May 4, 2017 / 5:49 AM / 3 months ago

CARE ratings for Indian debt instruments-May 4

30 Min Read

    May 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 3, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A. K. Builders                        ST Bk Fac          CARE A4        100     Reaffirmed
A.V. Valves Ltd                       ST Bk Fac          CARE A4        30      Reaffirmed
Adhyashakti Paper Pvt Ltd             ST Bk Fac          CARE A4        4       Issuer not
                                                                                cooperating

Ardas Tele Ventures Pvt. Ltd.         ST Bk Fac          CARE A4        47      Assigned
Bakers Circle India Pvt Ltd           ST Bk Fac          CARE A4        30      Revised from
                                                                                CARE A3
Balarka Fabricon Pvt Ltd              ST Bk Fac          CARE A4        10      Reaffirmed
Bebo International                    ST Bk Fac          CARE A4        35      Reaffirmed
Bhagat Forge Pvt Ltd                  ST Bk Fac          CARE A4        11      Reaffirmed
Bright Power Projects (India) Pvt Ltd ST Bk Fac#         CARE A1(SO)    960     Assigned
#Backed by letter of comfort (LoC) from Texmaco Rail & Engineering Ltd. (TexRail)
Bright Power Projects (India) Pvt Ltd ST Bk Fac          CARE A3        1050    Reaffirmed
Continental Carbon India Ltd          ST Bk Fac          CARE A2(SO)*   3199.5  Reaffirmed
* The above ratings are based on the credit enhancement in the form of Unconditional and
Irrevocable Corporate Guarantee from China Synthetic Rubber Corporation (Taiwan). CSRC have been
providing managerial and financial support by way of equity infusion to CCIL. 
D.D. Agro Industries Ltd              ST Bk Fac          CARE A4        15      Assigned
Everest Metals Fze                    ST Bk Fac          CARE A2+       790.2^  Reaffirmed
^equivalent of sanctioned facilities of USD 11.8mn@ Rs.66.97/USD.
Everest Sea Food Exports Pvt Ltd      ST Bk Fac          CARE A4        1.5     Reaffirmed
Focus Shares & Securities Pvt. Ltd.   ST Bk Fac- BG      CARE A4        340     Reaffirmed
Freewill Sports Pvt Ltd               ST Bk Fac          CARE A2+       30      Reaffirmed
Gajra Gears Pvt Ltd                   ST Bk Fac          CARE A4        252.5   Issuer not
                                                                                cooperating
Global Footwear                       ST Bk Fac          CARE A4        70      Assigned
Haveli Restaurants & Resorts Ltd      ST Bk Fac          CARE A4        95      Issuer not
                                                                                cooperating
H K Lumbers Llp                       ST Bk Fac          CARE D         75      Assigned
Hindustan Waste Treatment Pvt Ltd     ST Bk Facility     CARE A2+(SO)*  73.5    Revised from
                                      Non-fundbased – BG                        CARE A1 (SO*)
*Based on the credit enhancement in the form of unconditional, irrevocable and continuing
corporate guarantee extended by SMC Infrastructure Pvt. Ltd. (SMCIPL) (rated CARE A-/CARE A2+)
to the lenders of Hindustan Waste Treatment Private Limited (HWTPL) 
Ideas Engineers                       ST Bk Fac          CARE A4        75      Issuer not
                                                                                cooperating
Infinite Water Solutions Pvt Ltd      ST Bk Fac          CARE A2        10      Reaffirmed
Kie Engineering Pvt Ltd               ST Bk Fac          -              -       Withdrawn
J. B. Rolling Mills Ltd               ST Bk Fac          CARE A4+       80      Issuer not
                                                                                cooperating
Jcc Infratech Pvt Ltd                 ST Bk Fac          CARE A4        67.5    Reaffirmed
Jhawar International                  ST Bk Fac          CARE A4        400     Reaffirmed
(enhanced from 34crs)
K.K. Builders Pvt Ltd                 ST Bk Fac          CARE A4        260     Assigned
Kabir Rice Mill                       ST Bk Fac          CARE A4        2.5     Assigned
Karla Constructions                   ST Bk Fac          CARE A4        50      Issuer not
                                                                                cooperating
Madhav Industries                     ST Bk Fac          CARE A4        20      Assigned
Mamta Seeds                           ST Bk Fac          CARE A4        17      Issuer not
