Jul 8 - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of July 7, 2020.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------- ---------- ------ ------- ---------
SHORT TERM RATINGS:
-------------------
Akshar Spintex Ltd ST Bk Fac CARE A4 13.5 Revised from
CARE A4+
Fullerton India Home Finance Co. Ltd CP (CP) Issue CARE A1+ 5000 Reaffirmed
Hfcl Ltd ST Bk Fac CARE A2 20675.8Revised from
CARE A2+
Housing And Urban Development CP CARE A1+ 100000 Reaffirmed
Corporation Ltd
Captronic Systems Pvt Ltd ST Bk Fac CARE D 95 Reaffirmed
Htl Ltd Fund Based - ST – CARE A2 (CE) 400 Revised from
Bk Overdraft (Credit CARE A2+
Enhancement)
Htl Ltd Non Fund Based - CARE A2 (CE) 500 Revised from
ST- LC/BG (Credit CARE A2+
Enhancement)
Icici Home Finance Co. Ltd CP CARE A1+ 40000 Reaffirmed
Iol Chemicals And Pharmaceuticals LtdST BkFac CARE A1 2100 Revised from
CARE A2+
Jindal Stainless Steelway Ltd ST Bk Fac CARE A3+ 900 Reaffirmed
Kailashdarshan Tiles Llp ST Bk Fac CARE A4 12.1 Reaffirmed
Kbk Chem-Engineering Pvt Ltd ST BkFac CARE A4 70 Revised from
CARE A4
(Issuer not cooperating)
Orient Electric Ltd ST Bk Fac CARE A1+ 1033 Reaffirmed
Permali Wallace Pvt Ltd ST Bk Fac CARE A4 142.5 Reaffirmed
Purple Products Pvt Ltd ST Bk Fac – Fund CARE A3 830 Assigned
Based and NFBL
Radico Khaitan Ltd ST Bk Fac CARE A1+ 600 Reaffirmed
Radico Khaitan Ltd CP Issue^ CARE A1+ 1000 Reaffirmed
^ Carved out of working capital limits of the company
Rajasthan Rajya Vidyut Utpadan Nigam ST BkFac @ CARE A3+ (CE) 1850 Assigned
(Credit
Enhancement)
@ The rating for said facilities is based on credit enhancement in the form of irrevocable,
continuing and without any condition guarantee by Government of Rajasthan (GoR) for its timely
debt servicing along with irrevocable and unconditional default escrow cover in favour of the
lenders for recoveries from revenue collection account of the Rajasthan Rajya Vidyut Utpadan
Nigam Limited duly confirmed by the banker with whom revenue collection account is maintained.
Rccpl Pvt Ltd ST Bk Fac CARE A1+ 2000 Reaffirmed
Reliance Industries Ltd CP CARE A1+ 345000 Reaffirmed
Satin Creditcare Network Ltd CP Issue CARE A1 2000 Reaffirmed
Shyam Century Ferrous Ltd ST BkFac CARE A3+ 220 Reaffirmed
Splenora Textures Llp ST Bk Fac CARE A4 15 Reaffirmed
Sundaram Home Finance Ltd ST Bk Fac CARE A1+ 350 Reaffirmed
Suzuki Motor Gujarat Pvt Ltd ST BkFac CARE A1+ 500 Reaffirmed
Tata Consumer Products Ltd CP (CP) CARE A1+ 7150 Reaffirmed
Note- Total borrowing under CP and fund based facilities from banks to remain within an overall
limit of Rs. 715 crore out of which Tata Consumer Products Limited has a sanctioned fund based
working capital limit of Rs.400 crore
Tata Teleservices (Maharashtra) Ltd ST Bk Fac –Non CARE A1+ 2540 Reaffirmed
Fund Based- BG/LC
(enhanced from Rs.209 crore Crore)
Tata Teleservices (Maharashtra) Ltd CP issue CARE A1+ 75000 Reaffirmed
Trf Ltd ST BkFac CARE A2 100 Reaffirmed
Vadilal Industries Ltd ST BkFac CARE A3 167.2 Revised from
CARE A3+ &
Removed from Credit
watch with negative
implications
Vadilal Industries Ltd ST BkFac CARE A3 167.2 Revised from
CARE A3+ &
Removed from Credit
watch with negative
implications
Vaibhu Infra Tech India Pvt Ltd ST Bk Fac CARE A4; 30 -
