July 10, 2017 / 6:11 AM / a month ago

CARE ratings for Indian debt instruments-Jul 10

    Jul 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 7, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Coastal Aqua Pvt Ltd                  ST Bk Fac          CARE A4        22      Assigned
Cox And Kings Ltd                     CP issue           CARE A1+       375     Reaffirmed
Cox And Kings Ltd                     CP Issue (carved   CARE A1+       1397    Reaffirmed
                                      out)*

*Carved out of the sanctioned working capital limits of the company
Deep Industries Ltd                   ST Bk Fac          CARE A1        2.17    Reaffirmed
Excel Metal Processors Pvt Ltd        ST Bk Fac          CARE D         20      Revised from
                                                                                CARE A3
Eram Motors Pvt Ltd                   ST Bk Fac          CARE A4        9       Assigned
Feedback Energy Distribution Co. Ltd  ST Bk Fac@         CARE A3+(SO)   42.5    Revised from
                                                                                CARE A3 (SO)
@ The ratings are based on the credit enhancement in the form of corporate guarantee from
Feedback Infra Private Limited (rated CARE BBB+; Stable / CARE A3+).
Feedback Infra Pvt Ltd                ST Bk Fac          CARE A3+       70      Revised from
                                                                                CARE A3
H.S. Mehta Infra Pvt Ltd              ST Bk Fac          CARE A4        38      Issuer not
                                                                                cooperating
Hinduja Leyland Finance Ltd           NCD issue-I        CARE A1+       -       Withdrawn
Igenius Life Science Llp              ST Bk Fac          CARE A4        0.5     Assigned
J.K. Fenner (India) Ltd               Proposed CP        CARE A1+       60      Assigned
                                      (carved out)*
* carved out of the sanctioned working capital limits of the company
Krishna Overseas                      ST Bk Fac          CARE A4        8.4     Assigned
L&T Finance Ltd. (Erstwhile Family    CP issue           CARE A1+       16500   Reaffirmed
Credit Ltd)
Link Enterprises                      ST Bk Fac          CARE A4        8.3     Reaffirmed
M. S. Ramaiah Developers & Builders PvST Bk Fac          CARE A3+       18      Reaffirmed
Ltd Ratings
Saksoft Ltd                           ST Bk Fac          CARE A3+       20      Reaffirmed
Saraf Foods Ltd                       ST Bk Fac          CARE A4+       0.73    Revised from
                                                                                CARE A4
Shiv Polymers                         ST Bk Fac          CARE A4        25      Assigned
Shriram City Union Finance Ltd        CP                 CARE A1+       2000    Reaffirmed
Shriram Housing Finance Ltd           CP (CP) issue      CARE A1+       200     Reaffirmed
Siddhivinayak Agro Industries         ST Bk Fac          CARE A4        0.2     Reaffirmed
Steelcast Ltd                         ST Bk Fac          CARE A3        6       Reaffirmed
Victora Tool Engineers Pvt Ltd        ST Bk Fac          CARE A3        1.85    Assigned
Western India Metal Processors Ltd    ST Bk Fac          CARE D         23      Revised from
                                                                                CARE A4




MEDIUM TERM RATINGS:
-------------------
Shriram City Union Finance Ltd        Fixed Deposit      CARE AA+ (FD)  10      Reaffirmed
Small Industries Development Bank Of  Fixed Deposit      CARE AAA (FD)  5000    Reaffirmed
India                                 Program


LONG TERM RATINGS:
-------------------
Achintya Solar Power Ltd              LT Bk Fac^         CARE A+        107.2   Assigned
^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited
(GEPL; rated CARE A+; Stable/CARE A1+). The lenders may consider release of Corporate Guarantee
after meeting the following conditions 
a. Satisfactory performance of 2 years after the COD
b. Creation and perfection of security interest on the security as per the terms of rupee term
loan agreement and other finance documents. 
