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CARE ratings for Indian debt instruments-Jun 30
June 30, 2017 / 3:57 AM / 5 months ago

CARE ratings for Indian debt instruments-Jun 30

    Jun 30 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 29, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
-------                               ----------         ------        -------  ---------
Cera Sanitaryware Ltd                 ST Bk Fac          CARE A1+       230     Reaffirmed
Fashion Gate                          ST Bk Fac          CARE AA        50      Reaffirmed
Il&Fs Engineering And Construction Co.Proposed CP (CP)   CARE A1+(SO)   1000    Assigned
Ltd                                   issue@*
@ credit enhancement in the form of an Unconditional and Irrevocable Line of Credit (LOC) as a
liquidity back-up arrangement from the parent i.e. IL&FS Ltd.
*Ratings shall remain provisional till the receipt of the executed copies of the transaction
documents such as Final Term sheet, Line of
Credit Sanction Letter from IL&FS Ltd. along with Independent Legal Opinion to the satisfaction
of CARE.    

Raghav Cotspin Pvt Ltd                ST Bk Fac          CARE A4        30      Assigned

Agarwal Reclaim And Rubber Products   LT Bk Fac          CARE BB-       108.6   Revised from
Pvt Ltd                                                                         CARE D
(reduced from 11.50 CR)
Cera Sanitaryware Ltd                 LT Bk Fac          CARE AA        548.9   Reaffirmed
(Reduced from 62.45 CR)
Cera Sanitaryware Ltd                 LT/ST Bk Fac       CARE AA /      220     Reaffirmed
                                                         CARE A1+
Fashion Gate                          LT Bk Fac          CARE BB        43      Reaffirmed
(reduced from 5.40 CR)
Pune Municipal Corporation            NCD                CARE AA+       2000    Reaffirmed
Raghav Cotspin Pvt Ltd                LT Bk Fac          CARE BB-       515     Assigned
Raghav Cotspin Pvt Ltd                LT/ST Bk Fac       CARE BB- /     28.5    Assigned
                                                         CARE A4
Seven Hills Educational And Health    LT Bk Fac          CARE BB-       188.6   Assigned
care Society
Sri Laxmi Vinayaka Agro Foods         LT Bk Fac          CARE B+        158     Assigned
Swathi Sunsoure Power Pvt Ltd         LT Bk Fac          CARE BB-       140     Assigned
Swathi Sunsoure Power Pvt Ltd         LT/ST Bk Fac       CARE BB- /     60      Assigned
                                                         CARE A4
Visage Holdings And Finance Pvt Ltd   Proposed NCD       CARE BBB-      120     Assigned
$: 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

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