                                                                                cooperating
Mohan Breweries And Distilleries Ltd  ST Bk Fac          CARE D         11.3    Reaffirmed
Mense Electricals Pvt Ltd             ST Bk Fac          CARE A4        80      Reaffirmed
(Enhanced from 5.00 CR)
Nkg Infrastructure Ltd                ST Bk Fac          CARE A4+       9000    Assigned
Ncl Industries Ltd                    ST Bk Fac          CARE BBB-      50      Reaffirmed
                                                         /CARE A3
Panama Petrochem Ltd                  ST Bk Fac LC/BG    CARE A1        3540    Reaffirmed
Peppermint Clothing Pvt Ltd           ST Bk Fac          CARE A4        30      Reaffirmed
(enhanced from 2.00 CR)
Ps Group Realty Ltd.                  ST Bk Fac          CARE A2+       320     Reaffirmed
(enhanced from 23.85 CR)
Rex Sewing Machine Company Pvt Ltd    ST Bk Fac          CARE A4        27.5    Issuer not
                                                                                cooperating
Samudra Electronic System Pvt Ltd     ST NonFB           CARE A2+(SO)*  15      Revised from
                                                                                CARE A1 (SO*)
*Based on the credit enhancement in the form of unconditional, irrevocable and continuing
corporate guarantee extended by SMC Infrastructure Pvt. Ltd. (SMCIPL) (rated CARE A-/CARE A2+)
to the lenders of Samudra Electronic System Private Limited (SESPL) 
Satkar Travels Pvt Ltd                ST Bk Fac          CARE A4        20      Reaffirmed
Short-Term Bank Facilities            ST Bk Fac          CARE A4        30      Issuer not
                                                                                cooperating
Shyam Indus Power Solutions Pvt Ltd   ST Bk Fac          CARE A3        1995    Reaffirmed
(enhanced from 179.50 CR)
Snj Synthetics Ltd                    ST Bk Fac          CARE A4        73      Reaffirmed
Srei Infrastructure Pvt Ltd           ST Bk Fac          CARE A1+       6950    Reaffirmed
(enhanced from 645.00)
Srei Infrastructure Pvt Ltd           ST Debt (CP Issue) CARE A1+       30000   Reaffirmed
Sulson Overseas Pvt Ltd               ST Bk Fac          CARE A4        40      Assigned
Suzlon Global Services Ltd            Proposed CP (CP)   CARE A1+(SO)   500     Assigned
                                      Issue@
@ Credit enhancement in the form of an unconditional and irrevocable on demand back-stop
facility provided by IDBI Bank Limited.
Suzlon Global Services Ltd            CP (CP) Issue@     CARE A1+(SO)   500     Withdrawn
@ Credit enhancement in the form of an unconditional and irrevocable on demand back-stop
facility provided by IDBI Bank Limited.
Terna Public Charitable Trust         ST Bk Fac          CARE A4        30      Reaffirmed
Unidrug Innovative Pharma TechnologiesST Bk Fac          CARE A4        59      Issuer not
Ltd                                                                             cooperating
Vishavaraj Infrastructure Ltd         ST Bk Fac          CARE A4+       750     Reaffirmed
Weizmann Forex Ltd.                   ST Bk Fac –        CARE A3+       485     Reaffirmed
                                      Nonfund based
(Reduced from 61.58 CR)


MEDIUM TERM RATINGS:
-------------------
Ncl Industries Ltd                    FD Programme       CARE BBB- (FD) 500     Reaffirmed
Qrg Enterprises Ltd                   FD                 -              -       Withdrawn*
*CARE has withdrawn the rating assigned to the Fixed Deposits of QRG Enterprises Limited with
immediate effect, as the company has fully repaid the amounts
Tamil Nadu Urban Finance And          FD Programme       -              -       Withdrawn
Infrastructure Development Corporation
Ltd

LONG TERM RATINGS:
-------------------
A. K. Builders                        LT Bk Fac          CARE BB        80      Revised from
                                                                                CARE BB-
A.V. Valves Ltd                       LT Bk Fac          CARE B+        5.9     Reaffirmed
A.V. Valves Ltd                       LT/ST Bk Fac       CARE B+ /CARE  48      Reaffirmed
                                                         A4
Aastha Cold Storage                   LT Bk Fac          CARE D         79      Issuer not
                                                                                cooperating
Act Plast Paints Pvt Ltd              LT Bk Fac          CARE BB+       104.4   Reaffirmed
