December 28, 2018 / 3:52 PM / 3 months ago

CARE ratings for Indian debt instruments-Dec 28

   Dec 28 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 27, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aegis Gas (Lpg) Pvt Ltd               ST Bk Fac          CARE A1+ (SO)  240     Reaffirmed
Agri Till India                       ST Bk Fac          -              -       Withdrawn
Ansari And Company                    ST Bk Fac          CARE A4        20      Assigned
Aradhya Steel Pvt Ltd                 ST Bk Fac          CARE A3        564     Reaffirmed
B. S. Enterprise                      ST Bk Fac          CARE A4+       3       Reaffirmed

Bardhaman Agro Products(I) Pvt Ltd    ST Bk Fac          CARE A4        2       -
(Issuer not Cooperating)
Barmer Lignite Mining Co. Ltd         ST Bk Fac –        CARE A3        250     Reaffirmed
                                      Non-fund based
Bhimani Chemicals Pvt Ltd             ST Bk Fac          CARE A3        60      Reaffirmed
Cords Cable Industries Ltd.           ST Bk Fac- Fund    CARE A3        180     Reaffirmed
                                      Based
Cords Cable Industries Ltd.           ST Bk Fac- Non     CARE A3        70      Reaffirmed
                                      Fund Based
Creative Casuals India Pvt Ltd        ST Bk Fac (Non     CARE A4+       60      Reaffirmed
                                      Fund Based)
                                      (FC/LC/BG)
Diamond Exports- Panipat              ST Bk Fac          CARE A4        70      Reaffirmed
En En Electrical Engineers Pvt Ltd    ST Bk Fac          CARE A4        47.5    Reaffirmed
(enhanced from Rs.2.60 Crore)
Exel Rubber Ltd                       ST Bk Fac          CARE A1+       741.5   Reaffirmed
(enhanced from Rs.55.15 crore Crore)
Galacon Infrastructue And Projects PvtST Bk Fac          CARE A4+       90      Revised from
Ltd                                                                             CARE A4
Gulshan Polyols Ltd                   ST BkFac           CARE A1+       32.5    Reaffirmed
(reduced from 5.56 Crore)
Hari Equipments Pvt Ltd               ST Bk Fac          CARE A3        100     Reaffirmed
Qutone Tiles Pvt Ltd                  ST Bk Fac          -              -       Withdrawn
Hero Wiretex Pvt Ltd                  ST Bk Fac          CARE A4        150     -
(Issuer not Cooperating)
Himadri Speciality Chemical Ltd       CP^                CARE A1+       3000    Reaffirmed
(Enhanced from 150.00 Crore). 
^ The aggregate of CP and other working capital borrowings shall be within the 
sanctioned drawable fund based working capital limits. 
Inter Gold (India) Pvt Ltd            ST Bk Fac          CARE A2+       5       Reaffirmed
Jaishree Exports                      ST Bk Fac          CARE A4        102.5   Assigned
Jocil Ltd                             ST Bk Fac          CARE A2        180     Reaffirmed
(enhanced from 15.00 Crore)
Jsw Power Trading Co. Ltd             ST Bk Fac          CARE A2+       750     Reaffirmed
                                      (Non-Fund Based)
(reduced from Rs 225 crore Crore)
Kashi Vishwanath Steels Pvt Ltd       ST Bk Fac          CARE A3+       130     Revised from
                                                                                CARE A3
Kedarnath Commotrade Pvt Ltd          ST Bk Fac          CARE A3        200     Reaffirmed
Knack Packaging Pvt Ltd               ST Bk Fac          CARE A3+       50      Reaffirmed
Knit Prime                            ST Bk Fac          CARE A4        38      Reaffirmed
Konark Synthetic Ltd                  ST Bk Fac          CARE A4        97      Assigned
Kuantum Papers Ltd                    ST Bk Fac          CARE A2+       715.5   Reaffirmed
Manaj Infraconstruction Ltd           ST BkFac           CARE A2+ (SO)  105     Reaffirmed
Muthoot Homefin (India) Ltd           CP                 CARE A1+       5000    Reaffirmed
Narayani Ispat Ltd                    ST Bk Fac          CARE A3        335     Reaffirmed
Narayani Steels Ltd                   ST Bk Fac          CARE A3        1000    Reaffirmed
Nava Bharat Energy India Ltd          ST BkFac LT BkFac  CARE A3        200     Removed from
                                                                                credit watch
(reduced from 62.50 Crore) -
Nehru College Of Educational And      ST Bk Fac          CARE A3+       150     Reaffirmed
Charitable Trust
Njr Construction Pvt Ltd              ST BkFac           CARE A4+       330     -
(Issuer not Cooperating)
Qutone Ceramic Pvt Ltd                ST BkFac           CARE A2        172.4   Assigned
Satya Prakash Builders Ltd            ST Bk Fac          CARE A4        50      Reaffirmed
Shiva Mills Ltd                       ST Bk Fac          CARE A3        451     Reaffirmed
Shree Cement Ltd                      CP $               CARE A1+       6000    Reaffirmed
(enhanced from 300.00 Crore). 