c. Transfer of 100% of the issued and paid up share capital of borrower in favour of sponsors or
any group company of the sponsors, as may be approved and acceptable to the lenders and subject
always to the condition that such entity shall have executed a deed of guarantee in favor of
security trustee, in form and manner acceptable to lenders 
d. Borrower maintaining minimum credit rating of BBB on a standalone basis 
e. The borrower achieving and maintaining minimum DSCR and average DSCR as per the terms of base
case plan
Achintya Solar Power Ltd              Long/ST Bk Fac^    CARE A+/A1+    6       Assigned
^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited
(GEPL; rated CARE A+; Stable/CARE A1+). The lenders may consider release of Corporate Guarantee
after meeting the following conditions 
a. Satisfactory performance of 2 years after the COD
b. Creation and perfection of security interest on the security as per the terms of rupee term
loan agreement and other finance documents. 
c. Transfer of 100% of the issued and paid up share capital of borrower in favour of sponsors or
any group company of the sponsors, as may be approved and acceptable to the lenders and subject
always to the condition that such entity shall have executed a deed of guarantee in favor of
security trustee, in form and manner acceptable to lenders 
d. Borrower maintaining minimum credit rating of BBB on a standalone basis 
e. The borrower achieving and maintaining minimum DSCR and average DSCR as per the terms of base
case plan
Appu Hotels Ltd                       NCD                CARE B+        42.15   -
Azure Solar Solutions Pvt Ltd         LT Bk Fac          CARE A-        21.71   Revised from
                                                                                CARE BBB
Bscpl Aurang Tollway Ltd              LT Bk Fac          CARE BB+       856     Assigned
Coastal Aqua Pvt Ltd                  LT Bk Fac          CARE BB+       6       Assigned
Cox And Kings Ltd                     Issuer Rating#     CARE AA        -       Reaffirmed
#The Issuer Rating would be subject to overall gearing not exceeding 1.15 times (Level as of
31st March 2017)
Cox And Kings Ltd                     LT Bk Fac          CARE AA        1537    Reaffirmed
Cox And Kings Ltd                     NCDs               CARE AA        800     Reaffirmed
Deep Industries Ltd                   LT Bk Fac          CARE A         305.02  Reaffirmed
Deep Industries Ltd                   LT / ST Bk Fac     CARE A/A1      90      Reaffirmed
Devkinandan J. Gupta Metals Llp       LT/ ST Bk Fac      CARE BB+/A4+   65      Reaffirmed
Equitas Small Finance Bank Ltd        NCDs Issue II      -              -       Withdrawn
                                      (EMFL)
Equitas Small Finance Bank Ltd        NCD Issue III      -              -       Withdrawn
                                      (EMFL)
Equitas Small Finance Bank Ltd        NCD Issue IV (EMFL)-              -       Withdrawn
Equitas Small Finance Bank Ltd        NCD Issue I (EFL)  CARE A+;       609.82
 Reaffirmed
Equitas Small Finance Bank Ltd        NCDs Issue II (EFL)CARE A+;       50      Reaffirmed
Equitas Small Finance Bank Ltd        NCDs Issue III     CARE A+;       19.33
  Reaffirmed
                                      (EFL)
Equitas Small Finance Bank Ltd        NCDs Issue IV (EFL)CARE A+;       500     Reaffirmed
Equitas Small Finance Bank Ltd        NCD Issue I (EMFL) CARE A+;       750     Reaffirmed
Equitas Small Finance Bank Ltd        NCD Issue V (EMFL) CARE A+;       60      Reaffirmed
Equitas Small Finance Bank Ltd        Subordinate Debt   CARE A+;       75      Reaffirmed
                                      (EMFL)
Equitas Small Finance Bank Ltd        LT Bk Fac          CARE A+;       30      Reaffirmed
Eram Motors Pvt Ltd                   LT Bk Fac          CARE BB-       17      Assigned
Excel Metal Processors Pvt Ltd        LT Bk Fac          CARE D         38.12   Revised from
                                                                                CARE BBB-
Feedback Brisa Highways Omt Pvt Ltd   LT Bk Fac@         CARE BBB+      11      Revised from
                                                                                CARE BBB- (SO)
@ The ratings are based on the credit enhancement in the form of corporate guarantee from
Feedback Infra Private Limited (rated CARE BBB+; Stable / CARE A3+).