(reduced from 11.72 CR)
Adhyashakti Paper Pvt Ltd             LT/ST Bk Fac       CARE BB- /CARE 50      Issuer not
                                                         A4                     cooperating
Amarnath Enterprises                  LT Bk Fac          CARE B         64.5    Issuer not
                                                                                cooperating
Anantha Agency’S Pvt Ltd              LT Bk Fac          CARE B+        150     Assigned
Ardas Tele Ventures Pvt. Ltd.         LT Bk Fac          CARE BB        15      Assigned
Aska Equipments Ltd                   LT/ST Bk Fac       CARE BBB+      100     Reaffirmed
                                                         /CARE A2
Bakers Circle India Pvt Ltd           LT Bk Fac          CARE BB        70      Revised from
                                                                                CARE BBB-
Bakers Circle India Pvt Ltd           LT Bk Fac/ ST Bk   CARE BB /CARE  107.2   Revised from
                                      Fac                A4                     CARE BBB- / A3
Balarka Fabricon Pvt Ltd              LT Bk Fac          CARE BB        55.1    Reaffirmed
Bebo International                    LT Bk Fac          CARE B+        30      Revised from
                                                                                CARE B
Bec Fertilizers Ltd                   LT Bk Fac          CARE B+        637     Revised from
                                                                                CARE BB
(Reduced from 65.00CRS)
Bhagat Forge Pvt Ltd                  LT Bk Fac          CARE B+        81.5    Reaffirmed
Bhagwati Cotton Industries            LT Bk Fac          CARE B;        80      Issuer not
                                                                                cooperating
Blessings Advertising Pvt Ltd         LT Bk Fac          CARE BB-       100     Issuer not
                                                                                cooperating
Bright Power Projects (India) Pvt Ltd LT Bk Fac#         CARE A+(SO)    200     Assigned
#Backed by letter of comfort (LoC) from Texmaco Rail & Engineering Ltd. (TexRail)
Bright Power Projects (India) Pvt Ltd LT Bk Fac          CARE BBB-      490     Reaffirmed
(reduced from 49.32 CR)
Btm Industries Ltd                    LT Bk Fac          CARE BBB-      270     Assigned
Continental Carbon India Ltd          LT Bk Fac          CARE BBB(SO)*  132.7   Reaffirmed
* The above ratings are based on the credit enhancement in the form of Unconditional and
Irrevocable Corporate Guarantee from China Synthetic Rubber Corporation (Taiwan). CSRC have been
providing managerial and financial support by way of equity infusion to CCIL. 
Creino Ventures                       LT Bk Fac          CARE BB-       80      Issuer not
                                                                                cooperating
D.D. Agro Industries Ltd              LT Bk Fac          CARE BB-       172.9   Assigned
Devihalli Hassan Tollway Ltd (ErstwhilLT Bk Fac@         CARE A+(SO)    1090    Reaffirmed
L&T Devihalli Hassan Tollway Ltd)
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely Western Andhra Tollways Limited (WATL), Krishnagiri Th
Devihalli Hassan Tollway Ltd (ErstwhilNCD@               CARE A+(SO)    1598.8  Reaffirmed
L&T Devihalli Hassan Tollway Ltd)
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely Western Andhra Tollways Limited (WATL), Krishnagiri Th
Divis Laboratories Ltd                LT Bk Fac          CARE AA+       250     Reaffirmed
Divis Laboratories Ltd                LT/ST Bk Fac       CARE AA+ /CARE 2430    Reaffirmed
                                                         A1+
Economy Sales                         LT Bk Fac/ ST Bk   CARE B+ /CARE  65      Assigned
                                      Fac                A4
Everest Sea Food Exports Pvt Ltd      LT Bk Fac          CARE BB-       83.3    Reaffirmed
(reduced from 8.62 cr)
Everest Sea Foods Pvt Ltd             LT Bk Fac          CARE BB        101     Reaffirmed
(reduced from 11.07 CR)
Ferani Hotels Pvt. Ltd.               LT Bk Fac-FB       -              -       Withdrawn
Ferani Hotels Pvt. Ltd.               LT Bk Fac-FB       CARE BBB+      3250    Reaffirmed
Freewill Sports Pvt Ltd               LT Bk Fac          CARE A-        232.5   Reaffirmed
Gajra Gears Pvt Ltd                   LT Bk Facfund BasedCARE C         145     Issuer not