$The aggregate of CP and other working capital borrowings shall be within the
 sanctioned working capital limits 
Shri Narsimha Saraswati Medical       ST Bk Fac          CARE A4        14.5    Assigned
Foundation
Super Spinning Mills Ltd              ST Bk Fac          CARE A4        484     Reaffirmed
Surya Equipments Pvt Ltd              Short -term Bk Fac CARE A4+       21      Assigned
Symega Food Ingredients Ltd           ST Bk Fac (Federal CARE A2        15      Reaffirmed
                                      Bk)

MEDIUM TERM RATINGS:
-------------------
Jocil Ltd                             Fixed Deposit      CARE A2 (FD)   200     Reaffirmed
                                      programme
Kuantum Papers Ltd                    LT/Medium-term     CARE A- (FD)   450     Reaffirmed
                                      Fixed deposits

LONG TERM RATINGS:
-------------------
3B Binani Glassfibre Sarl             LT Bk Fac          CARE D         15742.6 Reaffirmed
3B Fibreglass Norway As               LT Bk Fac          CARE BB        261.7   Reaffirmed
3B Fibreglass Sprl                    LT Bk Fac          CARE BB        806.2   Reaffirmed
Achintya Solar Power Ltd              LT Bk Fac*         CARE A+ (SO)   984.2   Reaffirmed
(reduced from 106.35 Crore).
*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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security 
as per the terms of rupee term loan agreement and other finance documents
- 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
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and average DSCR as 
per the terms of base case plan 
Achintya Solar Power Ltd              LT/ST BkFac*       CARE A+        60      Reaffirmed
                                                         (SO)/CARE A1+
*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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security 
as per the terms of rupee term loan agreement and other finance documents
- 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
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and average DSCR as 
per the terms of base case plan 
Aegis Gas (Lpg) Pvt Ltd               NCDs               -              -       Withdrawn
Aegis Gas (Lpg) Pvt Ltd               LT Bk Fac          CARE AA (SO)   150     Reaffirmed
Aegis Logistics Ltd                   NCDs               CARE AA        167     Reaffirmed
(Reduced from Rs.25.00 crore Crore)
Aegis Logistics Ltd                   LT Bk Fac ST Bk    CARE AA/CARE   3432    Reaffirmed
                                      Fac                A1+
(Enhanced from Rs.274.21 crore Crore) 496.98
Agri Till India                       LT Bk Fac          -              -       Withdrawn
Animala Wind Power Pvt Ltd            LT Bk Fac*         CARE A+ (SO)   4474.2  Reaffirmed
(reduced from 500.00 Crore). 
*Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
The lenders shall be entitled to retain the guarantee till the time lenders
are satisfied about the performance of the project for a continuous period 
of two years after the Commercial Operations Date (COD) pursuant to which
the lenders at their own discretion issue No Objection Certificate (NOC) 
for discharge of the guarantee. 
Energies Private Limited (GEPL;
rated CARE A+;
Ansari And Company                    LT Bk Fac          CARE B+        50      Assigned
Aradhya Steel Pvt Ltd                 LT Bk Fac          CARE BBB       1510.5  Reaffirmed
Ashwini Finance Pvt Ltd               Issuer Rating      CARE BB-       -       Assigned
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   16310   Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   3140    Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          ProCARE AA+(SO)2550    Reaffirmed
Axis Wind Farms (Mpr Dam) Pvt Ltd     LT Bk Fac*         CARE A+ (SO)   6304.2  Reaffirmed
(reduced from Rs.645.00 Crore). 
