September 4, 2018 / 8:59 AM / in 2 months

CARE ratings for Indian debt instruments-Sep 4

   Sep 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 3, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Daya Engineering Works Pvt Ltd        ST Bk Fac          CARE A3        5       Reaffirmed
Gokul Hi Fashions                     ST Bk Fac          CARE A4        145     Reaffirmed
Icon Sleeper Track Pvt Ltd            ST Bk Fac          CARE A3        10      Reaffirmed
J. G. Rice Mill                       ST Bk Fac          CARE A4        20      Reaffirmed

Lakeshore Hospital & Research Centre Ltd ST Bk Fac       CARE A2+       20      Assigned
Maheshwari Technocast Ltd             ST Bk Fac          CARE A4        25      Reaffirmed
Medicare Environmental Management Pvt ST Bk Fac- BGs^    CARE A3+ (SO)  20      Placed on
Ltd                                                                             Credit watch
                                                                                with developing
                                                                                implications
^The above ratings are based on credit enhancement in the form of unconditional and 
irrevocable corporate guarantee extended by Ramky Enviro Engineers Limited (REEL; 
rated ‘CARE BBB+; Credit watch with developing implications/CARE A3+; Credit watch
with developing implications’). 
Nishapati Cold Storage Pvt. Ltd.      ST Bk Fac          CARE A4        1.6     Reaffirmed
Pitti Engineering Ltd (Erstwhile PittiST Bk Fac          CARE A2        1661.4  Reaffirmed
Laminations Ltd)
Ramky Enviro Engineers Ltd            ST Bk Fac          CARE A3+       1500    Placed on
                                                                                Credit watch
                                                                                with developing
                                                                                implications
Sagar Manufacturers Pvt Ltd           ST Bk Facilitie    CARE A3+       30.4    Rating
                                                                                revised from
                                                                                CARE A2
Oyster Steel And Iron Pvt Ltd         ST Bk Fac          CARE D         200     Revised from
                                                                                CARE A4
Saksoft Ltd                           ST Bk Fac          -              -       Reaffirmed*
* facility was unutilized
Smc Global Securities Ltd             CP                 CARE A1+       250     Assigned
Thdc India Ltd                        ST Bk Fac (TL)     CARE A1+       6000    Assigned
Tirupati Agro Product                 ST Bk Fac          CARE A4        2.1     Reaffirmed
(Issuer not cooperating)
Veer Energy & Infrastructure Ltd      ST Bk Fac          CARE A3        130     Reaffirmed

LONG TERM RATINGS:
-------------------
Adani Power (Mundra) Ltd              NCD issue ^        -              -       Withdrawn
^ backed by credit enhancement in the form of security of first and exclusive pledge of
promoters’ unencumbered shares of Adani Ports & SEZ Ltd. (APSEZ; rated CARE AA+; Stable) and
Adani Transmission Ltd. (ATL) in the ratio of 80:20, such that the value of these shares is
times the value of the outstanding NCDs. Issue size was Rs.500 crore and outstanding as on March
31, 2018 against the same was Rs.408 crore. 
Alipurduar Transmission Ltd           LT Bk Fac          CARE A-        8370    Reaffirmed
Avp Powerinfra Pvt Ltd                LT Bk Fac – TL     Provisional    1704    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers 
Avp Powerinfra Pvt Ltd                LT Bk Fac – CC     Provisional    149*    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers 
Badoni Power Pvt Ltd                  LT Bk Fac – TL     Provisional    1832    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers 
Badoni Power Pvt Ltd                  LT Bk Fac – CC     Provisional    124*    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers.