                                                                                cooperating
Gajra Gears Pvt Ltd                   LT Bk Fac - TL     CARE D;        14.2    Issuer not
                                                                                cooperating
Galaxy Dream Home Developers Pvt Ltd  Real estate        -              -       Suspended
                                      project star
                                      grading
Global Footwear                       LT Bk Fac          CARE BB        18.1    Assigned
H K Lumbers Llp                       LT Bk Fac          CARE D         60      Assigned
Haveli Restaurants & Resorts Ltd      LT Bk Fac          CARE B+        282.7   Issuer not
                                                                                cooperating
Hindustan Waste Treatment Pvt Ltd     LT Bk Facility FB  CARE A-(SO)*   1108.2  Revised from
                                      (TL)                                      CARE A (SO*)
*Based on the credit enhancement in the form of unconditional, irrevocable and continuing
corporate guarantee extended by SMC Infrastructure Pvt. Ltd. (SMCIPL) (rated CARE A-/CARE A2+)
to the lenders of Hindustan Waste Treatment Private Limited (HWTPL) 
Ideas Engineers                       LT Bk Fac          CARE BB        50      Issuer not
                                                                                cooperating
Infinite Water Solutions Pvt Ltd      LT Bk Fac          CARE BBB+      30      Reaffirmed
J. B. Rolling Mills Ltd               LT Bk Fac          CARE BB+       476.6   Issuer not
                                                                                cooperating
Jcc Infratech Pvt Ltd                 LT Bk Fac          CARE B+        50      Reaffirmed
Jharkhand Road Projects ImplementationNCD ^              CARE AA (SO)   17300   Assigned
Co. Ltd
^Proposed NCDs backed by discounting of future annuity receivables of the road project.
Jhawar International                  LT Bk Fac          CARE BB-       39.3    Assigned
K.K. Builders Pvt Ltd                 LT Bk Fac          CARE BB-       50      Assigned
Kabir Rice Mill                       LT Bk Fac          CARE B+        53.3    Assigned
Karla Constructions                   LT Bk Fac          CARE B+        70      Issuer not
                                                                                cooperating
Kie Engineering Pvt Ltd               LT Bk Fac (TL)     -              -       Withdrawn
Kie Engineering Pvt Ltd               LT Bk Fac (FB      CARE BBB+      170     Revised from
                                      Limit)                                    CARE BBB
(increased from 13 CR)
L&T Deccan Tollways Ltd               LT Bk Fac          CARE AA(SO)    1544.2  Reaffirmed
L&T Deccan Tollways Ltd               LT Bk Fac          CARE BBB-      10809.2 Reaffirmed
Lsr Forge Pvt Ltd                     LT Bk Fac          CARE BB        90.6    Revised from
                                                                                CARE BB-
Madhav Industries                     LT Bk Fac          CARE BB-       190     Assigned
Mamta Seeds                           LT Bk Fac          CARE B+        105.1   Issuer not
                                                                                cooperating
Mayfair Resorts                       LT Bk Fac          CARE B+        111.5   Issuer not
                                                                                cooperating
Megastar Foods Pvt Ltd                LT Bk Fac          CARE BB-       160     Assigned
Mense Electricals Pvt Ltd             LT Bk Fac          CARE BB        85      Reaffirmed
(Enhanced from 6.50 CR)
Matadee Free Trade Zone Pvt Ltd       LT Bk Fac          CARE B+        140     Assigned
Mohan Breweries And Distilleries Ltd  LT Bk Fac          CARE D         1229.1  Reaffirmed
Ncl Industries Ltd                    LT Bk Fac          CARE BBB-      750     Reaffirmed
Nkg Infrastructure Ltd                LT Bk Fac          CARE BB+       2300    Assigned
P.M. Impex Pvt Ltd                    LT Bk Fac          CARE B+        63.5    Assigned
P.M. Impex Pvt Ltd                    TL                 CARE B+        20      Assigned
P.M. Impex Pvt Ltd                    Overdraft          CARE B+        15      Assigned
P.M. Impex Pvt Ltd                    Proposed           CARE B+        28.5    Assigned
P.P. Automotive Pvt Ltd               LT Bk Fac          CARE B+        80      Issuer not
