA; 6000 Reaffirmed
Stable
L&T Finance Ltd Public Issue of CARE AAA; 50000 Reaffirmed
SecuredRedeemable Stable
Non-ConvertibleDebentures and/or UnsecuredSubordinated
RedeemableNCDs
L&T Finance Ltd Subordinate Debt CARE AAA; 13000 Reaffirmed
Stable
L&T Finance Ltd Public Issue of CARE AAA; 50000 Reaffirmed
SecuredRedeemable Stable
Non-ConvertibleDebentures and/or UnsecuredSubordinated
Redeemable NCDs
L&T Finance Ltd Market linked CARE PP-MLD 15000 Reaffirmed
Debenture AAA; Stable
L&T Housing Finance Ltd Perpetual Debt CARE AA+; 1000 Reaffirmed
issue Stable
L&T Housing Finance Ltd LT Bk Fac CARE AAA; 70000 Reaffirmed
Stable
L&T Housing Finance Ltd Subordinated Debt CARE AAA; 3000 Reaffirmed
issue Stable
L&T Housing Finance Ltd NCDs CARE AAA; 72000 Reaffirmed
Stable
L&T Housing Finance Ltd Principal CARE PP-MLD 5000 Reaffirmed
Protected Market AAA; Stable[
Linked Debenture
L&T Infrastructure Finance Co. Ltd Perpetual Debt CARE AA+; 4000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Perpetual Debt CARE AA+; 4000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Bk Fac- Fund CARE AAA; 98000 Reaffirmed
based- LT- TL Stable
L&T Infrastructure Finance Co. Ltd NCDs CARE AAA; 95000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Public Issue of CARE AAA; 50000 Reaffirmed
Secured Stable
RedeemableNCDs and/orUnsecured Subordinated Redeemable
NCDs
L&T Infrastructure Finance Co. Ltd Infrastructure CARE AAA; 18000 Reaffirmed
Bonds Stable
L&T Infrastructure Finance Co. Ltd Sub. Bonds CARE AAA; 15000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Sub. Bonds CARE AAA; 2000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Sub. Bonds CARE AAA; 24000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Bk Fac- Fund CARE AAA; 98000 Reaffirmed
based- LT- TL Stable
L&T Infrastructure Finance Co. Ltd NCDs CARE AAA; 95000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Public Issue of CARE AAA; 50000 Reaffirmed
Secured Stable
RedeemableNCDs and/orUnsecured Subordinated RedeemableNCDs
L&T Infrastructure Finance Co. Ltd Infrastructure CARE AAA; 18000 Reaffirmed
Bonds Stable
L&T Infrastructure Finance Co. Ltd Sub. Bonds CARE AAA; 15000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Sub. Bonds CARE AAA; 2000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Sub. Bonds CARE AAA; 24000 Reaffirmed
Stable
L&T Infrastructure Finance Co. Ltd Principal CARE PP-MLD 5000 Reaffirmed
Protected Market AAA; Stable
Linked Debenture
L&T Infrastructure Finance Co. Ltd Principal CARE PP-MLD 5000 Reaffirmed
Protected Market AAA; Stable
Linked Debenture
Liberty Shoes Ltd LT Bk Fac CARE BBB+; 65 Assigned
Stable
Liberty Shoes Ltd LT Bk Fac CARE BBB+; 1654 Revised from
Stable CARE A-;
Negative
outlook revised from negative /(Enhanced from 135.00 Crore)
Madhusudan Agrawal LT Bk Fac CARE B; 50 Revised from
Stable; CARE BB-;
Stable and
rating put under
INC
(Issuer Not Cooperating)
Maithan Alloys Ltd LT BkFac CARE AA; 900 Reaffirmed
Stable
Maithan Alloys Ltd LT/ShortTerm Bk CARE AA; 150 Reaffirmed
Fac Stable/CARE A1+
Mangalore Chemicals And Fertilizers LtLT BkFac CARE BBB; 5355 Reaffirmed
Stable
(enhanced from 267.08 Crore)
Mangalore Chemicals And Fertilizers LtLT/ ST Bk Fac CARE BBB; 18995 Reaffirmed
Stable/CARE A3
(reduced from 2167.92 Crore)
Merge Stones LT Bk Fac CARE B-; Stable230 Revised from
CARE B; Stable
(Issuer Not Cooperating)
Nacl Industries Ltd LT Bk Fac CARE A-; Stable2185.6 Reaffirmed
outlook revised from negative /(Reduced from 328.21 Crore)
Nacl Industries Ltd Long- term Bk Fac CARE A-; 830 Assigned
Stable
Nandi Economic Corridor Enterprises LtLT Fac CARE BBB+; 12034.7 Reaffirmed
Stable
(reduced from 1225.77 Crore)
Narmada Concast Pvt Ltd Long term / CARE D /CARE D 40 rating
Shortterm Bk Fac putunder INC
(Issuer Not Cooperating)
Narmada Concast Pvt Ltd LT BkFac CARE D; 207.9 rating
putunder INC
(Issuer Not Cooperating)
Nb Commercial Enterprises Ltd LT / ST BkFac CARE BBB- 250 Reaffirmed
(CE);
Stable/CARE A3 (CE)
Ostro Anantapur Pvt Ltd LT Bk Fac – CC 0 Withdrawn^
^CARE has withdrawn the rating assigned to the cash credit facility of all the 7 SPVs in the
co-borrower structure with immediate effect, as the company has repaid the aforementioned
facility in full and there is no amount outstanding as on date.