(Issuer not cooperating; based on best available information)
Yuken India Ltd ST Bk Fac CARE A3 70 Revised from
CARE A3+
LONG TERM RATINGS:
-------------------
Aadhar Housing Finance Ltd NCD - - Withdrawn
Aadhar Housing Finance Ltd NCD - - Withdrawn
Aadhar Housing Finance Ltd LT Bk Fac CARE AA; 80882.4Reaffirmed
Stable
Aadhar Housing Finance Ltd NCD CARE AA; 10000 Reaffirmed
Stable
Aadhar Housing Finance Ltd NCD (Public issue)CARE AA; 6764 Reaffirmed
Stable
Aadhar Housing Finance Ltd NCD CARE AA; 13230 Reaffirmed
Stable
(reduced from Rs. 1400 crore Crore)
Aadhar Housing Finance Ltd NCD CARE AA; 5000 Reaffirmed
Stable
Aadhar Housing Finance Ltd Subordinate Debt CARE AA-; 1500 Reaffirmed
Stable
Ajmer Vidyut Vitran Nigam Ltd LT Bond Issue CARE BBB+ 3097.6 Reaffirmed
(CE); Negative
(Credit Enhancement)
Akshar Spintex Ltd LT Bk Fac CARE BB; 244.5 Revised from
Stable CARE BB+
Ambit Finvest Pvt Ltd Principal - - Withdrawn
ProtectedMarket
LinkedDebenture*^
(Reduced from Rs.50.00 crore Crore),^The rating is provisional and will be confirmed upon
receipt of executed guarantee documents to the satisfaction of CARE ,*based on the credit
enhancement by way of an unconditional and irrevocable corporate guarantee proposed to be
provided by parent company, Ambit Private Limited (APL)
Ambit Finvest Pvt Ltd LTBk Fac*# CARE A+(CE); 250 Final Rating
Stable (Credit
Enhancement)
*based on the credit enhancement by way of an unconditional and irrevocable corporate guarantee
proposed to be provided by parent company, Ambit Private Limited (APL) # Final rating assigned
upon receipt of executed guarantee documents
Ambit Finvest Pvt Ltd LTBk Fac * CARE A+(CE); 4767.5 Reaffirmed
Stable (Credit
Enhancement)
(Reduced from Rs.561.75 crore Crore)*based on the credit enhancement by way of an unconditional
and irrevocable corporate guarantee proposed to be provided by parent company, Ambit Private
Limited (APL)
Ambit Finvest Pvt Ltd LTBk Fac*^ CARE A+(CE); 2482.5 Reaffirmed
Stable (Credit
Enhancement)
(Increased from Rs.188.25 crore Crore),^The rating is provisional and will be confirmed upon
receipt of executed guarantee documents to the satisfaction of CARE ,*based on the credit
enhancement by way of an unconditional and irrevocable corporate guarantee proposed to be
provided by parent company, Ambit Private Limited (APL)
Ambit Finvest Pvt Ltd Principal CARE PP-MLD A+500 Reaffirmed
ProtectedMarket (CE); Stable
LinkedDebenture*# (Credit Enhancement)
*based on the credit enhancement by way of an unconditional and irrevocable corporate guarantee
proposed to be provided by parent company, Ambit Private Limited (APL) # Final rating assigned
upon receipt of executed guarantee documents
Artemis Medicare Services Ltd. LT Bk Fac CARE A-; 2718.7 Reaffirmed
Stable
(enhanced from Rs. 243.33 Cr Crore)
Artemis Medicare Services Ltd. LT/ ST Bk Fac CARE A-; 600 Reaffirmed
Stable/CARE A2
(enhanced from Rs. 40.00 Cr Crore)
Bajaj Alloys LT BkFac CARE B-; 50 -
Stable;
(Issuer not cooperating; on the basis of best available information)
Bandhan Bank Ltd Unsecured CARE AA- ; 1600 Reaffirmed
Subordinated NCD Stable
Birla Corporation Ltd NCD (Series III) - - Withdrawn
Birla Corporation Ltd NCD (Series III) - - Withdrawn
Capri Global Housing Finance Ltd NCD A-; Stable 2000 Reaffirmed