*Backed by credit enhancement in the form of 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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security as 
per the terms of rupee term loan agreement and other finance documents.
- Execution of PPA with APSPDCL for entire capacity of the project at a
preferential tariff of Rs.4.83 per unit or higher
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and average
 DSCR as per the terms of base case plan 
B & A Ltd                             LT Bk Fac (TL)     CARE BBB+      26      Reaffirmed
(reduced from 10.33 Crore)
B & A Ltd                             LT Bk Fac (CC)     CARE BBB+      497.3   Reaffirmed
(enhanced from 46.04 Crore)
B. S. Enterprise                      LT Bk Fac          CARE BB-       88.8    Reaffirmed
Banasthali Vidyapith                  LT Bk Fac*         CARE A+        43.8    Reaffirmed
*Rating assigned to overdraft limit has been withdrawn post receipt
 of no-dues confirmation from the bank 
Bardhaman Agro Products(I) Pvt Ltd    LT Bk Fac          CARE BB        95      -
(Issuer not Cooperating)
Barmer Lignite Mining Co. Ltd         LT Bk Fac          CARE BBB       16015.8 Reaffirmed
Barmer Lignite Mining Co. Ltd         LT Bk Fac - CC     CARE BBB       750     Reaffirmed
Bhimani Chemicals Pvt Ltd             LT/ST Bk Fac       CARE BBB-/CARE 110     Reaffirmed
                                                         A3
Bscpl Aurang Tollway Ltd              LT Bk Fac          CARE BB+       8432.8  Reaffirmed
(reduced from Rs.856 crore Crore)
Cords Cable Industries Ltd.           LT Bk Fac- Fund    CARE BBB       615.6   Reaffirmed
                                      Based
Cords Cable Industries Ltd.           Long/ ST Bk Fac-   CARE BBB;      90      Reaffirmed
                                      Fund Based         Stable/CARE A3
Cords Cable Industries Ltd.           Long/ ST BkFac-    CARE BBB;      1480    Reaffirmed
                                      Non Fund Based     Stable/CARE A3
Creative Casuals India Pvt Ltd        LT Bk Fac (Fund    CARE BB+       80      Reaffirmed
                                      Based)(CC/PCFC)
Devanshi Construction                 LT Bk Fac          CARE D         67.8    Reaffirmed
                                                                                and removed
                                                                                from 
(Issuer not Cooperating)
Devarahipparigi Wind Power Pvt Ltd    LT Bk Fac*         CARE A+ (SO)   6180.1  Reaffirmed
(reduced from Rs.636.00 Crore). 
*Backed by credit enhancement in the form of 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
- Perfection of entire security as per the common loan agreement
- Execution of Long Term PPA with state DISCOM at a minimum tariff of Rs.4.50 per unit
- Satisfactory debt servicing for one year post COD
- Registration with IREDA for Generation Based Incentive (GBI)
- Borrower maintaining minimum credit rating of BBB- on a standalone basis
Devarpan Foods Pvt Ltd                LT Bk Fac          CARE BBB- (SO) 200     Reaffirmed
Divine Mission Educational Trust      LT Bk Fac          CARE B         118.1   Reaffirmed
(enhanced from Rs.7.56 crore Crore)
En En Electrical Engineers Pvt Ltd    LT Bk Fac          CARE BB-       78.5    Revised from
                                                                                CARE B+
(reduced from Rs.10.00 crore Crore)
Eveready Spinning Mills Pvt Ltd       LT Bk Fac          CARE A-        2893.3  Reaffirmed
Exel Rubber Ltd                       LT Bk Fac          CARE A+        70      Reaffirmed
Family Investment Pvt Ltd             Issuer Ratings     -              -       Withdrawn
Fepl Engineering Pvt Ltd              LT Bk Fac          CARE D         20      -
(Issuer not Cooperating)
Fepl Engineering Pvt Ltd              LT/ST Bk Fac       CARE D/CARE D  35      -
(Issuer not Cooperating)
Foresight Bullion India Pvt. Ltd.     LT Bk Fac          CARE BBB-      350     Reaffirmed
Galacon Infrastructue And Projects PvtLT Bk Fac          CARE BB+       60      Revised from
Ltd                                                                             CARE BB
General Trading Corporation           LT Bk Fac          CARE BB-       140     -
(Issuer not Cooperating); Revised from CARE BB
General Trading Corporation           LT/ST Bk Facility  CARE BB-/CARE  80      -
                                                         A4
(Issuer not Cooperating); Revised from CARE BB; Stable/ CARE A4
Gorakhpur Kasia Tollways Pvt Ltd      LT Bk Fac          CARE A+        90      Reaffirmed
Gorakhpur Kasia Tollways Pvt Ltd      Long/ST Bk Fac     CARE A+/CARE   352.9   Reaffirmed
                                                         A1+
Gp Wind (Jangi) Pvt Ltd               NCDs@              CARE AA-(SO)   2890    Reaffirmed
@ backed by unconditional and irrevocable sponsor support undertaking
 of Genting Energy Limited and Letter of Comfort from Genting Berhad
Greenko Clean Energy Projects Pvt Ltd NCD issue – 1*     CARE A+ (SO)   2010    Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee extended by Greenko 
Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ).
