Radico NV Distilleries Maharashtra Limited
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- Carmel Hart
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1 Ratings Radico NV Distilleries Maharashtra Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long term Bank Facilities CARE BBB (Triple B) Reaffirmed Long term Bank Facilities* CARE BBB+ (SO) [Triple B Plus (Structured Obligation) ] Reaffirmed; Removed from credit watch Short term Bank Facilities 1.50 CARE A3+ [A Three Plus] Reaffirmed Total facilities *Backed by Partial unconditional and irrevocable Corporate Guarantee (36%) from Radico Khaitan Ltd. (rated CARE A+/A1+) Rating Rationale The standalone ratings {in respect of facilities (i) and (iii)} of Radico NV Distilleries Maharashtra Limited (RNVD) continue to derive strength from significant experience of the promoters in the alcohol industry and modest financial risk profile marked by moderate profitability margins, modest leverage and debt service coverage indicators. The ratings also factor in RNVD s presence in Maharashtra being a large Indian Made Foreign Liquor (IMFL) market with ready availability of raw material, protective environment for existing players due to restrictive licensing acting as a high entry barrier and additional sanctioned capital subsidy by Govt of Maharashtra under Mega project scheme. However, the ratings remain constrained by medium track record of profitable operations, presence in a highly regulated industry with heavy burden of duties and taxes and susceptibility to volatility in raw material prices. Going forward, RNVD s ability to scale up operations and profitability, improving capital structure and timely receipt of capital subsidy would be the key rating sensitivities. The rating for facility (ii) take into account credit enhancement in the form of unconditional and irrevocable Corporate Guarantee provided to an extent of 36% for the bank facilities of RNVD by Radico Khaitan Ltd. (RKL) (rated CARE A+/A1+). RKL s bank facility ratings derive comfort from strong nation-wide presence in the Indian Made Foreign Liquor (IMFL) segment, track record of establishing brands and strong presence in the defence segment, consistent growth in turnover and moderate financial risk profile. The ratings also factor in protective environment for existing players due to restrictive licensing acting as a high entry barrier. However, the ratings are constrained by working capital intensive operations, risk due to cyclicality in raw material prices, presence in the highly regulated industry with heavy burden of duties and taxes and high requirement for brand promotion expenses putting pressure on PBILDT margins. Furthermore, the company is also exposed to changes in the state policies regarding pricing and sales of country liquor. Going forward, ability of the company to increase its profitability margins along with improvement in capital structure would be the key rating sensitivity. The ratings of bank facilities of Radico Khaitan Limited (RKL) were earlier placed on credit watch in view of company s announcement to hive off its Indian Made Foreign Liqour (IMFL) business to a proposed subsidiary along with induction of foreign partner in the proposed subsidiary with minority stakeholding. Considering company s present strategy of not hiving-off of its Indian Made Foreign Liqour (IMFL) business, credit watch has been removed. Background Radico NV Distilleries Maharashtra Ltd. (RNVD) was formed as a joint venture (JV) amongst Radico Khaitan Ltd (36%), Enn Vee Holding Pvt Ltd (32%) and Ridhi Sidhi Shares Pvt Ltd (32%) in Earlier, the name of the company was Shetkari Baliraja Sugars Ltd. (SBSL) (incorporated in November 03, 2000) which was running sugar mills in Aurangabad, when the existing promoters purchased the unit and later renamed as RNVD. The company is engaged in the manufacture of Extra Neutral Alcohol (ENA), Indian Made Foreign Liquor (IMFL) and Country Liquor (CL) at Aurangabad in Maharashtra. RNVD has molasses based distillation capacity of 120 Kilo Litres Per Day (KLPD), grain-based distillation capacity of 50 KLPD, IMFL bottling capacity of 5,000 cases per day and Country Liquor capacity of 4000 cases per day. 1 Complete definitions of the ratings assigned are available at and other CARE publications 1