Capri Global Housing Finance Ltd LT Bk Fac A-; Stable 11000 Reaffirmed
Captronic Systems Pvt Ltd LT Bk Fac CARE D 87.1 Reaffirmed
Cholamandalam Investment And Finance Perpetual Debt CARE AA; 3977 Reaffirmed
Co. Ltd Instrument-I Stable
Cholamandalam Investment And Finance Perpetual Debt CARE AA; 2000 Reaffirmed
Co. Ltd Instrument-II Stable
Cholamandalam Investment And Finance Perpetual Debt CARE AA; 2000 Reaffirmed
Co. Ltd Instrument-III Stable
Cholamandalam Investment And Finance Perpetual Debt CARE AA; 1000 Reaffirmed
Co. Ltd Instrument-IV Stable
Cholamandalam Investment And Finance Perpetual Debt CARE AA; 500 Reaffirmed
Co. Ltd Instrument-V Stable
Cholamandalam Investment And Finance Perpetual Debt CARE AA; 1000 Reaffirmed
Co. Ltd Instrument-VI Stable
Cholamandalam Investment And Finance Perpetual Debt CARE AA; 250 Reaffirmed
Co. Ltd Instrument-VII Stable
Cholamandalam Investment And Finance Subordinated Debt-CARE AA+; 250 Reaffirmed
Co. Ltd I Stable
Cholamandalam Investment And Finance Subordinated CARE AA+; 2500 Reaffirmed
Co. Ltd Debt-II Stable
Cholamandalam Investment And Finance Subordinated CARE AA+; 1150 Reaffirmed
Co. Ltd Debt-III Stable
Cholamandalam Investment And Finance Subordinated CARE AA+; 3000 Reaffirmed
Co. Ltd Debt-IV Stable
Cholamandalam Investment And Finance Subordinated Debt-CARE AA+; 7000 Reaffirmed
Co. Ltd Stable
Dbl Chandikhole Bhadrak Highways Pvt LT BkFac CARE A-; 5450 Reaffirmed
Stable
Fullerton India Home Finance Co. Ltd LT Debt Programme CARE AAA; 75000 Reaffirmed
Stable
Fullerton India Home Finance Co. Ltd Subordinated Debt CARE AAA; 5000 Reaffirmed
Stable
Gail India Ltd LT Bonds – Series CARE AAA; 5000 Reaffirmed
2015 Stable
Gail India Ltd Long / ST Bk Fac –CARE AAA; 15000 Reaffirmed
FBL Stable /CARE
A1+
Gail India Ltd Long / ST Bk Fac –CARE AAA; 29500 Reaffirmed
NFBL Stable /CARE
A1+
Hdfc Asset Management Co. Ltd HDFC Floating RateCARE AAAmfs 0 Reaffirmed
Debt Fund Open
Ended Debt Scheme
Hdfc Asset Management Co. Ltd HDFC Liquid Fund CARE AAAmfs 0 Reaffirmed
Open Ended Liquid
Scheme
Hdfc Asset Management Co. Ltd HDFC Low Duration CARE AAAmfs 0 Reaffirmed
Fund Open Ended
Debt Scheme
Hdfc Asset Management Co. Ltd HDFC Money Market CARE AAAmfs 0 Reaffirmed
Fund Open Ended
Debt Scheme
Hfcl Ltd LT Bk Fac CARE A-; 5659.4 Reaffirmed
Negative
Hfcl Ltd LT Instrument -NCDCARE A-; 224.8 Reaffirmed
Negative
Home Credit India Finance Pvt. Ltd. LT BkFac CARE A-; 6500 Reaffirmed
Negative
outlook revised from Stable to Negative
Housing And Urban Development Fixed Deposit CARE AAA 20000 Reaffirmed
Corporation Ltd Programme
Housing And Urban Development LT Instruments CARE AAA; 50000 Reaffirmed
Corporation Ltd Bonds (FY11-12) Stable
Housing And Urban Development LT Instruments CARE AAA; 24013.5Reaffirmed
Corporation Ltd Bonds (FY12-13) Stable
Housing And Urban Development LT Instruments CARE AAA; 49871.1Reaffirmed
Corporation Ltd Bonds (FY13-14) Stable
Housing And Urban Development LT Instruments - CARE AAA; 35000 Reaffirmed
Corporation Ltd Bonds (FY15-16) Stable
Housing And Urban Development LT Instruments CARE AAA; 15000 Reaffirmed
Corporation Ltd -Taxfree Bonds Stable
(FY15-16 )
Housing And Urban Development LT Instruments – CARE AAA; 33650 Reaffirmed