Greenko Clean Energy Projects Pvt Ltd NCD issue – 2*     CARE A+ (SO)   990     Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ).
Greenko Energies Pvt Ltd              LT Bk Fac          CARE A+        8795    Reaffirmed
(enhanced from 358.00 Crore)
Greenko Energies Pvt Ltd              LT Instruments –   CARE A+        2000    Reaffirmed
                                      NCDs
Greenko Energies Pvt Ltd              LT/ST BkFac        CARE A+/CARE   1000    Reaffirmed
                                                         A1+
Greenko Godavari Power Projects Pvt LtLT BkFac^          CARE A+ (SO)   950     Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable 
corporate guarantee of Greenko Energies Private Limited
 (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Greenko Godavari Power Projects Pvt Ltd LT BkFac*        CARE A+ (SO)   100     Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable 
corporate guarantee of Greenko Energies Private Limited
 (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Greenko Hatkoti Energy Pvt Ltd        LT Bk Fac*         CARE A+ (SO)   1470    Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’).
Greenko Solar Energy Pvt Ltd          NCD issue – 1*     CARE A+ (SO)   4500    Reaffirmed
*Backed by credit enhancement in the form of unconditional and irrevocable 
corporate guarantee of Greenko Energies Private Limited 
(GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Greenko Solar Energy Pvt Ltd          NCD issue – 2*     CARE A+ (SO)   1500    Reaffirmed
*Backed by credit enhancement in the form of unconditional and irrevocable 
corporate guarantee of Greenko Energies Private Limited 
(GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Greenko Wind Projects Pvt Ltd         LT BkFac*          CARE A+ (SO)   250     Reaffirmed
*Backed by credit enhancement in the form of unconditional and irrevocable 
corporate guarantee of Greenko Energies
Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’).
Greenko Wind Projects Pvt Ltd         LT Instruments NCD CARE A+ (SO)   3200    Reaffirmed
                                      issue*
*Backed by credit enhancement in the form of unconditional and irrevocable 
corporate guarantee of Greenko Energies
Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’).
Grinibhrit Solar Power Ltd            LT Bk Fac*         CARE A+ (SO)   494.1   Reaffirmed
(reduced from 53.17 Crore). 
*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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security as per 
the terms of rupee term loan agreement and other finance documents
- 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
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and 
 average DSCR as per the terms of base case plan
Grinibhrit Solar Power Ltd            LT/ST BkFac*       CARE A+        30      Reaffirmed
                                                         (SO)/CARE A1+
                                                         (SO)
*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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security as per 
the terms of rupee term loan agreement and other finance documents
- 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
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and 
 average DSCR as per the terms of base case plan
Gulshan Polyols Ltd                   LT BkFac           CARE A+        1757.5  Reaffirmed
(reduced from 199.44 Crore)
Hari Equipments Pvt Ltd               LT Bk Fac          CARE BBB-      200     Reaffirmed
Harsh Communication - Pune            LT Bk Fac          CARE BB        100     Reaffirmed
Hero Wiretex Pvt Ltd                  LT Bk Fac          CARE BB+       350     -
(Issuer not Cooperating)
India Infrastructure Finance Co. Ltd  LT Infrastructure  CARE AAA       671.2   Reaffirmed
                                      Bonds
India Infrastructure Finance Co. Ltd  Secured TBs        CARE AAA       11090.4 Reaffirmed
India Infrastructure Finance Co. Ltd  LT Tax-free Bonds  CARE AAA       137820.6Reaffirmed
India Infrastructure Finance Co. Ltd  LT Tax-free/TBs    CARE AAA       42179.3 Reaffirmed
India Infrastructure Finance Co. Ltd  Unsecured TBs*     CARE AAA (SO)  30000   Reaffirmed
*backed by unconditional and irrevocable guarantee from the Government of India.