2 Credit Risk Assessment Experienced promoters RNVD was promoted by RKL and NV group along with a strategic investor. RKL is a renowned name in the Indian made foreign liquor industry with pan-india presence. The company enjoys four in-house millionaire brands and has been in the liquor manufacturing business for last 6 decades. RKL is providing management support for operating the unit at RNVD. NV group, promoted by Mr. Ashok Jain and Mr. Sameer Goyal, has invested in RNVD (through one of its holding companies). NV group also has substantial experience in liquor industry. It has its manufacturing facilities in Punjab and Goa and enjoys tie-ups with various renowned liquor manufacturing companies. Modest financial risk profile RNVD s financial risk profile is marked by moderate profitability and improved overall gearing and debt protection metrics. The company s profitability margins have declined with PBILDT margin of 16.25% and PAT margin of 2.83% in FY14 vis-a-vis 17.66% and 3.70% respectively in FY13. The moderation in profitability margins is mainly attributable to increased raw material cost (primarily molasses) during FY14. Further, RNVD s debt equity and overall gearing have improved from 0.93x and 1.14x respectively as on March 31, 2013 to 0.44x and 0.65x as respectively on March 31, The said decline is mainly attributable to strengthening of net worth with receipt of capital subsidy of Rs cr in FY14 under the mega Project Scheme of Maharashtra government. Under this scheme, RNVD is entitled to receive lower of 100% of its investment or taxes paid to state (under Maharashtra Value Added Tax Act 2002 and Central Sales Tax Act 1956) over the period of 7 years ending December 11, 2015 in the form of tax refund. Also, the debt coverage indicators as reflected by total debt to gross cash accrual witnessed improvement from 6.06x as on March 31, 2013 to 4.58x as on March 31, 2014 with scheduled debt repayments. PBILDT Interest coverage ratio has also improved from 2.2x as on March 31, 2013 to 3.6x as on March 31, Further the company has received final sanction for receipt of subsidy in FY15 of Rs cr. The company has reported total operating income of Rs cr during Q1FY15 (refers to the period April 01 to June 30) with reported PAT of Rs.2.89 cr. Moderate track record of operations RNVD commenced commercial production partly from August 06, 2008 through IMFL bottling plant with capacity of 5000 cases/day and partly from December 12, 2008 through Molasses distillery with capacity of 120 Kilo Liters per Day (KLPD). During March 2010, the company commenced operation of its Grain distillery with capacity of 50 KLPD for sale of Country Liquor (CL bottling capacity of 4,000 cases/ day) as well as ENA to RKL and Pernod Ricard India Pvt. Ltd. FY14 has been the fourth year of full operations. RNVD sells country liquor under its own brand names in the state of Maharashtra, while IMFL and ENA are sold in Maharashtra and adjoining areas (primarily Goa). RNVD has IMFL bottling arrangement with RKL for brands of RKL, viz. Magic moments, Eight PM, After Dark, Contessa Rum etc. against payment of royalty. In May 2014, RNVD has entered into IMFL bottling arrangement with Allied Blenders and Distillers Pvt Ltd (ABDPL) wherein RNVD will produce brands of ABDPL for specified bottling charges. High Entry Barriers Liquor policies governing its production and sale are entirely controlled by respective State governments. With all the alcohol consuming States/Union Territories having its own rules and regulations, it is very difficult for new entrants to