Corporation Ltd Bonds (FY16-17) Stable
Housing And Urban Development LT Instruments – CARE AAA; 46550 Reaffirmed
Corporation Ltd Bonds (FY17-18) Stable
Housing And Urban Development LT Instruments – CARE AAA; 240100 Reaffirmed
Corporation Ltd Bonds (FY18-19) Stable
Housing And Urban Development LT Instruments – CARE AAA; - Reaffirmed
Corporation Ltd Bonds (FY19-20) Stable
Housing And Urban Development LT Instruments – CARE AAA; - Reaffirmed
Corporation Ltd Bonds (FY20-21) Stable
*Raised Rs.4, 610 crores till May 29, 2020
Housing And Urban Development LT/ ST Bk Fac CARE AAA; 250000 Reaffirmed
Corporation Ltd Stable /CARE
A1+
Htl Ltd Fund Based - LT - CARE A- (CE); 254.9 Reaffirmed
TL Negative
(Credit Enhancement)
Icici Home Finance Co. Ltd Fixed Deposits CARE 40000 Reaffirmed
AAA(FD);Stable
Icici Home Finance Co. Ltd Senior Bonds CARE AAA; 120000 Reaffirmed
Stable
Icici Home Finance Co. Ltd Sub. Bonds CARE AAA; 5000 Reaffirmed
Stable
Icici Home Finance Co. Ltd Market Linked CARE PP-MLD 10000 Reaffirmed
Debentures AAA; Stable
Icici Prudential Mutual Fund ICICI Prudential CARE AAAmfs - Reaffirmed
Capital Protection(SO)
Oriented Fund IX Plan G
– J Close-Ended Capital
Protection Oriented Fund
Icici Prudential Mutual Fund ICICI Prudential CARE AAAmfs - Reaffirmed
Capital Protection(SO)
Oriented Fund X Plan B –
H Close-Ended Capital
Protection Oriented Fund
Icici Prudential Mutual Fund ICICI Prudential CARE AAAmfs - Reaffirmed
Capital Protection(SO)
Oriented Fund XI Plan A –
I Close-Ended Capital
Protection Oriented Fund
Icici Prudential Mutual Fund ICICI Prudential CARE AAAmfs - Reaffirmed
Capital Protection(SO)
Oriented Fund XII Plan A – C
Close-Ended Capital
Protection Oriented Fund
Icici Prudential Mutual Fund ICICI Prudential CARE AAAmfs - Reaffirmed
Capital Protection(SO)
Oriented Fund XIII Plan
A & B Close-Ended
Capital Protection Oriented Fund
Icici Prudential Mutual Fund ICICI Prudential CARE AAAmfs - Reaffirmed
Capital Protection(SO)
Oriented Fund XIV Plan
A & B Close-Ended
Capital Protection Oriented Fund
Icici Prudential Mutual Fund ICICI Prudential CARE AAAmfs - Reaffirmed
Capital Protection(SO)
Oriented Fund XV Plan A – D
Close-Ended Capital
Protection Oriented Fund
Iol Chemicals And Pharmaceuticals LtdLT BkFac – TL - - Withdrawn*
* CARE has withdrawn the rating assigned to the long term loan facility of IOL Chemicals and
Pharmaceuticals Ltd. as the company has repaid term loan in full and there is no outstanding
under the said loan as on date.
Iol Chemicals And Pharmaceuticals LtdLT BkFac CARE A; Stable1400 Revised from
CARE A-
Jain Prints And Packaging LT BkFac CARE B-; 80 -
Stable;
(Issuer not cooperating; on the basis of best available information)
Jaipur Vidyut Vitran Nigam Ltd LT Bond Issue^ CARE BBB+ 3336.3 Reaffirmed
(CE); Negative
(Credit Enhancement)
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee issued by Government of Rajasthan (GoR) for timely servicing of interest
and principal of the Bonds issues.
Jaipur Vidyut Vitran Nigam Ltd LT Bond Issue^ CARE BBB+ 47764.4Reaffirmed
(CE); Negative
(Credit Enhancement)
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee issued by Government of Rajasthan (GoR) for timely servicing of interest
and principal of the Bonds issues.