Inter Gold (India) Pvt Ltd            LT Bk Fac          CARE A-        750     Reaffirmed
Iskrupa Mall Management Company Pvt LtLT Bk Fac – TL     CARE BBB- (SO) 1500    Reaffirmed
Iskrupa Mall Management Company Pvt LtLT Bk Fac – Lease  CARE BBB- (SO) 288     Reaffirmed
                                      Rental Discounting
(Reduced from 31.20 Crore)
J. K. Industries (Indore)             LT/ ST Bk Fac      CARE B+/CARE   200     Assigned
                                                         A4
Jaishree Exports                      LT/ ST Bk Fac      CARE BB- /CARE 27.5    Assigned
                                                         A4
Janki Rice And Solvent Industries Pvt LT/ ST Bk Fac      -              -       Withdrawn
Ltd
Janki Rice And Solvent Industries Pvt ST Bk Fac          -              -       Withdrawn
Ltd
Jilesh Power Pvt Ltd                  LT Bk Fac*         CARE A+ (SO)   2600    Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee of Greenko Energies
 Private Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’). 
 However, the corporate guarantee shall be released if the lender
 does not exercise its put option after two years from the date of initial disbursement. 
Jocil Ltd                             LT Bk Fac          CARE A-        400     Reaffirmed
(enhanced from 30.00 Crore)
Joyville Shapoorji Housing Pvt Ltd    NCDs (NCDs)-       CARE AA-       2150.8  Continues on
                                      Series- A^                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
^ Series A subscribed by sponsor and Series B subscribed by Investors
Sponsor: Shapoorji Pallonji and Company Private Limited (SPCPL),
Investor: ACTIS Place
Joyville Shapoorji Housing Pvt Ltd    NCDs- Series- B^   CARE AA-       5018.5  Continues on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
^ Series A subscribed by sponsor and Series B subscribed by Investors
Sponsor: Shapoorji Pallonji and Company Private Limited (SPCPL),
Investor: ACTIS Place
Joyville Shapoorji Housing Pvt Ltd    Proposed NCDs-     CARE AA-       1449.2  Continues on
                                      Series- A^*                               credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
^ Series A subscribed by sponsor and Series B subscribed by Investors
Sponsor: Shapoorji Pallonji and Company Private Limited (SPCPL),
Investor: ACTIS Place
Joyville Shapoorji Housing Pvt Ltd    Proposed NCDs-     CARE AA-       3381.5  Continues on
                                      Series- B^*                               credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
^ Series A subscribed by sponsor and Series B subscribed by Investors
Sponsor: Shapoorji Pallonji and Company Private Limited (SPCPL),
Investor: ACTIS Place Holdings No.2 (Singapore) Private Limited 
(ACTIS) [formerly Standard Chartered Real Estate Investment
(Singapore) III Private Limited], International Finance Corporation 
(IFC), Asian Development Bank (ADB)
*The ‘provisional’ rating will be confirmed after the execution and 
verification of the transaction documents to the satisfaction of CARE 
Joyville Shapoorji Housing Pvt Ltd    LT Bk FacTL        CARE BBB+      1000    Assigned
Karvy Solar Power Ltd                 NCD issue – Series CARE A+ (SO)   900     Reaffirmed
                                      A*
* Backed by unconditional and irrevocable corporate guarantee extended 
by Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ).
Karvy Solar Power Ltd                 NCD issue – Series CARE A+ (SO)   400     Reaffirmed
                                      B*
* Backed by unconditional and irrevocable corporate guarantee extended by
 Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ).