Feedback Brisa Highways Omt Pvt Ltd   LT/ ST Bk Fac@     CARE BBB+/A3+  15      Revised from
                                                                                CARE BBB-
                                                                                (SO)/A3
@ The ratings are based on the credit enhancement in the form of corporate guarantee from
Feedback Infra Private Limited (rated CARE BBB+; Stable / CARE A3+).

Feedback Energy Distribution Co. Ltd  LT Bk Fac@         CARE BBB+(SO)  50      Revised from
                                                                                CARE BBB- (SO)
@ The ratings are based on the credit enhancement in the form of corporate guarantee from
Feedback Infra Private Limited (rated CARE BBB+; Stable / CARE A3+).
Feedback Energy Distribution Co. Ltd  NCD issue#         CARE BBB+(SO)  50      Revised from
                                                                                CARE BBB- (SO)
# The rating is based on the credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Feedback Infra Private Limited (rated CARE BBB+; Stable / CARE A3+).

Feedback Energy Distribution Co. Ltd  LT/ ST Bk Fac@     CARE BBB+(SO)  19      Revised from
                                                         /CARE A3+              CARE BBB-
                                                                                (SO)/A3
@ The ratings are based on the credit enhancement in the form of corporate guarantee from
Feedback Infra Private Limited (rated CARE BBB+; Stable / CARE A3+).
Feedback Infra Pvt Ltd                LT Bk Fac          CARE BBB+      154.5   Revised from
                                                                                CARE BBB-
Feedback Infra Pvt Ltd                LT – Compulsorily  CARE BBB+      200     Assigned
                                      Convertible
                                      Debentures
Feedback Infra Pvt Ltd                LT/ST Bk Fac       CARE BBB+/A3+  137     Revised from
                                                                                CARE BBB-/A3
Globetrotters Educational InnoventionsLT Bk Fac          CARE BBB-      12.55   Reaffirmed
Pvt Ltd
Gwalior Distilleries Ltd              LT Bk Facility     CARE D         37.5    Revised from
                                                                                CARE B+
H.S. Mehta Infra Pvt Ltd              LT Bk Fac          CARE BB        35      Issuer not
                                                                                cooperating
Harsha Abakus Solar Pvt Ltd           LT Bk Fac          CARE BBB       41      Assigned
Harsha Abakus Solar Pvt Ltd           Long- Term/ST Bk   CARE BBB /CARE 230.67  Reaffirmed
                                      Fac                A3
Hinduja Leyland Finance Ltd           NCD issue-II       CARE AA-       500     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-III      CARE AA-       250     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-IV       CARE AA-       500     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-V        CARE AA-       500     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-VI       CARE AA-       200     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-VII      CARE AA-       100     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-VIII     CARE AA-       50      Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-IX       CARE AA-       60      Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-X        CARE AA-       100     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-XI       CARE AA-       200     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-XII      CARE AA-       50      Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-XIII     CARE AA-       200     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-XIV      CARE AA-       50      Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           NCD issue-XV       CARE AA-       50      Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           Subordinated Debt  CARE AA-       300     Revised from
                                      issue - I                                 CARE A+
Hinduja Leyland Finance Ltd           Subordinated Debt  CARE AA-       180     Revised from
                                      issue - II                                CARE A+
Hinduja Leyland Finance Ltd           CP issue           CARE AA-       750     Revised from
                                                                                CARE A+
Hinduja Leyland Finance Ltd           LT Bk Fac          CARE AA-       9703    Revised from
                                                                                CARE A+
Igenius Life Science Llp              LT Bk Fac          CARE B         18      Assigned
Indian Bank                           Basel III          CARE AA+       1000    Revised from
                                      Compliant                                 CARE AA
                                      Additional Tier I Perpetual Bond @
@ CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as below: 
-The bank has full discretion at all times to cancel coupon payments. 