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms 
Bank Of Maharashtra                   Tier II            -              -       Withdrawn
                                      Subordinated Bond
                                      Series VIII
Bank Of Maharashtra                   Upper Tier II Bond -              -       Withdrawn
                                      Series IV
Bank Of Maharashtra                   Perpetual Bond     -              -       Withdrawn
                                      Series I
Bank Of Maharashtra                   Basel III          -              -       Withdrawn
                                      Compliant Tier I
                                      Perpetual Bond Series I
Bank Of Maharashtra                   Basel III          -              -       Withdrawn
                                      Compliant Tier I
                                      Perpetual Bond Series II
Bank Of Maharashtra                   Infrastructure     CARE A+        10000   Reaffirmed
                                      Bonds^
Bank Of Maharashtra                   Tier II            CARE A+        10000   Reaffirmed
                                      Subordinated Bond
                                      Series (Basel III)
Big Healthcare Pvt Ltd                LT Bk Fac          CARE BB        110     Assigned
Daya Engineering Works Pvt Ltd        LT Bk Fac          CARE BBB-      100     Reaffirmed
Daya Engineering Works Pvt Ltd        LT/ST Bk Fac       CARE BBB-      25      Reaffirmed
                                                         /CARE A3
Delhi Msw Solutions Ltd               LT Bk Fac^         CARE BBB+ (SO) 1915.8  Placed on
                                                                                Credit watch
                                                                                with developing
                                                                                implications
^The above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee extended by Ramky Enviro Engineers Limited (REEL; rated ‘CARE BBB+; Credit
watch with developing implications/CARE A3+; Credit watch with developing implications)’.
Eastern Automotive                    LT Bk Fac          CARE B         80      Assigned
Harrin Poultry Farm                   LT Bk Fac          CARE B+        110     Reaffirmed
Harsh Fresh Dairy Product Pvt Ltd     LT Bk Fac          CARE BB        60      Assigned
Hyderabad Integrated Msw Ltd          LT Bk Fac @        CARE BBB+ (SO) 2183.9  Placed on
                                                                                Credit watch
                                                                                with developing
                                                                                implications
@The above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee extended by Ramky Enviro Engineers Limited (REEL; rated ‘CARE BBB+; Credit
watch with developing implications/CARE A3+; Credit watch with developing implications’). 
Hyderabad Integrated Msw Ltd          LT Bk Fac ^@       CARE BBB+ (SO) 499.4   Final rating
                                                                                and placed on
                                                                                credit watch 
                                                                                with developing 
                                                                                implications
^Subsequent to receipt of Corporate Guarantee documents, the rating assigned to the said
facilities has been confirmed.
@The above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee extended by Ramky Enviro Engineers Limited (REEL; rated ‘CARE BBB+; Credit
watch with developing implications/CARE A3+; 
Icon Sleeper Track Pvt Ltd            LT Bk Fac          CARE BBB-      20      Reaffirmed
Icon Sleeper Track Pvt Ltd            LT/ST Bk Fac       CARE BBB-      170     Reaffirmed
                                                         /CARE A3
J. G. Rice Mill                       LT Bk Fac          CARE B+        74.9    Reaffirmed
Kanjiravelil Traders                  LT Bk Fac          CARE BB        207     Revised from
                                                                                CARE BB-
Lakeshore Hospital & Research Centre Ltd LT Bk Fac       CARE A-        1010    Assigned
Maheshwari Technocast Ltd             LT Bk Fac          CARE B+        69      Reaffirmed
Medicare Environmental Management Pvt LT Bk Fac – TL^    CARE BBB+ (SO) 282.5   Placed on
Ltd                                                                             Credit watch
                                                                                with developing
                                                                                implications
^The above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee extended by Ramky Enviro Engineers Limited (REEL; rated ‘CARE BBB+; Credit
watch with developing implications/CARE A3+; Credit watch with developing implications’). 
Ms Handloom Cottage Pvt Ltd           LT Bk Fac          CARE B         90      Revised from
                                                                                CARE B+
(Issuer not cooperating)
Nishapati Cold Storage Pvt. Ltd.      LT Bk Fac          CARE BB-       84.6    Reaffirmed
Oasis Epc Solutions Ltd               LT Bk Fac          CARE BB        45      Rating
                                                                                revised from
                                                                                CARE BB+
Oasis Epc Solutions Ltd               LT Bk Fac/ ST Bk   CARE BB /CARE  105     Rating
                                      Fac                A4                     revised from
                                                                               CARE BB+/CARE A4+
Ostro Anantapur Pvt Ltd               LT Bk Fac – TL     Provisional    7139    Assigned
                                                         CARE A (SO) @
@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers.