                                                                                cooperating
Panama Petrochem Ltd                  LT Bk Fac-CC       CARE A         200     Reaffirmed
Panch Tatva Promoters Pvt Ltd         Real estate        -              -       Suspended
                                      project star
                                      grading
Peppermint Clothing Pvt Ltd           LT Bk Fac          CARE BB-       184.5   Reaffirmed
(enhanced from 7.56 CR)
Pnc Delhi Industrialinfra Pvt Ltd     LT Bk Fac          CARE BBB       1000.9  Reaffirmed
(reduced from 116.42 CR)
Polysil Irrigation Systems Pvt Ltd    LT/ST Bk Fac       CARE BBB-      100     Reaffirmed
                                                         /CARE A3
Polysil Pipes                         LT/ST Bk Fac       CARE A /CARE   200     Revised from
                                                         A2+                    CARE A- /
                                                                                CARE A2+
Priority Gold Pvt Ltd                 LT Bk Fac          CARE BBB- (SO) 700     Assigned
Priority Gold Pvt Ltd                 LT Bk Fac/ ST Bk   CARE BBB- (SO) 600     Assigned/
                                      Fac                /A3(SO)                Revised from
                                                                                CARE A3+(SO)
Priority Jewels Pvt Ltd               LT/ST Bk Fac       CARE BBB-              Revised from
                                                         /CARE A3               CARE BBB/
                                                                                CARE A3+
Ps Group Realty Ltd.                  LT Bk Fac          CARE A-        421.7   Reaffirmed
(reduced from 61.15 CR)
Qrg Enterprises Ltd                   LT Bk Fac          CARE AA        80      Revised from
                                      (Non-fund based)                          CARE AA-
R. G. Spinning Mills Pvt Ltd          LT Bk Fac          CARE BB        150     Reaffirmed
(enhanced from 8 CR)
Rex Sewing Machine Company Pvt Ltd    LT Bk Fac          CARE BB-       122.5   Issuer not
                                                                                cooperating
S A Iron And Alloys Pvt Ltd           LT Bk Fac          CARE BB        620     Issuer not
                                                                                cooperating
S. M. Autostar Pvt Ltd                LT Bk Fac          CARE B         85.6    Reaffirmed
Sahajanand Cotton Industries          LT Bk Fac          CARE B         56.4    Reaffirmed
Saija Finance Pvt Ltd                 NCD                CARE BBB-      234.5^  Reaffirmed
^equivalent USD 4 Mn
Saija Finance Pvt Ltd                 NCD                CARE BBB-      2       Reaffirmed
% equivalent of approximately USD 3.1 million
Saija Finance Pvt Ltd                 NCD                CARE BBB-      234.5*  Reaffirmed
*equivalent to approximately USD 3.5 million
Samudra Electronic System Pvt Ltd     LT Fundbased – CC  CARE A-(SO)*   40      Revised from
                                                                                CARE A (SO*)
*Based on the credit enhancement in the form of unconditional, irrevocable and continuing
corporate guarantee extended by SMC Infrastructure Pvt. Ltd. (SMCIPL) (rated CARE A-/CARE A2+)
to the lenders of Samudra Electronic System Private Limited (SESPL) 
Samudra Electronic System Pvt Ltd     LT Fundbased - TL  CARE A-(SO)*   32.8    Revised from
                                                                                CARE A (SO*)
*Based on the credit enhancement in the form of unconditional, irrevocable and continuing
corporate guarantee extended by SMC Infrastructure Pvt. Ltd. (SMCI
Satkar Travels Pvt Ltd                LT Bk Fac          CARE BB        55      Reaffirmed
Shiv Shakti Monolithics Pvt Ltd       LT Bk Fac          CARE BB-       50      Assigned
Shivaji Cane Processors Ltd           LT Bk Fac          CARE BB-       590     Assigned
Shivalik Mercantile Co-Operative Bank Issuer Rating      CARE BBB-(Is)  -       Reaffirmed
Ltd
Shyam Indus Power Solutions Pvt Ltd   LT Bk Fac          CARE BBB       625     Reaffirmed
(reduced from 65.00 CR)
Snj Synthetics Ltd                    LT Bk Fac          CARE BB        381.6   Reaffirmed
Srei Infrastructure Pvt Ltd           Unsecured          -              -       Withdrawn
                                      Subordinated Tier