-The coupon is to be paid out of current year profits. However, if the current years profits are
not sufficient, coupon payment may be paid subject to availability of sufficient revenue
reserves and/or credit balance in profit and loss account provided the bank meets the minimum
regulatory requirements for Common Equity Tier I [CET I], Tier I and Total Capital Ratios at all
times and subject to the requirements of capital buffer frameworks as prescribed by the Reserve
Bank of India      . 
-The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5%
before March 31, 2019, and 6.125% on and after March 31, 2019, or written-off / converted into
common equity shares on occurrence of trigger event called point of non-viability (PONV). The
PONV trigger shall be determined by RBI.
Indian Bank                           Tier II Bond       CARE AAA;      1000    Reaffirmed
                                      (Basel III
                                      compliant)#
#Tier II Bonds under Basel III are characterized by a Point of Non-Viability (PONV) trigger due
to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Jawandamal Dhannamal                  LT/ ST Bk Fac      CARE BB+/A4+   65      Reaffirmed
Lakshmi Vilas Bank Ltd                Lower Tier II BondsCARE A-        250     Reaffirmed
Lakshmi Vilas Bank Ltd                Tier II Bonds      CARE A-        78.1    Reaffirmed
                                      (Basel III
                                      Compliant) –I
Lakshmi Vilas Bank Ltd                Tier II Bonds      CARE A-        140.1   Reaffirmed
                                      (Basel III
                                      Compliant) –II
Lakshmi Vilas Bank Ltd                Tier II Bonds      CARE A-        100     Reaffirmed
                                      (Basel III
                                      Compliant) –III
Link Enterprises                      LT Bk Fac          CARE B+        4.61    Reaffirmed
M. S. Ramaiah Developers & Builders PvLT Bk Fac Lease    CARE BBB+      155     Assigned
Ltd Ratings                           Rental Discounting
                                      (LRD
M. S. Ramaiah Developers & Builders PvLT Bk Fac          CARE BBB+      145     Reaffirmed
Ltd Ratings
Mangalam Cement Ltd                   LT Bk Fac          CARE AA-       458.3   Reaffirmed
Mangalam Cement Ltd                   Long/ST Bk Fac     CARE AA-/A1+   125     Reaffirmed
Nirmaan Rmbs Trust – Series Iii – 2017Series A Pass      ProvCARE AAA   876.46  Assigned
                                      Through Certificate
Nuclear Power Corporation Of India    LT Bk Fac          CARE AAA       4700    Reaffirmed
Nuclear Power Corporation Of India    LT NCD -1          CARE AAA       1469.2  Reaffirmed
Nuclear Power Corporation Of India    LT NCD -2          CARE AAA       1500    Reaffirmed
Nuclear Power Corporation Of India    LT NCD -3          CARE AAA       2000    Reaffirmed
Nuclear Power Corporation Of India    LT NCD -4          CARE AAA       2200    Reaffirmed
Nuclear Power Corporation Of India    LT NCD -5          CARE AAA       2200    Reaffirmed
Nuclear Power Corporation Of India    LT NCD -6          CARE AAA       3500    Reaffirmed
Nuclear Power Corporation Of India    LT NCD -7          CARE AAA       2000    Reaffirmed
Nuclear Power Corporation Of India    LT NCD -8          CARE AAA       2500    Reaffirmed
Oriental Pathways (Agra) Pvt Ltd      LT Bk Fac          CARE A+        78.66   Revised from
                                                                                CARE BB
Saksoft Ltd                           LT Bk Fac          CARE BBB+      28.75   Reaffirmed
Saraf Foods Ltd                       LT Bk Fac          CARE BB+       6.41    Revised from
                                                                                CARE BB
Saraf Foods Ltd                       LT/ST Bk Fac       CARE BB+/A4+;  6.25    Revised from
                                                                                CARE BB/A4