get licenses thus providing a competitive edge to existing players. However, the States have been reasonably flexible in granting expansion of existing capacity to meet demands. This acts in favor of incumbents as new players find it difficult to start. Highly regulated industry Liquor industry is highly regulated in India with each state controlling the production, sales and duty structure independently. As a result, there are difficulties in transfer of production from one state to another along with huge burden of duties and taxes. The state controls the licenses for production, distributorship and retailing also. Cyclicality in raw material prices The margins are highly susceptible to the volatility in the price of Molasses and grains, which in turn are governed by various factors including its supply which is in turn dependent upon production, government regulations, demand from other sectors like biodiesel etc. Also, RNVD has flexibility to interchange its production between grains and molasses when prices of one move in adverse direction. 2
3 Prospects The stabilisation of operations and scaling up capacity utilisation augurs well with RNVD s growth prospects. However, timely disbursement of capital subsidy by Govt of Maharashtra in future and the ability of the company to maintain its profitability margins and its solvency position remain to be crucial. Financial Performance (Rs. Cr) For the period ended / as at March 31, (12m, A) (12m, A) (12m, A) Working Results Net Sales Total Operating income PBILDT Interest Depreciation PBT PAT (after deferred tax) Gross Cash Accruals Financial Position Equity Capital Networth Total capital employed Key Ratios Growth Growth in Total income (%) Growth in PAT (after D.Tax) (%) Profitability PBILDT/Total Op. income (%) PAT (after deferred tax)/ Total income (%) ROCE (%) Solvency Long Term Debt Equity ratio (times) Overall gearing ratio(times) Interest coverage(times) Term debt/gross cash accruals(years) Total debt/gross cash accruals (years) Liquidity Current ratio(times) Quick ratio(times) Turnover Average collection period (days) Average creditors (days) Average inventory (days) Operating cycle (days) Details of Rated Facilities 1 Long term facilities 1.A Long Term Rupee Loans (Backed by Partial unconditional and irrevocable Corporate Guarantee (36%) from Radico Khaitan Ltd) 3
4 Sr. No. Lender Rated Amount (Rs. Cr) Remarks 1 State Bank of India 8.00 Outstanding 2 State Bank of India 0.90 Outstanding 3 State Bank of Mysore 4.45 Outstanding 4 State Bank of Patiala 4.45 Outstanding Sub-total B Long Term Rupee Loans (standalone) Sr. No. Lender Rated Amount (Rs. Cr) Remarks 1 State Bank of India Outstanding Sub-total C Fund Based limits (standalone) Sr. No. Name of the Bank Cash Credit (Rs. Cr) Others Total fund based limits (Rs. Cr) 1 State Bank of India State Bank of Mysore State Bank of Patiala Sub-total Total long-term facilities as at September 30, 2014 = Rs crore 2- Short term Facilities 2.A Non fund based facilities (standalone) Sr. No. Name of the Bank Non fund based limits LC/BG* 1 State Bank of Mysore 1.50 Total 1.50 *LC=Letter of credit; BG=Bank guarantee Total short-term facilities as at September 30, 2014= Rs.1.50 crore About the Guarantor [Radico Khaitan Ltd (RKL)] RKL is engaged in manufacturing Rectified Spirit (RS), Extra Neutral Alcohol (ENA), Country Liquor and IMFL. The company has one of the largest distilleries in India at Rampur with molasses based distilling capacity of 75 million litres per annum and grainbased distillation capacity of 27 million litres per annum. The company also has tie-ups with 28 bottling units spread across the country apart from its own four own bottling units at Rampur (Uttar Pradesh), Sikar (Rajasthan), Bajpur (Uttarakhand) and Shadnagar (Andhra Pradesh). In Maharashtra, RKL has tied up with its subsidiary Radico NV (36% shareholding) for bottling operations. During FY14 (refers to the period April 01 to March 31), total operating income stood at Rs crore with reported PAT of Rs crore. During Q1FY15 (refers to the period April 01 to June 30), the company achieved total operating income of Rs crore with reported PAT of Rs crore. For detailed rationale of RKL, please refer to the website Analyst Contact Name: Ms. Ankita Sehgal Tel: ankita.sehgal@careratings.com 4
