Aug 24 - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of August 21, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------- ---------- ------ ------- ---------
SHORT TERM RATINGS:
-------------------
Aaren Intpro ST Bk Fac CARE A4; 50
(Issuer not cooperating; based on best available information)
Coastal Gujarat Power Ltd CP CARE A1+(CE) 5000 Reaffirmed
(Credit
Enhancement)
&the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Tata Power Company Limited (TPCL, rated CARE AA; Stable). CARE has also
obtained legal opinion from Sterling Associates on the validity of the transaction and
structure.
Dev Constructions ST Bk Fac - - Reaffirmed at
CARE A4 and
withdrawn
Hindusthan Ispat Pvt Ltd ST Bk Fac - - Withdrawn
Pluto Ceramic ST Bk Fac CARE D; 12.5
(Issuer not cooperating; based on best available information)
Satyadeeptha Pharmaceuticals Ltd ST Bk Fac - - Reaffirmed at
CARE A3 and
Withdrawn
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 Infra Debt Fund Ltd CP CARE A1+ 5000 Reaffirmed
L&T Infrastructure Finance Co. Ltd CP CARE A1+ 110000 Reaffirmed
Metal Products ST BkFac CARE A4; 13.5 Revised from
CARE A4
(Issuer not cooperating; on the basis of best available information)
Radhakishan Short -Term Bk FacCARE A4; 450 Revised from
CARE A4+
(Issuer not cooperating; on the basis of best available information)
Shri Balaji Oil Mills ST Bk Fac CARE A4; 30
(Issuer not cooperating; based on best available information)
Surjeet Auto Agency ST Bk Fac CARE A4; 10
(Issuer not cooperating; based on best available information)
Surjeet Auto Pvt Ltd ST Bk Fac CARE A4; 7.5
(Issuer not cooperating; based on best available information)
Tata Power Solar Systems Ltd CP@ CARE A1+(CE) 4000 @ Reaffirmed
(Credit
Enhancement)
@the above ratings are based on credit enhancement in the form of unconditional, irrevocable,
enforceable and continuing corporate guarantee from Tata Power Company Limited (TPCL, rated CARE
AA; Stable). CARE has also obtained legal opinion from Sterling Associates on the validity of
the transaction document and structure.
Tata Power Solar Systems Ltd CP@ CARE A1+(CE) 2000 @ Reaffirmed
(Credit
Enhancement)
@the above ratings are based on credit enhancement in the form of unconditional, irrevocable,
enforceable and continuing corporate guarantee from Tata Power Company Limited (TPCL, rated CARE
AA; Stable). CARE has also obtained legal opinion from Sterling Associates on the validity of
the transaction document and structure.
A.M. Distributors ST Bk Fac CARE D; 3.5
(Issuer not cooperating; based on best available information)
LONG TERM RATINGS:
-------------------
A.M. Distributors LT Bk Fac CARE D; 51.4
(Issuer not cooperating; based on best available information)
Aaren Intpro LT Bk Fac CARE C; 30 Revised from
Stable; CARE B+;
Stable
(Issuer not cooperating; on the basis of best available information)
Bajpe Zakariya Long -term BkFac CARE B-; 58.5 Revised from
Stable; CARE B+;
Stable
(Issuer not cooperating; on the basis of best available information)
Biosynergy Lifecare Pvt Ltd LT Bk Fac CARE B+; Stabl194.1 Assigned
Biosynergy Lifecare Pvt Ltd LT/ST BkFac CARE B+; 44 Assigned
Stable/CARE A4
Coastal Gujarat Power Ltd NCDs CARE AA (CE) 11100& Reaffirmed
(Credit
Enhancement)
&the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Tata Power Company Limited (TPCL, rated CARE AA; Stable). CARE has also
obtained legal opinion from Sterling Associates on the validity of the transaction and
structure.
Coastal Gujarat Power Ltd LT Bk Fac CARE AA (CE) 2000& Reaffirmed
(Credit
Enhancement)
&the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Tata Power Company Limited (TPCL, rated CARE AA; Stable). CARE has also
obtained legal opinion from Sterling Associates on the validity of the transaction and
structure.
Coastal Gujarat Power Ltd NCDs CARE AA 27000& Reaffirmed
(CE);(Credit
Enhancement)
&the above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Tata Power Company Limited (TPCL, rated CARE AA; Stable). CARE has also
obtained legal opinion from Sterling Associates on the validity of the transaction and
structure.