Ostro Anantapur Pvt Ltd LT Bk Fac – TL@ CARE A- (CE) 5223.9 -
Continues to be on credit watch with negative implications /(Reduced from 549.58 Crore)/@
Structured payment mechanism in the form of waterfall payment mechanism as per which in case of
shortfall in funds in any TRA Account the co-borrowers shall infuse funds from other TRA
accounts to fund the shortfall in the relevant TRA account as per the terms of the relevant TRA
agreement
Ostro Anantapur Pvt Ltd LT Bk Fac – TL* CARE A+ (CE); 1199 Reaffirmed
Stable
(Reduced from 125.40 Crore)/* Rating backed by unconditional and irrevocable corporate guarantee
from Renew Power Private Limited (RPPL, rated CARE A+; Stable/CARE A1+) available for the full
tenure of the facility.
Ostro Jaisalmer Pvt Ltd LT Bk Fac – TL@ CARE A- (CE) 2563 -
Continues to be on credit watch with negative implications /(Reduced from 269.88 Crore)/@
Structured payment mechanism in the form of waterfall payment mechanism as per which in case of
shortfall in funds in any TRA Account the co-borrowers shall infuse funds from other TRA
accounts to fund the shortfall in the relevant TRA account as per the terms of the relevant TRA
agreement
Ostro Jaisalmer Pvt Ltd LT Bk Fac – TL* CARE A+ (CE); 448.8 Reaffirmed
Stable
(Reduced from 46.94 Crore)/* Rating backed by unconditional and irrevocable corporate guarantee
from Renew Power Private Limited (RPPL, rated CARE A+; Stable/CARE A1+) available for the full
tenure of the facility.
Ostro Jaisalmer Pvt Ltd LT Bk Fac – CC 4701.5 Withdrawn^
^CARE has withdrawn the rating assigned to the cash credit facility of all the 7 SPVs in the
co-borrower structure with immediate effect, as the company has repaid the aforementioned
facility in full and there is no amount outstanding as on date.
Ostro Madhya Wind Pvt Ltd LT Bk Fac – - 4701.5 -
Term Loan@
Rating continues to be under credit watch with negative implications/@ Structured payment
mechanism in the form of waterfall payment mechanism as per which in case of shortfall in funds
in any TRA Account the co-borrowers shall infuse funds from other TRA accounts to fund the
shortfall in the relevant TRA account as per the terms of the relevant TRA agreement
Ostro Urja Wind Pvt Ltd LT BkFac – 0 Withdrawn^
CashCredit
^CARE has withdrawn the rating assigned to the cash credit facility of all the 7 SPVs in the
co-borrower structure with immediate effect, as the company has repaid the aforementioned
facility in full and there is no amount outstanding as on date.
Ostro Urja Wind Pvt Ltd LT BkFac – CARE A- (CE) 3477.8 -
TermLoan@
Continues to be on credit watch with negative implications /(Reduced from 364.55 Crore)/@
Structured payment mechanism in the form of waterfall payment mechanism as per which in case of
shortfall in funds in any TRA Account the co-borrowers shall infuse funds from other TRA
accounts to fund the shortfall in the relevant TRA account as per the terms of the relevant TRA
agreement
Ostro Urja Wind Pvt Ltd LT BkFac – CARE A+ (CE); 864.7 Reaffirmed
TermLoan* Stable
(Reduced from 90.43 Crore)/* Rating backed by unconditional and irrevocable corporate guarantee
from Renew Power Private Limited (RPPL, rated CARE A+; Stable/CARE A1+) available for the full
tenure of the facility.
Parsuram Arawali Highways Pvt Ltd LT Bk Fac – TL CARE BBB; 3200 Revised from
Negative CARE BBB+;
Stable
Parsuram Arawali Highways Pvt Ltd LT Bk Fac– Non CARE BBB; 335 Revised from
Fund based – Negative CARE BBB+;
BkGuarantees Stable
Prathamesh Solarfarms Ltd LT Bk Fac – - 0 Withdrawn
Cash Credit
^CARE has withdrawn the rating assigned to the cash credit facility of all the 7 SPVs in the
co-borrower structure with immediate effect, as the company has repaid the aforementioned
facility in full and there is no amount outstanding as on date.