Ostro Anantapur Pvt Ltd               LT Bk Fac – CC     Provisional    436*    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers.
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms 
Ostro Jaisalmer Pvt Ltd               LT Bk Fac – TL     Provisional    3303    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers 
Ostro Jaisalmer Pvt Ltd               LT Bk Fac – CC     Provisional    167*    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers.
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms 
Ostro Madhya Wind Pvt Ltd             LT Bk Fac – TL     Provisional    5563    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers 
Ostro Madhya Wind Pvt Ltd             LT Bk Fac – CC     Provisional    559*    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers.
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms 
Ostro Urja Wind Pvt Ltd               LT Bk Fac – TL     Provisional    4800    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 
Ostro Urja Wind Pvt Ltd               LT Bk Fac – CC     Provisional    402*    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers.
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms 
Oyster Steel And Iron Pvt Ltd         LT Bk Fac          CARE D         1000    Revised from
                                                                                CARE BB-
Patil Rail Infrastructure Pvt Ltd     LT Bk Fac          CARE BBB-      822     Reaffirmed
Patil Rail Infrastructure Pvt Ltd     LT/ST Bk Fac       CARE BBB-      1266.5  Reaffirmed
                                                         /CARE A3
Pitti Engineering Ltd (Erstwhile PittiLT Bk Fac          CARE BBB+      1918.5  Revised from
Laminations Ltd)                                                                CARE BBB+
Prathamesh Solarfarms Ltd             LT Bk Fac – TL     Provisional    3465    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers 
Prathamesh Solarfarms Ltd             LT Bk Fac – CC     Provisional    119*    Assigned
                                                         CARE A (SO) @
'@ Structured payment mechanism in the form of proposed waterfall mechanism as per which in case
of insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. * Sanctioned amount SPV-wise, total amount
not to exceed Rs.100 crore on an aggregate basis as per the sanctioned terms 
R. Ayush Enterprises                  LT Bk Fac          CARE B         100     Assigned
Ramky Enviro Engineers Ltd            LT Bk Fac          CARE BBB+      2494.2  Placed on
                                                                                Credit watch
                                                                                with developing
                                                                                implications
Sadbhav Engineering Ltd               CP issue           -              -       Withdrawn
                                      (Standalone)
Sagar Manufacturers Pvt Ltd           LT Bk Fac          CARE BBB       4040.3  Rating
                                                                                revised from
                                                                                CARE BBB+
Saksoft Ltd                           LT Bk Fac          CARE BBB+      208.2   Reaffirmed
Shrishti Alloys Pvt Ltd               LT Bk Fac          CARE BB-       77.7    Revised from
                                                                                CARE BB+
Smt Machines (India) Ltd              LT Bk Fac          CARE D         62      Assigned
Sridarshan Gold Pvt Ltd               LT Bk Fac          CARE BB-       64.5    Assigned
Srs Park                              LT Bk Fac          CARE BB        38.7    Reaffirmed
Tamilnadu Waste Management Ltd        LT Bk Fac^         CARE BBB+ (SO) 223.6   Placed on
                                                                                Credit watch
                                                                                with developing
                                                                                implications
^The above ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee extended by Ramky Enviro Engineers Limited (REEL; rated ‘CARE BBB+; Credit
watch with developing implications/CARE A3+; Credit watch with developing implications’). 
Tirupati Agro Product                 LT Bk Fac          CARE BB-       39.9    Revised from
                                                                                CARE BB
(Issuer not cooperating)
Veer Energy & Infrastructure Ltd      LT Bk Fac          CARE BBB-      30      Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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