Jindal Stainless Steelway Ltd LT Bk Fac CARE BBB; 961.5 Reaffirmed
Stable
(reduced from 130.00 Crore)
Jodhpur Vidyut Vitran Nigam Ltd LT Bond Issue^ CARE BBB+ 2506.4 Reaffirmed
(CE); Negative
(Credit Enhancement)
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee issued by Government of Rajasthan (GoR) for timely servicing of interest
and principal of the Bonds issues.
Kailashdarshan Tiles Llp LT Bk Fac CARE B+; 78.5 Reaffirmed
Stable
(reduced from 8.47 Crore)
Kbk Chem-Engineering Pvt Ltd LT BkFac CARE B+; 60 Revised from
Stable CARE B-
(Issuer not cooperating)
Kohima-Mariani Transmission Ltd LT BkFac CARE A-; 9946.7 Reaffirmed
Stable
Krishna Sahil Construction Pvt Ltd LT Bk Fac CARE B+; 92.5 Reaffirmed
Stable
Madhya Pradesh Financial Corporation LT BkFac CARE BBB (CE) 3000
(Credit
Enhancement)]
(Credit watch
with Negative implications)
Continues on credit watch with negative implications ,The above facilities are backed by credit
enhancement in the form of unconditional and irrevocable guarantees extended by Government of
Madhya Pradesh (GoMP) for timely servicing of the said bank facilities.
Madhya Pradesh Financial Corporation LT BkFac CARE BBB (CE) 1953.9
(Credit
Enhancement)]
(Credit watch
with Negative implications)
Continues on credit watch with negative implications ,The above facilities are backed by credit
enhancement in the form of unconditional and irrevocable guarantees extended by Government of
Madhya Pradesh (GoMP) for timely servicing of the said bank facilities.
Madhya Pradesh Financial Corporation LTInstrument CARE BBB (CE) 148.6
(Bond (Credit watch
Issue-1) with negative
(ISIN:INE3Enhancement) implications)
Continues on credit watch with negative implications ,The bond issues are backed by credit
enhancement in the form of guarantees extended by GoMP for timely servicing of these bonds. The
timely debt servicing of the bond issues is also facilitated by a Structured Payment Mechanism
(SPM) through an escrow mechanism.
Madhya Pradesh Financial Corporation LTInstrument CARE BBB (CE) 185.5
(Bond (Credit watch
Issue-3) with Negative
(ISIN:INE3Enhancement)] implications)
Continues on credit watch with negative implications ,The bond issues are backed by credit
enhancement in the form of guarantees extended by GoMP for timely servicing of these bonds. The
timely debt servicing of the bond issues is also facilitated by a Structured Payment Mechanism
(SPM) through an escrow mechanism.
Madhya Pradesh Financial Corporation LTInstrument CARE BBB (CE) 1000
(Bond (Credit watch
Issue-4) with negative
(ISIN:INE3Enhancement)]implications)
Continues on credit watch with negative implications ,The bond issues are backed by credit
enhancement in the form of guarantees extended by GoMP for timely servicing of these bonds. The
timely debt servicing of the bond issues is also facilitated by a Structured Payment Mechanism
(SPM) through an escrow mechanism.
