CARE gives A+(SO) rating to Alex Astral Power's bank facilities
Oct 21, 2011 - CARE yesterday rated the INR-2.8-billion (USD 56m/EUR 41m) long-term bank facilities of Indian solar power firm Alex Astral Power Pvt Ltd (AAPPL) at A+(SO).
The agency’s rating reflects the unconditional and irrevocable corporate guarantee provided to AAPPL by Indian jewellery maker Shree Ganesh Jewellery House Ltd, or SGJHL.
SGJHL's ratings of A+/A1+ are positively impacted by the extensive experience of its promoters, its satisfactory track record and established brand name. They also reflect the company’s concentration of sales in the Middle East, the low-margin nature of its business, the seasonality of demand and risks related to the implementation of its ongoing project.
Future ratings will be based on prospects for the gem & jewellery (G&J) industry, the sustainability of turnover and margins and the timely completion of the proposed projects.