Dev Constructions LT Bk Fac - - Revised to
CARE B+;
Stable from CARE
BB-; Stable and
Withdrawn
Devanshi Powers Ltd LT Bk Fac CARE D; 160
(Issuer not cooperating; based on best available information)
Dollex Agrotech Pvt Ltd LT Bk Fac CARE B+; 321 Assigned
Stable
G.Sivaiah And G. Padmaja Long -term Bk Fac CARE B; 60 Revised from
Stable; CARE BB-;
Stable
(Issuer not cooperating; on the basis of best available information)
Ghaziabad Aligarh Expressway Pvt Ltd LT Bk Fac CARE D 8368.3 Reaffirmed
with
revocation of Issuer
not Cooperating
(Reduced from 1,097.96 Crore)
Hindusthan Ispat Pvt Ltd LT Bk Fac - - Withdrawn
India Land Infrastructure DevelopmentLT Bk Fac -- 0 Withdrawn
Pvt Ltd
Kamal Autotech Pvt Ltd LT BkFac CARE BB+; 65 Reaffirmed
Stable
Karan Rice Mills LT Bk Fac CARE B-; 99 -
Stable;
(Issuer not cooperating; based on best available information)
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 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-Convertible
Debentures 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-Convertible
Debentures and/or
UnsecuredSubordinated
RedeemableNCDs
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 NCDs CARE AAA; 72000 Reaffirmed
Stable
L&T Housing Finance Ltd Subordinated Debt CARE AAA; 3000 Reaffirmed
issue Stable
L&T Housing Finance Ltd Principal CARE PP-MLD 5000 Reaffirmed
Protected Market AAA; Stable
Linked Debenture
L&T Infra Debt Fund Ltd NCDs CARE AAA; 50000 Reaffirmed
Stable
L&T Infra Debt Fund Ltd Principal CARE PP-MLD 10000 Reaffirmed
ProtectedMarket AAA; Stable
LinkedDebentures
L&T Infrastructure Finance Co. Ltd Perpetual Debt CARE AA+; 4000 Reaffirmed
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
Lucky Minerals LT/ STBk Fac CARE B; 17.5 Revised from
Stable/CARE A4; CARE B+;
Stable/ CAREA4
(Issuer not cooperating; on the basis of best available information)
Lucky Minerals LT Bk Fac CARE B; 120 Revised from
Stable; CARE B+;
Stable
(Issuer not cooperating; on the basis of best available information)
Mahavir Cashew Industries LT Bk Fac CARE B+; 200 Revised from
Stable, CARE BB-;
Stable
(Issuer not cooperating; on the basis of best available information)
Mak Hospitals Pvt Ltd Long -term Bk Fac CARE B-; 120 Revised from
Stable; CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Mas Rural Housing And Mortgage FinancProposed NCD (NCD)CARE A; Stable250 Assigned
Ltd Issue
Metal Products LT BkFac CARE B; 25 Revised from
Stable; CARE B+;
Stable
(Issuer not cooperating; on the basis of best available information)
Nagesh Enterprises LT Bk Fac CARE B+; 247.6 Revised from
Stable; CARE BB-;
Stable
(Issuer not cooperating; on the basis of best available information)
Om Satya Overseas LT Bk Fac CARE B; 50.4 Revised from
Stable; CARE B+;
Stable
(Issuer not cooperating; on the basis of best available information)
Oswal Industries Ltd LT BkFac CARE BBB-; 159.2 Revised from
Stable CARE BB+;
Stable
(Issuer not cooperating; based on best available information)(reduced from 40.75)
Oswal Industries Ltd LT/ST BkFac CARE BBB-; 1070 Revised from
Stable /CARE A3 CARE
BB+;Stable /CARE A4+
(Removed from Issuer not cooperating) (enhanced from 82.00)
Pluto Ceramic LT Bk Fac CARE D; 43
(Issuer not cooperating; based on best available information)
Radhakishan LT/ST BkFac CARE BB-; 125 Revised from
Stable/CARE A4; CARE BB+;
Stable/CARE A4+
(Issuer not cooperating; on the basis of best available information)
Radhakishan LT Bk Fac CARE BB-; 70 Revised from
Stable; CARE BB+;
Stable
(Issuer not cooperating; on the basis of best available information)
Rakesh Fuel Pvt Ltd LT BkFac CARE B+; 125 Revised From
Stable; CARE BB-;
Stable
(Issuer not cooperating; on the basis of best available information)
Sagar Pulses Pvt Ltd LT BkFac CARE B+; 341.5 Revised from
Stable CARE BB-;
Stable
(Issuer not cooperating; on the basis of best available information)
Satyadeeptha Pharmaceuticals Ltd LT Bk Fac - - Reaffirmed at
CARE BBB;
Stable and Withdrawn
Shri Balaji Oil Mills LT Bk Fac CARE B-; 63 Revised from
Stable; CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Shri Ganga Bishan Cotton Mills LT Bk Fac CARE B-; 60 Revised from
Stable; CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Silver Estate Resort LT BkFac CARE B; 47.7 Revised from
Stable; CARE B+;
Stable
(Issuer not cooperating; on the basis of best available information)
Sona Overseas LT BkFac CARE B; 99 Revised from
Stable; CARE BB-;
Stable
(Issuer not cooperating; on the basis of best available information)
Sri Bhavani Wire Industries LT Bk Fac CARE B+; 50 Revised from
Stable; CARE BB-;
Stable
(Issuer not cooperating; on the basis of best available information)
Surjeet Auto Agency LT / ST Bk Fac CARE B /CARE 82.5
A4;
(Issuer not cooperating; based on best available information)
Surjeet Auto Pvt Ltd LT / ST Bk Fac CARE B+ /CARE 112.5 Revised from
A4; CARE BB /
CARE A4
(Issuer not cooperating; on the basis of best available information)
Swagattam Plastics LT/Shortterm BkFacCARE B/CARE 45 Revised
A4; fromCARE B+/
CARE A4
(Issuer not cooperating; on the basis of best available information)
Swagattam Plastics LT BkFac CARE B; 20.5 Revised
fromCARE B+
(Issuer not cooperating; on the basis of best available information)
Tamil Nadu Transmission Corporation Bond Issue - - Withdrawn
Ltd
Vaibhavlaxmi Clean Energy Llp FB – LT Bk Fac CARE D; 420.7 Revised from
CARE B-;
Stable
(Issuer not cooperating; on the basis of best available information)
Vidhya Peeth Education Trust LT Bk Fac CARE B+; 158.9 Revised from
Stable; CARE BB-;
Stable
(Issuer not cooperating; on the basis of best available information)
--------------------------------------------------------------------------------------------
$: 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)