Prathamesh Solarfarms Ltd LT Bk Fac – CARE A- (CE) 2683.9 -
Term Loan@
Continues to be on credit watch with negative implications/@ Structured payment mechanism in the
form of waterfall payment mechanism as per which in case of shortfall in funds in any
TRA Account the co-borrowers shall infuse funds from other TRA accounts to fund the shortfall in
the relevant TRA account as per the terms of the relevant TRA agreement
Prathamesh Solarfarms Ltd LT Bk Fac – CARE A+ (CE); 577.5 Reaffirmed
Term
Loan*
* Rating backed by unconditional and irrevocable corporate guarantee from Renew Power Private
Limited (RPPL, rated CARE A+; Stable/CARE A1+) available for the full tenure of the facility.
Pratyash Renewable Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)/*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs promoted by
greenko group
Pravara Renewable Energy Ltd LT Bk Fac CARE D; 1860.8 -
(Issuer Not Cooperating)
Prem Industries LT BkFac CARE BBB-; 170 Reaffirmed
Negative
(Enhanced from Rs.12.00 crore Crore)
Pundrikaksh Granites Pvt Ltd LT Bk Fac CARE B; Stable 105 Revised from
CARE B+;
Stable
(Reduced from 12.13 Crore)
Pundrikaksh Granites Pvt Ltd LT / ST Bk Fac CARE B; Stable 90 Revised from
/CARE A4 CARE B+;
Stable / CARE A4
(Reduced from 12.00 Crore)
Quest Properties India Ltd LT Bk Fac CARE A-; 30 Assigned
Negative
Quest Properties India Ltd LT Bk Fac CARE A-; 1437.5 Reaffirmed
Negative
outlook revised from stable / (Reduced from 145.45 Crore)
Rbl Bank Ltd. Tier II Bonds CARE AA-; 8000 Reaffirmed
(Basel III) Stable
Reliance Jio Infocomm Ltd LT Bk Fac CARE AAA; 500000 Reaffirmed
Stable
Renew Mega Solar Power Pvt Ltd LT BkFac CARE BBB+; 441.8 Reaffirmed
Stable
outlook revised from negative /(reduced from 252.88 Crore)
Renew Saur Shakti Pvt Ltd LT Bk Fac CARE BBB+; 2277.8 Reaffirmed
Stable
outlook revised from negative /(Reduced from 485.95 Crore)
Ritnand Balved International EducationLT Bk Fac CARE A-(CE)*; 1230 Assigned
Foundation Stable
*backed by credit enhancement in the form of shortfall undertaking provided by Ritnand Balved
Education Foundation (RBEF, CARE A+; Stable/ CARE A1+)
Ritnand Balved International EducationLT/STBk Fac CARE A-(CE)*; 50 Assigned
Foundation Stable/CARE A1
(CE)*
*backed by credit enhancement in the form of shortfall undertaking provided by Ritnand Balved
Education Foundation (RBEF, CARE A+; Stable/ CARE A1+)
S P Infra LT Bk Fac CARE BB-; 339.6 Revised from
Stable CARE B+;
Stable and
removed from INC
(Issuer Not Cooperating)/(Enhanced from 9.38 Crore)
Sadbhav Nainital Highway Pvt Ltd LT Bk Fac CARE BBB+ (CE) 3150 Revised from
CARE A-
(CE);Stable
rating put under Credit watch with Negative Implications
Satyam Mineral LT Bk Fac - - Reaffirmed at
CARE B+;
Stable and
withdrawn
Sayaji Seeds Llp LT / ST BkFac CARE BBB- 90 Reaffirmed
(CE);
Stable/CARE A3 (CE)
Sei Baskara Power Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)/*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the
10 solar power SPVs promoted by greenko group
Sei Enerstar Renewable Energy Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)/*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs promoted by
greenko group
Sei Mihir Energy Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)/*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs promoted by
greenko group
Shreyas Renewable Energy Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)*The above rating is based on credit enhancement in the form of
financial support arrangement for debt servicing among the 10 solar power SPVs promoted by
greenko group
Sian Infra And Realcon Llp LT Bk Fac CARE BB; Stable60 Revised from
CARE B;
Stable; and
removed from INC
(Issuer Not Cooperating)
Sunshine Tiles Company Pvt Ltd LT Bk Fac CARE BBB+; 1710.3 Reaffirmed
Stable
(Reduced from 171.67 Crore)
Super Diamond Enterprises LT Bk Fac CARE BB; 1300 Revised from
Stable; CARE BB+;
Stable and
rating put under
INC
(Issuer Not Cooperating)
Talbros Engineering Ltd LT Bk Fac CARE BBB+; 55.9 Reaffirmed
Negative
Outlook revised from Stable to Negative /(reduced from 11.72 Crore)
Tata Teleservices Ltd. LT Bk Fac CARE A+; Stable24575 Reaffirmed
(reduced from 2,792.50 Crore)
Tata Teleservices Ltd. LT/ST Bk Fac CARE A+; 13605 Reaffirmed
Stable
(enhanced from 1000.00 Crore)
Tommy Hilfiger Arvind Fashion Pvt Ltd LT Bk Fac - - Withdrawn
Zuvan Energy Pvt Ltd NCDs* CARE AA (CE); 2655 Revised
Stable fromCARE AA-
(CE); Stable
(reduced from 270.00 Crore)
--------------------------------------------------------------------------------------------
$: 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)