Kashi Vishwanath Steels Pvt Ltd       LT Bk Fac          CARE BBB       296.1   Reaffirmed
Kedarnath Commotrade Pvt Ltd          LT Bk Fac          CARE BBB-      150     Reaffirmed
Knack Packaging Pvt Ltd               LT Bk Fac          CARE BBB       183     Reaffirmed
(reduced from Rs.22.86 crore Crore)
Knack Packaging Pvt Ltd               LT / STBk Fac      CARE BBB/CARE  255     Reaffirmed
                                                         A3+
(enhanced from Rs.20.50 crore Crore)
Knit Prime                            LT Bk Fac          CARE BB-       83      Reaffirmed
(reduced from 9.40 Crore)
Kohima-Mariani Transmission Ltd.      LT Bk Fac          CARE A-        9946.7  Reaffirmed
Konark Synthetic Ltd                  LT Bk Fac          CARE B-        192.5   Assigned
Kuantum Papers Ltd                    LT Bk Fac          CARE A-        3290.4  Reaffirmed
Lord Wheels Pvt Ltd                   LT Bk Fac          CARE B+        98.2    -
(Issuer not Cooperating); Revised from CARE BB-
Mahima Gems                           LT Bk Fac          -              -       Withdrawn
Mahima Gems                           Long/ST Bk Fac     CARE BB+/CARE  120     Reaffirmed
                                                         A4+
Man Infraconstruction Ltd             LT BkFac           CARE A-        325     Reaffirmed
Man Infraconstruction Ltd             Long/ST Bk Fac     CARE A-/CARE   1881.8  Reaffirmed
                                                         A2+
Man Projects Ltd                      Long/ST Bk Fac     CARE A-        1600    Reaffirmed
                                                         (SO)/CARE A2+
                                                         (SO)
Manaj Tollway Pvt Ltd                 LT BkFac           CARE A- (SO)   1700    Reaffirmed
Maru Transmission Service Co. Ltd     LT BkFac           CARE A-        897.7   Reaffirmed
(reduced from Rs.94.50 crore Crore)
Model Economic Township Ltd           Bk Guarantee- Non  CARE AAA       2500    Reaffirmed
                                      Fund Based- LT
N.B Commercial Enterprises Ltd        LT/ST BkFac        CARE BBB       250     Assigned
                                                         (SO)/CARE A3
                                                         (SO)
Narayani Ispat Ltd                    LT Bk Fac          CARE BBB-      110     Assigned
Narayani Ispat Ltd                    LT Bk Fac          CARE BBB-      725     Reaffirmed
Narayani Steels Ltd                   LT Bk Fac          CARE BBB-      975     Reaffirmed
Nathella Sampath Jewelry Pvt Ltd      LT/ST Bk Fac       CARE D/CARE D  3550    -
(Issuer not Cooperating)
Nava Bharat Energy India Ltd          LT BkFac           CARE BBB-      500     Removed from
                                                                                credit watch
(reduced from 62.50 Crore)
Nehru College Of Educational And      LT Bk Fac          CARE BBB+      883.2   Revised from
Charitable Trust                                                                CARE BBB+
Revised from CARE BBB+
New Era Enviro Ventures (Mahbubnagar) NCD issue – Series CARE A+ (SO)   350     Reaffirmed
Pvt Ltd                               A*
*Backed by unconditional and irrevocable corporate guarantee extended by
 Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
New Era Enviro Ventures (Mahbubnagar) NCD issue – Series CARE A+ (SO)   160     Reaffirmed
Pvt Ltd                               B*
*Backed by unconditional and irrevocable corporate guarantee extended by
 Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Njr Construction Pvt Ltd              LT BkFac           CARE BB+       100     -
(Issuer not Cooperating)
Nsl Wind Power Company (Satara) Pvt LtLT Bk Fac          CARE BBB       1667.7  Reaffirmed
Optival Health Solutions Pvt Ltd      LT Bk Fac          CARE BBB+      1750    Reaffirmed
Palriwal Industries Pvt Ltd           LT Bk Fac          CARE BBB-      260     Assigned
Palriwal Industries Pvt Ltd           LT/ST BkFac        CARE BBB-/CARE 340     Assigned
                                                         A3
Pennar Renewables Pvt Ltd             NCD issue – Series CARE A+ (SO)   440     Reaffirmed
                                      B*
*Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Pennar Renewables Pvt Ltd             NCD issue – Series CARE A+ (SO)   960     Reaffirmed
                                      A*
*Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Ppn Power Generating Company Pvt Ltd  LT BkFac           CARE BBB-      3001    -
Revised from CARE BBB, (Reduced from Rs.442.25 Crore)
Ppn Power Generating Company Pvt Ltd  Long/ST BkFac      CARE BBB-/CARE 1370    -
                                                         A3
Revised from CARE BBB ,(Reduced from Rs.310 Crore)
Premier Photovoltaic Medak Pvt Ltd    NCD issue – Series CARE A+ (SO)   1390    Reaffirmed
                                      A*
*Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Premier Photovoltaic Medak Pvt Ltd    NCD issue – Series CARE A+ (SO)   620     Reaffirmed
                                      B*
*Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’). 