                                      II NCDs-Series I
Srei Infrastructure Pvt Ltd           Unsecured          CARE A         10056.4 Reaffirmed
                                      Subordinated Tier
                                      II NCDs (Series II – VI)
Srei Infrastructure Pvt Ltd           LT Bk Fac          CARE A+        120231  Reaffirmed
(reduced from 12,030.03)
Srei Infrastructure Pvt Ltd           LT infrastructure  CARE A+        204     Reaffirmed
                                      bond
Srei Infrastructure Pvt Ltd           NCD issue- Series  CARE A+        13954   Reaffirmed
                                      I-V and VII-IX
Srei Infrastructure Pvt Ltd           Proposed Secured   CARE A+        12549.1 Reaffirmed
                                      Redeemable NCDs
Sugee Developer                       LT Bk Fac          -              -       Withdrawn
Sulson Overseas Pvt Ltd               LT Bk Fac          CARE B+        20      Assigned
Sunrise Polypack Pvt Ltd              LT Bk Fac          CARE BB        149.5   Issuer not
                                                                                cooperating
Supreme Hydro Engineering Pvt Ltd     LT Bk Fac          CARE BBB       463     Reaffirmed
Supreme Hydro Engineering Pvt Ltd     Long/ ST Bk Fac    CARE BBB /CARE 120     Reaffirmed
                                                         A3
Tamil Nadu Urban Finance And          LT Bk Fac          CARE BBB+      6000    Reaffirmed
Infrastructure Development Corporation
Ltd
(enhanced from 47.34 CR)
Tamil Nadu Urban Finance And          Issuer Rating*     CARE BBB+(Is)  -       Reaffirmed
Infrastructure Development Corporation
Ltd
*The Issuer Rating is subject to the company s overall gearing not exceeding 4.0x (projected
level as on 31-03-2018).
Terna Public Charitable Trust         LT Bk Fac          CARE BB        315.1   Revised from
                                                                                CARE BB-
Therelek Engineers Pvt Ltd            LT Bk Fac          CARE BB        271.5   Reaffirmed
(reduced from 27.70 CR)
Thrissur Expressway Ltd               LT Bk Fac          CARE BB-       5051.8  Assigned
Tufropes Pvt Ltd                      LT Bk Fac          CARE A+        78.8    Reaffirmed
Tufropes Pvt Ltd                      LT/ST Bk Fac       CARE A+ /CARE  300     Reaffirmed
                                                         A1
Unidrug Innovative Pharma TechnologiesLT Bk Fac          CARE BB        71      Issuer not
Ltd                                                                             cooperating
Venkatesh Associates                  LT Bk Fac          CARE B+        200     Reaffirmed
Vinsan Graphics                       LT Bk Fac          CARE BB-       95      Issuer not
                                                                                cooperating
Vishavaraj Infrastructure Ltd         LT Bk Fac          CARE BB+       905.1   Reaffirmed
Vivanta Realty                        LT Bk Fac          CARE BB-       99      Assigned
Weizmann Forex Ltd.                   LT Bk Fac – TL     CARE BBB+      166.3   Reaffirmed
(Reduced from 22.40 CR)
Weizmann Forex Ltd.                   LT Bk Fac –        CARE BBB+      2055    Reaffirmed
                                      Working Capital
(Enhanced from 195.50 CR)
Western Andhra Tollways Ltd (ErstwhileLT Bk Fac@         CARE AA-(SO)   1263.1  Reaffirmed
L&T Western Andhra Tollways Ltd)
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely Western Andhra Tollways Limited (WATL), Krishnagiri Thopur Toll Road Limited (KTTL) and
Devihalli Hassan Tollway Limited (DHTL)) have given undertakings which irrevocably and
unconditionally guarantee to the lenders that in case of short-fall in any of the three SPVs,
the other two SPVs shall transfer surplus funds to meet the short-fall. 
Western Andhra Tollways Ltd (ErstwhileNCD@               CARE AA-(SO)   975     Reaffirmed
L&T Western Andhra Tollways Ltd)
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely Western Andhra Tollways Limited (WATL), Krishnagiri Thopur Toll Road Limited (KTTL) and
Devihalli Hassan Tollway Limited (DHTL)) have given undertakings which irrevocably and
unconditionally guarantee to the lenders that in case of short-fall in any of the three SPVs,
the other two SPVs shall transfer surplus funds to meet the short-fall. 
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)

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