5 (This follows our brief rational for entity published on 25 November 2014) Disclaimer: CARE s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. In case of partnership/proprietary concerns, the rating assigned by CARE is based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. 5
6 CONTACT Head Office Mumbai Mr. D.R. Dogra Mr. Rajesh Mokashi Managing Director Dy. Managing Director Mobile: Mobile: Ms. Meenal Sikchi Mr. Ankur Sachdeva Vice President - Bank Loan & Instrument Rating Vice President - Bank Loan & Financial Services Mobile: Mobile: meenal.sikchi@carerating.com ankur.sachdeva@careratings.com CREDIT ANALYSIS & RESEARCH LIMITED Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Tel: Fax: care@careratings.com Other Office: 503, Kaledonia, Sahar Road, Near Andheri Railway Station, Andheri (E), Mumbai Tel: Fax: AHMEDABAD Mr. Mehul Pandya 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad Cell: Tel: mehul.pandya@careratings.com BENGALURU Mr. Dinesh Sharma Unit No , 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore Cell: Tel: , dinesh.sharma@careratings.com CHANDIGARH Mr. Sajan Goyal 2nd Floor, S.C.O , Sector 34-A, Chandigarh Cell: Tel: / 09 sajan.goyal@careratings.com CHENNAI Mr. V Pradeep Kumar Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai Cell: Tel: / pradeep.kumar@careratings.com HYDERABAD Mr. Saikat Roy 401, Ashoka Scintilla, , Himayat Nagar, Hyderabad Tel: saikat.roy@careratings.com JAIPUR Mr. Rahul Jain 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur Cell: Tel: / 14 rahul.jain@careratings.com KOLKATA Ms. Priti Agarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata Cell: Tel: priti.agarwal@careratings.com NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi Cell: Tel: swati.agrawal@careratings.com PUNE Mr. Rahul Patni 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune Cell: Tel: rahul.patni@careratings.com CIN - L67190MH1993PLC
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Ratings /Instruments Long term Bank Short-term Bank Sai Engicon and Construction Private Limited December 17, 2018 Amount 5.00 20.00 Total 25.00 (Rupees Twenty Five crore only) Details of facilities in
More informationHindustan Construction Company Limited
Hindustan Construction Company Limited April 19, 2017 Ratings Facilities/ Instrument Amount 1067.53 (2672.91) 1065.38 (1500.00) Long-term Bank Facilities Term Loan Long-term Bank Facilities Cash Credit
More informationL&T Finance Ltd. (erstwhile Family Credit Ltd) July 7, (Rs. crore) 16,500
Ratings Instrument L&T Finance Ltd. (erstwhile Family Credit Ltd) July 7, 2017 Amount (Rs. crore) 16,500 Commercial Paper issue (enhanced from Rs 13,500) Details of instruments/facilities in Annexure-1
More informationMahalaxmi Roller Flour Mills
Rating Facilities Long-term bank facilities Total 5.84 (Rs. Five Crore and Eighty Four Lakh only) Details of instruments/facilities in Annexure-1 Mahalaxmi Roller Flour Mills July 09, 2018 Amount Rating
More informationC&S Electric Limited April 6, 2018
C&S Electric Limited April 6, 2018 Ratings Facilities Long-term Bank Facilities Term Loan Long-term Bank Facilities Cash Credit Short-Term Bank Facilities Amount 87.01 (enhanced from 18.60) 235 (enhanced
More informationCoimbatore Capital Limited
Coimbatore Capital Limited December 27, 2017 Ratings Facilities Amount Short-term Bank Facilities 37 Total Facilities Details of instruments/facilities in Annexure-1 37 (Rupees Thirty Seven crore only)
