May 8, 2019 / 3:52 AM / 4 months ago

India Ratings for Indian debt instruments – May 8

    May 8 (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
May 7, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Aavas Financiers Ltd            ST debt                IND A1+          1000     Assigned
Brmsco Garments Pvt Ltd         Non-FB Fac             IND A4+          50       Affirmed
Dutch Tech Tools Pvt Ltd        FB WC limit            IND A4+          72.5
Migrated to non-cooperating category; (Issuer Not Cooperating)
Dutch Tech Tools Pvt Ltd        Non-FB WC limit        IND A4+          27
Migrated to non-cooperating category; (Issuer Not Cooperating)
Ethos Power Pvt Ltd             Non-FB limit           IND A4+          240
Migrated to non-cooperating category; (Issuer Not Cooperating)
Hdfc Bank Ltd                   Certificates of depositIND A1+          400      Affirmed
Meghalaya Cast & Alloys Pvt Ltd Non-FBL                IND A4+          21.38    Affirmed
Nagabhushanam & Co              Non-FB WC limit        IND A4           225      Upgraded
S.A.Aanandan Spinning Mills Pvt Non-FB Fac             IND A4+          60       Affirmed
Ltd
Salasar Plywood Pvt Ltd         Non-FB WC limits       IND A3           80
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vasudha Pharma Chem Ltd         Non FB WC limits       IND A1           250      Affirmed

MEDIUM TERM RATINGS:
-------------------
Hdfc Bank Ltd                   Term deposit programme IND tAAA         -        Affirmed
Patel Integrated Logistics Ltd  Term deposit           IND tA-/ RWE     159.9
Placed on RWE
Patel Integrated Logistics Ltd  Proposed term deposit* Provisional IND  50
                                                       tA-/ RWE
Placed on RWE; *The rating is provisional and shall be confirmed upon the receipt of final
documentation for the above facility by PILL to the satisfaction of Ind-Ra

LONG TERM RATINGS:
-------------------
Aavas Financiers Ltd            NCDs (NCDs)            WD               600
Withdrawn (repaid in full)
Bangalore Elevated Tollway Pvt  Rupee TL               IND AA-          2505     Affirmed
Ltd
Bangalore Elevated Tollway Pvt  NCDs (NCDs)            IND AA-          1,694    Affirmed
Ltd
Bdr International Ltd           FB Fac                 IND B/ IND A4    134
Migrated to non-cooperating category; (Issuer Not Cooperating)
Brmsco Garments Pvt Ltd         TL                     IND BB           60.7     Upgraded
Brmsco Garments Pvt Ltd         FB WC                  IND BB/ IND A4+  100
Long-term rating upgraded and short-term rating affirmed
Dredging Corporation Of India   LT Issuer Rating       IND A+
Ltd
Rating Watch Negative (RWN)
Ennore Tank Terminals Pvt Ltd   Bk loans               IND AA           1715     Affirmed
Ennore Tank Terminals Pvt Ltd   WC Fac                 IND AA           500      Affirmed
Ethos Power Pvt Ltd             FB WC limit            IND BB/ IND A4+  90
Migrated to non-cooperating category; (Issuer Not Cooperating)
Hdfc Bank Ltd                   Basel-III compliant    IND AA+          150      Affirmed
                                Tier 1 bonds
Hdfc Bank Ltd                   Lower Tier-2 sub debt  IND AAA          71.27    Affirmed
Iiert January 2019 (An Abs      Series A pass-through  IND AA(SO)       1470.1   Assigned
Transaction)                    certificates (PTCs)
Iiert October 2018 (An Abs      Series A pass-through  IND AA(SO)       1193.6   Assigned
Transaction)                    certificates (PTCs)
Mbl (Cgrg) Road Ltd             Rupee TL               IND A            5338     Affirmed
Mbl (Cgrg) Road Ltd             Performance BG (PBG)   WD               471.0.0
Withdrawn (limits cancelled)
Mbl (Gsy) Road Ltd              Rupee TL               IND A            6694     Affirmed
Mbl (Gsy) Road Ltd              Performance BG (PBG)   WD               592
Withdrawn (limits cancelled)
Meghalaya Cast & Alloys Pvt Ltd FB limits              IND BB           60       Affirmed
Meghalaya Cast & Alloys Pvt Ltd Long-TL                IND BB           11.2     Affirmed
Mm Trust Nov 18 I (An Abs       Series A PTC (PTCs)    IND AAA(SO)      11625.5  Assigned
Transaction)
Nagabhushanam & Co              FB WC limit            IND B-/ IND A4   70       Upgraded
Parixit Irrigation Ltd          TL (LT)                IND D            26.4     Affirmed
Parixit Irrigation Ltd          CC limits (LT)*#       WD               375
Affirmed and withdrawn; * Affirmed at ‘IND D(issuer not cooperating )’ before being withdrawn; #
Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection
certificate from the rated facilities’ lenders. This is consistent with the Securities and
Exchange Board of India’s circular dated 31 March 2017 for credit rating agencies.
Parixit Irrigation Ltd          Non-FB WC limits (ST)*#WD               220
Affirmed and withdrawn Affirmed and withdrawn; * Affirmed at ‘IND D(issuer not cooperating )’
before being withdrawn; # Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the rated facilities’ lenders. This is consistent
with the Securities and Exchange Board of India’s circular dated 31 March 2017 for credit rating
agencies.
Patel Integrated Logistics Ltd  Non-FB limits          IND A3+/ RWE     176.7
Placed on RWE
Patel Integrated Logistics Ltd  Finance lease          IND BBB/ RWE     90.9
Placed on RWE
Patel Integrated Logistics Ltd  TL                     IND BBB/ RWE     50
Placed on RWE
Patel Integrated Logistics Ltd  FB limits              IND BBB/ RWE/    514.5
                                                       IND A3+/ RWE
Placed on RWE
Renew Wind Energy (Jath) Ltd    NCDs                   IND AA+(SO)      4510     Affirmed
S.A.Aanandan Spinning Mills Pvt Long-TL                IND BB           110.6    Affirmed
Ltd
S.A.Aanandan Spinning Mills Pvt FB Fac                 IND BB/ IND A4+  450      Affirmed
Ltd
Salasar Plywood Pvt Ltd         FB WC limits           IND BBB-         5
Migrated to non-cooperating category; (Issuer Not Cooperating)
Sansar Trust March 2018 Iv’S    Second loss credit     IND A-(SO)       339.7    Affirmed
(An Abs Transaction)            facility (SLCF)
Sansar Trust March 2018 Iv’S    Series A pass-through  IND AAA(SO)      3464.6   Affirmed
(An Abs Transaction)            certificates (PTCs)
Vasudha Pharma Chem Ltd         Long-TL                IND A            1000
Rating affirmed; Outlook revised to Positive
Vasudha Pharma Chem Ltd         FB WC limits           IND A/ IND A1    1250
Rating affirmed; Outlook revised to Positive
Vivek Realty & Resorts Pvt Ltd  Long-TL                IND BB-          143.5
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vrs Foods Ltd                   TL                     IND BBB          1950     Downgraded
Vrs Foods Ltd                   FB limits*             IND BBB/ IND A3+ 3050     Downgraded
* Includes an INR110 million sub-limit of non-fund-based facilities

-----------------------------------------------------------------------------------------------
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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