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CARE ratings for Indian debt instruments-May 22
May 22, 2017 / 3:45 AM / 7 months ago

CARE ratings for Indian debt instruments-May 22

    May 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 19, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Baramati Agro Ltd                     ST Bk Fac          CARE A2        200     Assigned
Godavari Drugs Ltd                    ST Bk Fac          CARE A4        150     Revised from
                                                                                CARE A4+
Issuer not cooperating

Neolite Buildcon Pvt Ltd              ST Bk Fac          CARE A4        5       Assigned
Prime Star                            ST Bk Fac          CARE A4        100     Assigned
R.K. Industries                       ST Bk Fac          CARE A4        6       Assigned
Shashwat Cleantech Pvt Ltd            ST Bk Fac#         CARE A3 (SO)   90      Assigned
# The above facilities are backed by unconditional and irrevocable corporate guarantee extended
by Rajesh Power Services Private Limited

LONG TERM RATINGS:
-------------------
Arena Superstructure Pvt Ltd          LT Bk Fac          CARE BB+       2350    Assigned
Baramati Agro Ltd                     LT Bk Fac          CARE A-        6836.8  Reaffirmed
Baramati Agro Ltd                     Bk Fac             CARE A- /A2    1868    Assigned
Godavari Drugs Ltd                    LT Bk Fac          CARE BB        60      Revised from
                                                                                CARE BB+
Issuer not cooperating
Jodhpur Pali Expressway Ltd           LT Bk Fac (TL) @   --                     Withdrawn
@ the above term loans were backed by unconditional and irrevocable corporate guarantee extended
by G R Infraprojects Ltd.
M.P. Associates                       LT Bk Fac – TL     CARE B+        800     Reaffirmed
Matrubhoomi Developers                LT Bk Fac          CARE BB        300     Assigned
Microtex Fashion Industries           LT Bk Fac          CARE D         72.3    Revised from
                                                                                CARE B+
Milan Pipe Industries                 LT Bk Fac          CARE B+        62.5    Assigned
Neolite Buildcon Pvt Ltd              LT Bk Fac          CARE B         144.8   Assigned
Path Oriental Highways Ltd            LT Bk Fac@         CARE BBB+ (SO) 289.1   Revised from
                                                                                CARE A- (SO)
enhanced from Rs.23.50 CR; @ Backed by joint, several, unconditional and irrevocable corporate
guarantee extended by Oriental Structural Engineers Pvt. Ltd.
R.K. Industries                       LT Bk Fac          CARE B+        51      Assigned
Royal Orchid Hotels Ltd               LT Bk Fac          CARE BBB-      500     Assigned
S.D. Corporation Pvt Ltd              Proposed LT – NCD^ CARE AA+ (SO)  3000    Provisional
^ credit enhancement in the form of an unconditional, irrevocable and revolving DSRA Guarantee
provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA+, Stable)
Shashwat Cleantech Pvt Ltd            Bk Fac#            CARE BBB- (SO) 150     Assigned
                                                         /A3 (SO)
# The above facilities are backed by unconditional and irrevocable corporate guarantee extended
by Rajesh Power Services Private Limited
Shri Sidhi Vinayak Sarees             LT Bk Fac          CARE B+        60      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 rru.data@thomsonreuters.com)

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