Madhya Pradesh Financial Corporation LTInstrument CARE D 254.5 Revised from
(Bond Issue-2) CARE BBB
(ISIN:INE348F08027)
The bond issues are backed by credit enhancement in the form of guarantees extended by GoMP for
timely servicing of these bonds. The timely debt servic
Nemcare Hospital Tezpur Pvt Ltd LT Bk Fac CARE D 150 -
(Issuer not cooperating; based on best available information)
Nikhil Tobaccos LT Bk Fac - - Revised to
CARE B-,
outlook:Stable from
CARE B,
outlook:Stable and
Withdrawn
(Issuer not cooperating)
Nithya Tobaccos LT Bk Fac - - Reaffirmed
CARE D and
Withdrawn
(Issuer not cooperating)
North Eastern Electric Power NCD Issue - 0 Withdrawn
Corporation Ltd
North Eastern Electric Power Proposed NCD Issue- 0 Withdrawn
Corporation Ltd
North Eastern Electric Power NCD Issue CARE AA; 25000 Reaffirmed
Corporation Ltd Stable
(removed from credit watch)
North Eastern Electric Power NCD Issue CARE AA; 6000 Reaffirmed
Corporation Ltd Stable
(removed from credit watch)
North Eastern Electric Power NCD Issue CARE AA; 9000 Reaffirmed
Corporation Ltd Stable
(removed from credit watch)
North Eastern Electric Power NCD Issue CARE AA; 5000 Reaffirmed
Corporation Ltd Stable
(removed from credit watch)
North Eastern Electric Power NCD Issue CARE AA; 3000 Reaffirmed
Corporation Ltd Stable
(removed from credit watch)
North Eastern Electric Power NCD Issue CARE AA; 3000 Reaffirmed
Corporation Ltd Stable
(removed from credit watch)
North Eastern Electric Power NCD Issue CARE AA; 1500 Reaffirmed
Corporation Ltd Stable
(removed from credit watch)
Orient Electric Ltd LT Bk Fac CARE AA-; 1605.8 Reaffirmed
Stable
(Enhanced from 7.70 Crore)
Orient Electric Ltd Long/ST BkFac CARE AA-; 3950 Reaffirmed
Stable/CARE A1+
(Enhanced from 260.0 Crore)
P. R. Pote (Patil) Education And LT Bk Fac - - Withdrawn
Welfare Trust
Parmeshwari Enterprises LT BkFac CARE BB-; 55 Revised from
Stable CARE BB-;
Stable
(Issuer not cooperating)
Permali Wallace Pvt Ltd LT Bk Fac CARE B; Stable196.6 Reaffirmed
(reduced from 24.23 Crore)
Permali Wallace Pvt Ltd LT/ST BkFac CARE B; 34.3 Reaffirmed
Stable/CARE A4
Purple Products Pvt Ltd LT Bk Fac – Fund CARE BBB-; 170 Assigned
Based Limits Stable
Radico Khaitan Ltd LT Bk Fac CARE AA- 6500 Reaffirmed
Rajasthan Rajya Vidyut Utpadan Nigam LT BkFac @ CARE BBB+ 41089.5Reaffirmed
(CE); Negative
(Credit Enhancement)
@ The rating for said facilities is based on credit enhancement in the form of irrevocable,
continuing and without any condition guarantee by Government of Rajasthan (GoR) for its timely
debt servicing along with irrevocable and unconditional default escrow cover in favour of the
lenders for recoveries from revenue collection account of the Rajasthan Rajya Vidyut Utpadan
Nigam Limited duly confirmed by the banker with whom revenue collection account is maintained.
Rajasthan Rajya Vidyut Utpadan Nigam LT BkFac @ CARE BBB+ 2000 Reaffirmed
(CE); Negative
(Credit Enhancement)
@ The rating for said facilities is based on credit enhancement in the form of irrevocable,
continuing and without any condition guarantee by Government of Rajasthan (GoR) for its timely
debt servicing along with irrevocable and unconditional default escrow cover in favour of the
lenders for recoveries from revenue collection account of the Rajasthan Rajya Vidyut Utpadan
Nigam Limited duly confirmed by the banker with whom revenue collection account is maintained.
Rajasthan Rajya Vidyut Utpadan Nigam LT BkFac $ CARE BBB+ 29194 Reaffirmed
(CE); Negative
(Credit Enhancement)
$ The said rating is currently provisional and will be confirmed once the company fulfils the
following conditions to the satisfaction of CARE: a. Execution of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan for ensuring timely payment of
interest and principal of the said bank facilities. Also, as the guarantee for bank facilities
mentioned at serial no. 2 and 5 sanctioned by Bank of India is valid up to June 30, 2027, the
rating in the said case will be valid up to June 30, 2027. Rating validity extension would be
subject to further extension of the said guarantee on the same terms and conditions on which
guarantee was issued earlier and was considered by CARE while assigning the ratings. However,
the rating would be reviewed in case of any change in the terms and conditions of guarantee at
the time of extension. Furthermore, if the guarantee from GoR is not extended before the
expiration of the validity of existing guarantee, rating would be subject to review based on
standalone financial risk profile of the company.
