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CARE ratings for Indian debt instruments-Aug 24

    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                                                                            withdrawn
Hindusthan Ispat Pvt Ltd             ST Bk Fac         -             -      Withdrawn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                                                                            Withdrawn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)
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