Pushpak Rail Construction Pvt Ltd.    LT Bk Fac          CARE BB        20      Assigned
Pushpak Rail Construction Pvt Ltd.    LT/ ST Bk Fac      CARE BB/CARE   80      Assigned
                                                         A4
Pyramid Finserve Pvt. Ltd.            LT Bk Fac          -              -       Withdrawn
Qutone Ceramic Pvt Ltd                LT BkFac           CARE BBB+      3329.9  Reaffirmed
(enhanced from Rs.50.60 crore Crore)
Qutone Ceramic Pvt Ltd                LT / ST Bk Fac     CARE BBB+/CARE 45      Reaffirmed
                                                         A2
Qutone Granito Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Qutone Granito Pvt Ltd                ST Bk Fac          -              -       Withdrawn
Qutone Tiles Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Rain Coke Ltd                         LT Bk Fac*         CARE A+ (SO)   989.1   Reaffirmed
(reduced from 99.48 Crore). * Backed by unconditional and irrevocable 
corporate guarantee extended by Greenko Energies Private Limited 
(GEPL; rated ‘CARE A+; Stable/CARE A1+’). The lenders shall be entitled to 
retain the guarantee till the time lenders are satisfied about the performance 
of the project for a continuous period of two years after the Commercial 
Operations Date (COD) pursuant to which the lenders at their own discretion 
issue No Objection Certificate (NOC) for discharge of the guarantee. 
Rajat Steel Syndicate                 LT Bk Fac          -              -       Withdrawn
Ritemed Pharma Retail Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Saipuram Wind Energies Pvt Ltd        LT Bk Fac*         CARE A+ (SO)   5429    Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee extended by
 Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ).
Satya Prakash Builders Ltd            LT Bk Fac          CARE BB-       60      Reaffirmed
Sayaji Ingritech Llp                  LT Bk Fac          CARE BBB (SO)  34.6    Assigned
Sayaji Ingritech Llp                  LT/ST BkFac        CARE BBB       30      Assigned
                                                         (SO)/CARE A3
                                                         (SO)
Sayaji Seeds Llp                      LT/ST BkFac        CARE BBB       90      Assigned
                                                         (SO)/CARE A3
                                                         (SO)
Sei Arushi Pvt Ltd                    LT Bk Fac*         CARE A+ (SO)/  1273.2  Reaffirmed
(reduced from 128.47 Crore). 
* Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’).
 The lenders shall be entitled to retain the guarantee till the time lenders 
are satisfied about the performance of the project for a continuous period of
two years after the Commercial Operations Date (COD) pursuant to which the
lenders at their own discretion issue No Objection Certificate
(NOC) for discharge of the guarantee. 
Sei Green Flash Pvt Ltd               LT Bk Fac*         CARE A+ (SO)/  1377.3  Reaffirmed
(reduced from 138.52 Crore). 
* Backed by unconditional and irrevocable corporate guarantee extended by 
Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’).