Rajasthan Rajya Vidyut Utpadan Nigam LT BkFac # CARE BBB+ 30000 Reaffirmed
(CE); Negative
(Credit Enhancement)
# The ratings for said facilities are based on credit enhancement in the form of irrevocable,
continuing and without any condition guarantee by GoR for its timely debt servicing.
Ram Nath Memorial Trust Society LT BkFac CARE D; 201.5 -
(Issuer not cooperating; based on best available information)
Rccpl Pvt Ltd LT Bk Fac@ CARE AA (CE); 2879 Reaffirmed
Stable (Credit
Enhancement)
(reduced from 290.00 Crore) ,@Based on credit enhancement in the form of Unconditional &
Irrevocable corporate guarantee from Birla Corporation Limited (rated CARE AA; Stable/CARE A1+)
Rccpl Pvt Ltd LT Bk Fac CARE AA-; 20670.8Reaffirmed
Stable
(reduced from 2,195.63 Crore)
Reliance Industries Ltd NCDs CARE 753860 Reaffirmed
AAA;Stable
Republic Auto Sales LT BkFac CARE B-; 112.5 Revised from
Stable; CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Rishabh Industries LT BkFac CARE BB-; 19.5 Reaffirmed
Stable
Rishabh Industries Long/ST BkFac CARE BB-; 130 Reaffirmed
Stable/CARE A4
S.C. Enterprises LT BkFac CARE D; 50 -
(Issuer not cooperating; based on best available information)
Satin Creditcare Network Ltd LT Bk Fac CARE A-; Stabl28000 Reaffirmed
Satin Creditcare Network Ltd NCDs CARE A-; Stabl500 Reaffirmed
Satin Creditcare Network Ltd NCDs CARE A-; Stabl262.8 Reaffirmed
Satin Creditcare Network Ltd NCDs CARE A-; Stabl680 Reaffirmed
Satin Creditcare Network Ltd NCDs CARE A-; Stabl150 Reaffirmed
Satin Creditcare Network Ltd NCDs CARE A-; Stabl650 Reaffirmed
Satin Creditcare Network Ltd NCDs CARE A-; Stabl400 Reaffirmed
Satin Creditcare Network Ltd NCDs CARE A-; Stabl600 Reaffirmed
Satin Creditcare Network Ltd NCDs CARE A-; Stabl3979 Reaffirmed
Satin Creditcare Network Ltd NCDs - CARE A-; Stabl1200 Reaffirmed
Subordinated
Debentures
Satin Creditcare Network Ltd Tier- II Bond CARE A-; Stabl300 Reaffirmed
(Subordinated Debt)
Satin Creditcare Network Ltd NCDs CARE A-; Stabl500.5 Reaffirmed
Satin Creditcare Network Ltd NCD CARE A-; Stabl2000 Reaffirmed
Satin Creditcare Network Ltd Preference Share CARE BBB+ 250 Reaffirmed
Capital ; Stable
(Redeemable Preference Share)
Sharekhan Commodities Pvt Ltd CP (IPO Financing)- - Withdrawn
Shri Ram Charitable Trust LT BkFac CARE B+; 136.3 -
Stable;
(Issuer not cooperating; on the basis of best available information)
Shyam Century Ferrous Ltd LT BkFac CARE BBB+; 300 Reaffirmed
Stable
Shyam Century Ferrous Ltd Long /STBk Fac CARE BBB+; 20 Reaffirmed
Stable/CARE A3+
Sm Jdb Estate Pvt Ltd LT Bk Fac CARE BB; 650 Assigned
Stable
Sonigara Gold Llp LT Bk Fac CARE BB; 60 Reaffirmed
Stable
Splenora Textures Llp LT Bk Fac CARE BB-; 149.9 Revised from
Stable CARE B+
Sri Bajrang Seeds LT BkFac CARE B-; 120 -
Stable;
(Issuer not cooperating; on the basis of best available information)
Stage Door LT Bk Fac CARE B-; 80 -
Stable;
(Issuer not cooperating; based on best available information)
Sundaram Home Finance Ltd Subordinated Debt - - Withdrawn
(Series III)
Sundaram Home Finance Ltd NCD (Series X) - - Withdrawn
Sundaram Home Finance Ltd NCD (Series XI) - - Withdrawn
Sundaram Home Finance Ltd LT Bk Fac CARE AA+; 4166.7 Reaffirmed