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Future Enterprises Limited Ratings Facilities Long-term Bank Facilities (Term Loan) Long-term Bank Facilities (Term Loan) Long Term Bank Facilities (Fund Based) Short-term Bank Facilities (Non Fund based)
More informationRaipur Power and Steel Limited August 21, 2018
Ratings Long term Bank Short term Bank Total 354.65 (Rupees Three hundred fifty four crore and sixty five lakhs only) Details of instruments/facilities in Annexure-1 Raipur Power and Steel Limited August
More informationSHREE GANESH JEWELLERY HOUSE (I) LIMITED
Ratings SHREE GANESH JEWELLERY HOUSE (I) LIMITED Facilities/Instruments Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 150 CARE BBB+ Short-term Bank Facilities 3695 CARE A3+ (A Three Plus)
More informationK.P. CHACKO & SONS JUNE 30, 2017
Ratings K.P. CHACKO & SONS JUNE 30, 2017 Facilities Amount Rating 1 Long-term Bank Facilities 17 CARE B+; Stable (Single B Plus ; Outlook: Stable) Rating Action Assigned Total 17 (Rupees Seventeen crore
More informationIndia Infrastructure Finance Company Ltd October 06, 2017
India Infrastructure Finance Company Ltd October 06, 2017 Ratings Facilities Unsecured Taxable * Amount (Rs. Crore) 3,000 (Rupees Three Thousand crore only) Long-term 67.12 Infrastructure (Rupees Sixty
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Ratings Facilities Commercial Paper programme Details of instruments/facilities in Annexure-1 Shriram Housing Finance Limited August 07, 2018 Amount (Rs.cr) 300 (enhanced from Rs. 200 crore) (Rupees three
More informationBhilangana Hydro Power Limited
Ratings Facilities/Instruments Non- (NCD) Non--I (NCD-I) Non--II (NCD-II) Bhilangana Hydro Power Limited March 26, 2018 153.80 Total (Rupees One Hundred Fifty Three crore and Eighty lakh only) Details
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More informationLaxmi Diamond Private Limited
Ratings Facilities Long-term Bank Facilities Short-term Bank Facilities Laxmi Diamond Private Limited March 10, 2017 Amount Rating 1 890.85 CARE BBB+/CARE A2; ISSUER NOT (Triple B Plus/A Two; ISSUER NOT
More informationL&T Finance Ltd (erstwhile Family Credit Ltd) July 23, 2018
Ratings Facilities L&T Finance Ltd (erstwhile Family Credit Ltd) July 23, 2018 Amount (Rs. crore) Commercial Paper Issue (IPO Financing) Rating 1 Rating Action Withdrawn Details of instruments/facilities
More informationAMTEK INDIA LIMITED. CARE AA- (Double A Minus) Reaffirmed and credit watch removed. CARE A1+ (A One Plus) Reaffirmed and credit watch removed
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More informationMCNALLY BHARAT ENGINEERING COMPANY LIMITED
MCNALLY BHARAT ENGINEERING COMPANY LIMITED Ratings Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 3,904.2 (enhanced from 3,779.8) CARE A (Single A) Revised from CARE A+ (Single
More informationGEA BGR Energy System India Limited
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More informationMadhya Bharat Power Corporation Limited
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Ratings Facilities Kalimati Motors Private Limited Amount Long-term Bank Facilities 13.00 Total Details of instruments/facilities in Annexure-1 13.00 (Rupees Thirteen crore only) March 23, 2018 Rating
More informationColourtex Industries Private Limited
Colourtex Industries Private Limited January 18, 2017 Ratings Facilities Long-term Bank facilities Long-term/Short-term Bank facilities Amount 50.25 (reduced from 71.14) 370.00 420.25 Total Facilities
More informationKhagaria Purnea Highway Project Limited
Khagaria Purnea Highway Project Limited March 31, 2018 Ratings Facilities Long-term Bank Facilities (Senior debt) Long-term Bank Facilities (Sub-ordinate debt) Amount 462.35 (reduced from Rs.516.95 crore)
More informationSharekhan Financial Services Private Limited
Ratings Sharekhan Financial Services Private Limited December 18, 2017 Instruments Commercial Paper Issue (IPO Financing) Details of instruments/facilities in Annexure-1 Amount (Rs. crore) 2000 (Rupees
More informationMilestone Gears Private Limited October 01, 2018