 The lenders shall be entitled to retain the guarantee till the time 
lenders are satisfied about the performance of the project for a 
continuous period of two years after the Commercial Operations Date 
(COD) pursuant to which the lenders at their own discretion issue 
No Objection Certificate (NOC) for discharge of the guarantee 
Sewa Grih Rin Ltd                     LT Bk Fac          CARE BBB-      500     Reaffirmed
(enhanced from 30.00 Crore)
Shiva Mills Ltd                       LT Bk Fac          CARE BBB       428.2   Revised from
                                                                                CARE BBB
(reduced from 45.92 Crore)
Shiva Mills Ltd                       Long/ ST BkFac     CARE BBB/CARE  100     CARE BBB
                                                         A3+
Shri Narsimha Saraswati Medical       LT Bk Fac          CARE B         47.8    Assigned
Foundation
Shrikripa Poultry Feeds               LT Bk Fac          CARE B+        60      Assigned
Shrikrishna Avdhoot Agro Pvt Ltd      LT Bk Fac          CARE B+        47.5    Assigned
Siderforgerossi India Pvt Ltd         LT Bk Fac          CARE BBB-      170     Reaffirmed
Sree Rajyalakshmi Raw And Boiled Rice LT Bk Fac          CARE B+        75      Assigned
Mill
Sri Panchamukhi Nutrients Pvt Ltd     LT Bk Fac          CARE B+        150     Reaffirmed
Star Engineers (India) Pvt Ltd        LT/ST Bk Fac       CARE BB+/CARE  250     Assigned
                                                         A4+
Super Spinning Mills Ltd              LT Bk Fac          CARE BB-       123.5   Revised from
                                                                                CARE BB
Revised from CARE BB (reduced from 28.32 Crore)
Super Spinning Mills Ltd              Long/ST Bk Fac     CARE BB-/CARE  632.1   Revised from
                                                         A4                     CARE BB
Revised from CARE BB; Stable/CARE A4
Surya Construction Company            LT Bk Fac          CARE BB        72.5    Reaffirmed
(Reduced from Rs.15.00 crore Crore)
Surya Equipments Pvt Ltd              LT Bk Fac          CARE BB        25      Assigned
Suvarchas Solar Power Ltd             LT Bk Fac*         CARE A+ (SO)   494.8   Reaffirmed
(reduced from 53.18 Crore). 
*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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security as per 
the terms of rupee term loan agreement and other finance documents
- 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
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and average
 DSCR as per the terms of base case plan 
Suvarchas Solar Power Ltd             LT/ST BkFac*       CARE A+        30      Reaffirmed
                                                         (SO)/CARE A1+
                                                         (SO)
*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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security as per 
the terms of rupee term loan agreement and other finance documents
- 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
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and average
 DSCR as per the terms of base case plan 
Symega Food Ingredients Ltd           LT Bk Fac (Federal CARE BBB+      351.6   Reaffirmed
                                      Bk)
Technology House (India) Pvt Ltd      LT Bk Fac*         CARE A+ (SO)   600     Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee extended
 by Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ).
Unitech Automobiles Pvt. Ltd          LT Bk Fac          CARE BB        810     -
Revised from CARE BB-
Vasishta Constructions Pvt Ltd        Long term Bk Fac   CARE BBB+      332     -
Revised from CARE BBB
Vasishta Constructions Pvt Ltd        LT/ST Bk Fac       CARE BBB+/CARE 1450    -
                                                         A3+
Revised from CARE BBB
Vinayak Cars Pvt Ltd                  LT Bk Fac          CARE B+        100     -
Revised from CARE BB-
Vindhyachal Distilleries Pvt Ltd      LT Bk Fac          CARE BBB       239.1   Reaffirmed
Vindhyachal Distilleries Pvt Ltd      LT / STBk Fac      CARE BBB/CARE  85      Reaffirmed
                                                         A3+
Vintage Home Fashions                 LT Bk Fac          CARE D         57.5    -
(Issuer not Cooperating),Revised from CARE C
Vishal Arogya Sampat Pvt Ltd          LT Bk Fac          CARE BB-       300     -
(Issuer not Cooperating)
Vishvarupa Solar Power Ltd            LT Bk Fac*         CARE A+ (SO)   485.7   Reaffirmed
(reduced from 53.17 Crore). 
*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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security as per the 
terms of rupee term loan agreement and other finance documents 
- 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
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and 
average DSCR as per the terms of base case plan 
Vishvarupa Solar Power Ltd            LT/ST BkFac*       CARE A+        30      Reaffirmed
                                                         (SO)/CARE A1+
                                                         (SO)
*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
- Satisfactory performance for a period of 2 years after the COD
- Creation and perfection of security interest on the security as per the 
terms of rupee term loan agreement and other finance documents 
- 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
- Borrower maintaining minimum credit rating of BBB on a standalone basis
- The borrower achieving and maintaining minimum DSCR and 
average DSCR as per the terms of base case plan 
--------------------------------------------------------------------------------------------
$: 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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