Shiv Polymers                         LT / ST Bk Fac     CARE BB-       5       Assigned
Shiv Shakti Sponge Iron Ltd           LT Bk Fac          -              -       Withdrawn
Shriram City Union Finance Ltd        NCD – XI           -              -       Withdrawn
Shriram City Union Finance Ltd        NCD –XIII          -              -       Withdrawn
Shriram City Union Finance Ltd        NCD -III           CARE AA+       35.67   Reaffirmed
Shriram City Union Finance Ltd        NCD -VI            CARE AA+       31.5    Reaffirmed
Shriram City Union Finance Ltd        NCD -VII           CARE AA+       111     Reaffirmed
Shriram City Union Finance Ltd        NCD -VIII          CARE AA+       85.60   Reaffirmed
Shriram City Union Finance Ltd        NCD -IX            CARE AA+       95.15   Reaffirmed
Shriram City Union Finance Ltd        NCD -X             CARE AA+       100     Reaffirmed
Shriram City Union Finance Ltd        NCD -XII           CARE AA+       100     Reaffirmed
Shriram City Union Finance Ltd        NCD -XIV           CARE AA+       2.7     Reaffirmed
Shriram City Union Finance Ltd        NCD -XV            CARE AA+       35      Reaffirmed
Shriram City Union Finance Ltd        NCD -XVI           CARE AA+       75.00   Reaffirmed
Shriram City Union Finance Ltd        NCD -XVII          CARE AA+       175     Reaffirmed
Shriram City Union Finance Ltd        NCD -VIII          CARE AA+       100     Reaffirmed
Shriram City Union Finance Ltd        NCD -XIX           CARE AA+       115     Reaffirmed
Shriram City Union Finance Ltd        NCD -XX            CARE AA+       355     Reaffirmed
Shriram City Union Finance Ltd        NCD -XXI           CARE AA+       135     Reaffirmed
Shriram City Union Finance Ltd        Sub-debt - I       CARE AA+       145.35  Reaffirmed
Shriram City Union Finance Ltd        Sub-debt – II      CARE AA+       100     Reaffirmed
Shriram City Union Finance Ltd        Sub-debt – III     CARE AA+       60      Reaffirmed
Shriram Housing Finance Ltd           NCDs – I           CARE AA+       100     Reaffirmed
Shriram Housing Finance Ltd           NCDs – II          CARE AA+       14      Reaffirmed
Shriram Housing Finance Ltd           NCDs – III         CARE AA+       100     Reaffirmed
Shriram Housing Finance Ltd           NCDs – IV          CARE AA+       20      Reaffirmed
Shriram Housing Finance Ltd           NCDs – V           CARE AA+       50      Reaffirmed
Shriram Housing Finance Ltd           NCDs – VI          CARE AA+       30      Reaffirmed
Shriram Housing Finance Ltd           NCDs – VII         CARE AA+       500     Reaffirmed
Siddhivinayak Agro Industries         LT Bk Fac          CARE BB-       10      Revised from
                                                                                CARE B+
Small Industries Development Bank Of  Unsecured Bonds    CARE AAA       17950   Reaffirmed
India
Small Industries Development Bank Of  RIDF Deposits      CARE AAA       38000   Reaffirmed
India
Small Industries Development Bank Of  Issuer Rating      CARE AAA       -       Reaffirmed
India
Small Industries Development Bank Of  CP/ CD program     CARE AAA/A1+   21600   Reaffirmed
India
Steelcast Ltd                         LT Bk Fac          CARE BBB-      21.26   Reaffirmed
Steelcast Ltd                         LT/ST Bk Fac       CARE BBB-/CARE 59.65   Reaffirmed
                                                         A3
Step By Step Shiksha Samiti           LT Bk Fac          CARE BBB       21.87   Reaffirmed

Suvarchas Solar Power Ltd             LT Bk Fac^         CARE A+        53.6    Assigned
^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited
(GEPL; rated CARE A+; Stable/CARE A1+). The lenders may consider release of Corporate Guarantee
after meeting the following conditions 
a. Satisfactory performance of 2 years after the COD
b. Creation and perfection of security interest on the security as per the terms of rupee term
loan agreement and other finance documents. 