Stable
(reduced from 450.00 Crore)
Sundaram Home Finance Ltd NCD (Series XII) CARE AA+; 350 Reaffirmed
Stable
(reduced from 75.00 Crore)
Sundaram Home Finance Ltd NCD (Series XIII) CARE AA+; - Reaffirmed
Stable
Sundaram Home Finance Ltd NCD (Series XIV) CARE AA+; - Reaffirmed
Stable
Sundaram Home Finance Ltd Subordinated Debt CARE AA+; 650 Reaffirmed
(SeriesII) Stable
(reduced from 70.00 Crore)
Suzuki Motor Gujarat Pvt Ltd LT/ Short term Bk CARE AAA; 29000 Reaffirmed
Fac Stable /CARE
A1+
(reduced from Rs.2,950 crore Crore)
Tata Power Co. Ltd Perpetual Bond CARE AA; 15000 Reaffirmed
Stable
Tata Power Co. Ltd Hybrid Bond CARE AA; 15000 Reaffirmed
Stable
Tata Power Co. Ltd NCDs CARE AA; 24600 Reaffirmed
Stable
Tata Teleservices (Maharashtra) Ltd LT Bk Fac –TL CARE A+; Stabl11875 Reaffirmed
(reduced from RS.1192.50 core Crore)
Tata Teleservices (Maharashtra) Ltd LT Bk Fac – Fund CARE A+; Stabl500 Reaffirmed
Based- CC
Tata Teleservices (Maharashtra) Ltd LT/ST- Fund CARE A+; 9600 Reaffirmed
based/Non-fund Stable /CARE
based A1+
(reduced from Rs.1000 crore Crore)
Tech Mahindra Ltd LT Bk Fac CARE AAA; 3750 Reaffirmed
Stable
(reduced from 1200.00 Crore)*,*change in nature of facilities
Tech Mahindra Ltd LT Bk Fac/ ST Bk CARE AAA; 14250 Reaffirmed
Fac Stable/CARE A1+
(Enhanced from 600.00 Crore)*,*change in nature of facilities
The Tobacco Trading Company LT Bk Fac - - Revised to
CARE B and
Withdrawn
(Issuer not cooperating)
Trf Ltd LT BkFac CARE BBB+; 3400 Reaffirmed
Negative
Trf Ltd LT/Shortterm Bk CARE BBB+; 5180 Reaffirmed
Fac Negative/CARE
A2
Ujjivan Small Finance Bank Ltd LT Bk Fac- Propose- - Withdrawn@
(reduced from Rs.72.75 crore Crore) @ rating is withdrawn as company has not raised proposed
facility
Ujjivan Small Finance Bank Ltd LT Bk Fac CARE A+; 4076.3 Reaffirmed
Stable
(reduced from Rs.1,386.31 crore Crore)
Vadilal Enterprises Ltd LT BkFac CARE BBB-; 253.4 Revised from
Negative CARE BBB &
Removed from Credit
watch with negative
implications
Vadilal Enterprises Ltd Long/Shortterm CARE BBB-; 5 Revised from
BkFac Negative /CARE CARE BBB
A3 /CARE A3+ & Removed
from Credit watch
with negative
implications
Vadilal Industries Ltd LT BkFac CARE BBB-; 1125.8 Revised from
Negative CARE BBB &
Removed from Credit
watch with negative
implications
Vadilal Industries Ltd LT BkFac CARE BBB-; 1125.8 Revised from
Negative CARE BBB &
Removed from Credit
watch with negative
implications
Vaibhu Infra Tech India Pvt Ltd LT Bk Fac CARE B; Stable35 -
(Issuer not cooperating; based on best available information)
Voltamp Transformers Ltd LT Bk Fac CARE AA; 100 Reaffirmed
Stable
Voltamp Transformers Ltd LT/ST BkFac CARE AA; 2825 Reaffirmed
Stable /CARE
A1+
Yuken India Ltd LT Bk Fac CARE BBB; 220 Revised from
Negative CARE BBB
stable
Zee Learn Ltd NCD issue CARE B 650 Revised from
Negative CARE AA (CE@)
(Credit watch with negative implications)@Backed by unconditional and irrevocable Letter of
Undertaking (LOU) by Zee Entertainment Enterprises Limited.
--------------------------------------------------------------------------------------------
$: 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)