Ratings Facilities Milestone Gears Private Limited October 01, 2018 Amount Ratings 1 Long-term Bank Facilities 110.92 CARE BBB (Triple B; Outlook: Stable) Short-term Bank Facilities 30.00 CARE A3+ (A Three
More informationSaibaba Agrotech Private Limited
Saibaba Agrotech Private Limited July 20, 2018 Ratings Facilities Amount (Rs. crore) Rating 1 Rating Action Long-term Bank Facility 2.24 CARE B+; Stable (Single B Plus; Outlook: Stable) Assigned Short-term
More informationNational Collateral Management Services Limited May 5, (Rs. crore)
Ratings Facilities National Collateral Management Services Limited May 5, 2017 Amount Long term Bank Facilities 412.57 Rating 1 CARE A+; Stable (Single A Plus; Outlook: Stable) Rating Action Reaffirmed
More informationMahakali Rice Mills Private Limited
Mahakali Rice Mills Private Limited March 22, 2018 Facilities Amount Long-term Bank Facility 9.25 Total Details of facilities in Annexure-1 9.25 (Rupees Nine crore and Twenty Five Lakh only) 1 CARE BB;
More informationGreenko Energies Private Limited
Greenko Energies Private Limited January 11, 2017 Ratings Amount Long-term Bank 841.00 (enhanced from 109.38) Long-term/Short-term Bank Total 941.00 (Rupees Nine hundred and forty one crore only) Details
More informationShriram Housing Finance Limited September 10, 2018
Ratings Facilities Shriram Housing Finance Limited September 10, 2018 Amount Rs. Cr Non- I 100.00 Non- II 14.00 Non- III 100.00 Non- IV 20.00 Non- V 50.00 Non- VI 30.00 Non- VII 500.00 Commercial Paper
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Ratings CESC LIMITED Facilities/Instruments Amount Ratings 1 Remarks Long-term Bank Facilities 905.4 (reduced from 1,015.0) CARE AA (Double A) Reaffirmed Short-term Bank Facilities 250.0 CARE A1+ (A One
More informationRock Regency Hotels Private Limited June 25, 2018
Rating Facilities Rock Regency Hotels Private Limited June 25, 2018 Amount Long term Bank Facilities 4.11 Total 4.11 (Rupees Four crore and eleven lakh only) Details of instruments/facilities in Annexure-1
More informationPavathal Spinning Mills Private Limited
Ratings Pavathal Spinning Mills Private Limited December 27, 2017 Amount (Rs. crore) Ratings 1 Remarks Long-term Bank 10.42 (reduce from 11.11) CARE BB+; Stable (Double B Plus; Outlook:Stable) Reaffirmed
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Ratings Facilities/Instruments Long-term/Short -Term Bank Facilities Short -Term Bank Facilities Amount 18.00 20.00 38.00 Total (Rupees Thirty-eight Crore only) Details of instruments/facilities in Annexure-1
More informationPix Transmissions Ltd January 04, 2019
Ratings Long term Bank Short term Bank Long-term/Short-term Bank Long-term/Short-term Bank Total 134.58 (Rs. One hundred and Thirty Four crore and Fifty Eight lakhs only) Details of instruments/facilities
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Ratings Facilities/Instruments Amount Long-term Bank Facilities 3,204.73 (reduced from 3,270.81) Jindal Power Limited January 04, 2018 3,204.73 (Rupees Three Thousand Two Total Hundred Four crore and Seventy
More informationJMC Projects (India) Limited
JMC Projects (India) Limited January 20, 2017 Ratings Long Term Bank Long Term / Short Term Bank Total Commercial Paper Issue (carved out of working capital limits) Amount 687.32 (reduced from Rs.726.88
More informationHousing and Urban Development Corporation Limited May 24, 2018
Housing and Urban Development Corporation Limited May 24, 2018 Ratings Instruments Long-term/ Short-term Bank Facilities Fixed Deposit Programme Commercial Paper Long-term Bonds (18-19) (including sub-limit
More informationBrookefield Real Estates and Projects Private Limited November 05, 2018
Ratings Long term Bank Total 860.0 (Rs. Eight Hundred Sixty Crores Only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers Brookefield Real Estates and Projects Private
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