April 7, 2017 / 5:32 AM / 4 months ago

India Ratings for Indian debt instruments – Apr 7

11 Min Read

    Apr 7 (Reuters) - Below are the ratings awarded by India Ratings and Research Private Ltd
(India Ratings), formerly known as Fitch Ratings India for local debt instruments as of
April 6, 2017.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Avichal Multitrade Pvt Ltd      Proposed non-FB limit* Provisional IND  150      Assigned
                                                       A4
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by AMPL to the satisfaction of Ind-Ra.
Julius Baer Capital (I) Pvt Ltd CP                     IND A1+          8000     Affirmed
Ramkumar Mills Pvt Ltd          Non-FB WC limits       IND A4+          20       Assigned
Tirupati Niryat Pvt Ltd         NFBL                   IND A4+          70       Assigned

LONG TERM RATINGS:
-------------------
Adani Green Energy              Senior Bk  loan        IND BBB          10680    Upgradaed from
                                                                                 IND BBB-
Adani Green Energy              WC facility            IND BBB          660      Upgradaed from
                                                                                 IND BBB-
Adani Green Energy              Loan equivalent risk   IND BBB          920      Assigned
                                (LER) limits
Adani Green Energy              Non-FB facility        WD               3310     Withdrawn
                                (interim LOC facility )
Aggarwal Automotive Pvt Ltd     FB limit               IND B-           300      Assigned
Avichal Multitrade Pvt Ltd      Proposed FB WC limit*  Provisional IND  50       Assigned
                                                       B /Provisional
                                                       IND A4
*The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by AMPL to the satisfaction of Ind-Ra.
Continental Earthmovers         FB WC limit            IND BB /IND A4+  70       Assigned
Emami Realty Ltd                NCDs                   IND AA-(SO)      1000     Affirmed
Gmr Warora Energy Ltd           WC facility            IND D            6200     Affirmed
Gmr Warora Energy Ltd           Senior project TL*     IND D            27020    Withdrawn
*The ratings on senior project term loan and bank term loan have been withdrawn as they were
entirely replaced through refinancing.
Gmr Warora Energy Ltd           NCDs (NCDs)            WD               750      Affirmed
Gmr Warora Energy Ltd           *Bk TL                 WD               2600     Withdrawn
*The ratings on senior project term loan and bank term loan have been withdrawn as they were
entirely replaced through refinancing.
Green Infra Wind Energy Ltd     TL                     IND A+           8130     Affirmed
Green Infra Wind Energy Ltd     LOC facility           IND A+           2500     Affirmed
Green Infra Wind Energy Ltd     WC facility            IND A+           500      Assigned
Green Infra Wind Energy Ltd     TL (bridge facility)   IND A+ /IND A1   2000     Assigned
Green Infra Wind Energy Ltd     TL*                    Provisional IND  2272     Assigned
                                                       A+
*The final rating for the proposed term loan facility is subject to the receipt of executed
financing documents (including facility agreement, trust and retention agreement, no dues
certificate from short-term lenders) in conformance to the information already received. 
Green Infra Wind Energy Ltd     Proposed WC facility*  Provisional IND  250      assigned
                                                       A+
*The final rating for the proposed term loan facility is subject to the receipt of executed
financing documents (including facility agreement, trust and retention agreement, no dues
certificate from short-term lenders) in conformance to the information already received. 
Hercules Hospitalities Pvt Ltd  TL                     IND B            15       Assigned
Hercules Hospitalities Pvt Ltd  FB Fac -CC             IND B/IND A4     110      Assigned
Irb Infrastructure Developers   Senior project Bk loan IND BBB-         9240     Affirmed
Ltd
 (includes ECB USD39.23)
Kamuthi Renewable Energy Ltd    Senior Bk  loan        IND BBB          3560     Assigned
Kamuthi Renewable Energy Ltd    WC facility            IND BBB          200      Assigned
Kamuthi Renewable Energy Ltd    Loan equivalent risk   IND BBB          320      Assigned
                                limits
Kamuthi Renewable Energy Ltd    Non-FB facility        WD               46.6     Withdrawn
                                (interim LOC facility )
Kamuthi Solar Power Ltd         Non-FB facility        IND BBB          444      Upgraded from
                                (interim LOC facility)                           IND BBB-
(reduced from INR2,483)
Kamuthi Solar Power Ltd         Senior Bk  loan        IND BBB          7620     Assigned
Kamuthi Solar Power Ltd         WC facility            IND BBB          600      Assigned
Kamuthi Solar Power Ltd         Loan-equivalent risk   IND BBB          940      Assigned
                                limits
M/S Bellatrix Infrastructure    TL                     IND B+           25       Assigned
Pvt Ltd
M/S Bellatrix Infrastructure    FB Fac                 IND B+/ IND A4   35.5     Assigned
Pvt Ltd
Ongc Petro Additions Ltd        Proposed CCDs*         Provisional IND  16710    Assigned
                                                       AAA (SO)
*The final rating is contingent upon the receipt of final documents conforming to the
information already received. The documents include all the finalised financing, transaction and
project documents, including the legal opinion on the validity of transaction and structure, and
an opinion related to taxation.
Ramkumar Mills Pvt Ltd          FB WC limits           IND BB /IND A4+  210      Assigned
Ramnad Renewable Energy Ltd     Senior Bk loan         IND BBB          2540     Assigned
Ramnad Renewable Energy Ltd     WC facility            IND BBB          200      Assigned
Ramnad Renewable Energy Ltd     Loan equivalent risk   IND BBB          300      Assigned
                                limits
Ramnad Renewable Energy Ltd     Non-FB facility        WD               742      Withdrawn
                                (interim LOC facility )
Ramnad Solar Power Ltd          Senior Bk loan         IND BBB          3560     Assigned
Ramnad Solar Power Ltd          WC facility            IND BBB          220      Assigned
Ramnad Solar Power Ltd          Loan equivalent risk   IND BBB          320      Assigned
                                (LER) limits
Ramnad Solar Power Ltd          Non-FB facility        WD               620.8    Withdrawn
                                (interim LOC facility)
South East U.P. Power           Senior project Bk loansIND D            37132    Downgraded
Transmission Co. Ltd                                                             from IND BB-
Tirupati Niryat Pvt Ltd         FBL                    IND BB           100      Assigned
Ubl Trust 4                     Series A pass-through  Provisional IND  1513.58  Assigned
                                certificates (PTCs)*   A+ (SO)
* The final rating is contingent upon the receipt of final documents conforming to the
information already received by Ind-Ra.
-----------------------------------------------------------------------------------------------
Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to
India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the
Fitch Group. The withdrawn criteria are now available on India Ratings' website at
www.indiaratings.co.in

$: 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

INDIA RATINGS 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; RWN- Rating
Watch Negative;
RWN- Rating Watch Evolve.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222, E-mail at
rru.data@thomsonreuters.com)

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