c. Transfer of 100% of the issued and paid up share capital of borrower in favour of sponsors or
any group company of the sponsors, as may be approved and acceptable to the lenders and subject
always to the condition that such entity shall have executed a deed of guarantee in favor of
security trustee, in form and manner acceptable to lenders 
d. Borrower maintaining minimum credit rating of BBB on a standalone basis 
e. The borrower achieving and maintaining minimum DSCR and average DSCR as per the terms of base
case plan
Suvarchas Solar Power Ltd             Long/ST Bk Fac^    CARE A+/A1+    3       Assigned
^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited
(GEPL; rated CARE A+; Stable/CARE A1+). The lenders may consider release of Corporate Guarantee
after meeting the following conditions 
a. Satisfactory performance of 2 years after the COD
b. Creation and perfection of security interest on the security as per the terms of rupee term
loan agreement and other finance documents. 
c. Transfer of 100% of the issued and paid up share capital of borrower in favour of sponsors or
any group company of the sponsors, as may be approved and acceptable to the lenders and subject
always to the condition that such entity shall have executed a deed of guarantee in favor of
security trustee, in form and manner acceptable to lenders 
d. Borrower maintaining minimum credit rating of BBB on a standalone basis 
e. The borrower achieving and maintaining minimum DSCR and average DSCR as per the terms of base
case plan
Uco Bank                              Upper Tier II BondsCARE A         320     Revised from
                                                                                CARE A+
Uco Bank                              Lower Tier II BondsCARE A+        375     Revised from
                                                                                CARE AA-
United Bank Of India                  Lower Tier II      -              -       Withdrawn
                                      Unsecured
                                      Subordinated Basel II compliant Bonds (Series V)
United Bank Of India                  Upper Tier II      -              -       Withdrawn
                                      Unsecured
                                      Subordinated Bonds (Series I)
Uti Mutual Fund                       UTI-Treasury       CARE AAAmfs    -       Reaffirmed
                                      Advantage Fund
Uti Mutual Fund                       UTI – ST Income    CARE AAAmfs    -       Reaffirmed
                                      Fund
Victora Tool Engineers Pvt Ltd        LT Bk Fac          CARE BBB       120.15  Assigned
Vishvarupa Solar Power Ltd            LT Bk Fac^         CARE A+        53.6    Assigned
^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited
(GEPL; rated  CARE A+; Stable/CARE A1+ ). The lenders may consider release of Corporate
Guarantee after meeting the following conditions
a. Satisfactory performance of 2 years after the COD 
b. Creation and perfection of security interest on the security as per the terms of rupee term
loan agreement and other finance documents. 
c. Transfer of 100% of the issued and paid up share capital of borrower in favour of sponsors or
any group company of the sponsors, as may be approved and acceptable to the lenders and subject
always to the condition that such entity shall have executed a deed of guarantee in favor of
security trustee, in form and manner acceptable to lenders 
d. Borrower maintaining minimum credit rating of BBB on a standalone basis 
e. The borrower achieving and maintaining minimum DSCR and average DSCR as per the terms of base
case plan
Vishvarupa Solar Power Ltd            Long/ST Bk Fac^    CARE A+/A1+    3       Assigned
^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited
(GEPL; rated  CARE A+; Stable/CARE A1+ ). The lenders may consider release of Corporate
Guarantee after meeting the following conditions
a. Satisfactory performance of 2 years after the COD 
b. Creation and perfection of security interest on the security as per the terms of rupee term
loan agreement and other finance documents. 
c. Transfer of 100% of the issued and paid up share capital of borrower in favour of sponsors or
any group company of the sponsors, as may be approved and acceptable to the lenders and subject
always to the condition that such entity shall have executed a deed of guarantee in favor of
security trustee, in form and manner acceptable to lenders 
d. Borrower maintaining minimum credit rating of BBB on a standalone basis 
e. The borrower achieving and maintaining minimum DSCR and average DSCR as per the terms of base
case plan
Western India Metal Processors Ltd    LT Bk Fac          CARE D         70      Revised from
                                                                                CARE BB

--------------------------------------------------------------------------------------------
$: 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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