April 15, 2019 / 4:59 AM / in 7 days

India Ratings for Indian debt instruments – Apr 15

    Apr 15 (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 12, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Adani Ports And Special         CP                     IND A1+          67000    Affirmed
Economic Zone Ltd
Adani Transmission Ltd          CP (CP)                IND A1+          10000    Affirmed
Bambino Pasta Food Industries   Non-FB WC limit        IND A4+          30
Pvt Ltd
Migrated to non-cooperating category; (Issuer Not Cooperating)
Cosmo Films Ltd                 Non-FB WC limits       IND A1           2490     Affirmed
increased from INR1,990.0 mln
Cosmo Films Ltd                 CP* (carved out from   IND A1           100      Affirmed
                                FB limits)
* Not yet issued
Deepak Spinners Ltd             FB limits              IND A3+          50       Affirmed
Deepak Spinners Ltd             Non-FB limits          IND A3+          100      Affirmed
reduced from INR185 mln
Frost & Sullivan India Pvt Ltd  FB WC limits           IND A2           120      Affirmed
Prime Insulators Pvt Ltd        Non-FB Fac             IND A4+          50       Assigned
Prime Insulators Pvt Ltd        Proposed non-FB Fac*   Provisional IND  10       Assigned
                                                       A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by PIPL to the satisfaction of Ind-Ra.
Sri Raja Rajeswari              Non-FB WC limits       IND A3+          650
Constructions (I) Pvt Ltd
Affirmed; Off RWE
Sri Raja Rajeswari              Proposed non-FB WC     Provisional IND  400
Constructions (I) Pvt Ltd       limits*                A3+
Affirmed; Off RWE; Outlook Stable; * The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facilities by SRRCPL to the
satisfaction of Ind-Ra.
Touch Tone Teleservices         Non-FB WC Fac          IND A4+          40
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vibrant Cotfab Pvt Ltd          Non-FB limits          IND A4+          8.5      Assigned
Adani Transmission Ltd          NCDs                   IND AA+          25470    Affirmed
reduced from INR26,650 mln

LONG TERM RATINGS:
-------------------
Adani Transmission Ltd          Proposed NCDs (NCDs)^  Provisional IND  1000     Assigned
                                                       AA+
^The final rating is subject to the signing of the financing documents, including the debenture
trust deed and the accession to the existing waterfall arrangement. The provisional rating has
been assigned on expectation that the major terms of the proposed NCDs will be in line with the
existing long-term borrowing of ATL. The company plans to use the proceeds from this borrowing
to refinance the maturities falling due in 1QFY20. For the proposed INR1,000 million NCDs,
Ind-Ra has considered that the maturity will be between three and five years, the event of
default terms will be in line with those applicable for existing debt and the interest rate will
not be significantly higher than the current average interest cost.
Annai Jewellers                 FB WC limits           IND BBB-/ IND A3 130      Assigned
Annai Jewellers                 Proposed fund- based   Provisional IND  20       Assigned
                                WC limits              BBB-/
                                                       Provisional IND A3
Bambino Pasta Food Industries   TL                     IND BB+          500
Pvt Ltd
Migrated to non-cooperating category; (Issuer Not Cooperating)
Bambino Pasta Food Industries   FB WC limit            IND BB+/ IND A4+ 200
Pvt Ltd
Migrated to non-cooperating category; (Issuer Not Cooperating)
Bambino Pasta Food Industries   Proposed FB WC limit   Provisional IND  30
Pvt Ltd                                                BB+
Migrated to non-cooperating category; (Issuer Not Cooperating); (Issuer Not
Cooperating)/Provisional IND A4+(Issuer Not Cooperating)
Cosmo Films Ltd                 Long-TL                IND A+           4555.3   Affirmed
reduced from INR5,184.9 mln
Cosmo Films Ltd                 FB WC limits           IND A+/ IND A1   4250     Affirmed
reduced from INR4,550.0 mln
Deepak Spinners Ltd             FB limits              IND BBB          600
Affirmed; Outlook revised to Positive
Deepak Spinners Ltd             Long-TL                IND BBB          650
Affirmed; Outlook revised to Positive; reduced from INR830 mln
Essel Lucknow Raebareli Toll    NCDs                   IND AA+(SO)/ RWN 4875
Roads Ltd
Downgraded and placed on RWN; reduced from INR5,253 mln
Hira Automobiles Ltd            FB WC limits           IND BB/ IND A4+  400      Affirmed
increased from INR320 mln
Lall Minerals Pvt Ltd           FB  limits             IND BB-          65
Migrated to non-cooperating category; (Issuer Not Cooperating)
Lall Minerals Pvt Ltd           Proposed FB limits     Provisional IND  295
                                                       BB-
Migrated to non-cooperating category; (Issuer Not Cooperating)
Niit Ltd                        CP (carved out of FB   IND A1+/ RWE     340
                                Bk lines)
Placed on RWE
Niit Ltd                        ST debt                IND A1+/ RWE     200
Placed on RWE
Niit Ltd                        FB limits              IND AA-/ RWE/    414
                                                       IND A1+/ RWE
Placed on RWE
Niit Ltd                        Non-FB limits          IND AA-/ RWE/    368
                                                       IND A1+/ RWE
Placed on RWE
Niit Ltd                        Proposed LT debt*      Provisional IND  400
                                                       AA-/ RWE
Placed on RWE; *The ratings are provisional and shall be confirmed upon the sanction and
execution of the loan documents for the above facilities by NIIT to the satisfaction of Ind-Ra.
Niit Ltd                        Proposed non-FB Bk     Provisional IND  700
                                limits*                AA-/ RWE/
                                                       Provisional IND A1+/ RWE
Placed on RWE; *The ratings are provisional and shall be confirmed upon the sanction and
execution of the loan d
Prime Insulators Pvt Ltd        TL                     IND BB-          40       Assigned
Prime Insulators Pvt Ltd        FB Fac                 IND BB-/ IND A4+ 40       Assigned
Prime Insulators Pvt Ltd        Proposed FB Fac*       Provisional IND  10       Assigned
                                                       BB-/ Provisional
                                                       IND A4+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by PIPL to the satisfaction of Ind-Ra.
Radiant Textiles Ltd            Term loans             IND BB+          81.89
Affirmed; Outlook revised to Positive   from Stable(decreased from INR99.60)
Radiant Textiles Ltd            FB limit               IND BB+/ IND A4+ 805
Affirmed; Outlook revised to Positive   from Stable(increased from INR350.5)
Sri Raja Rajeswari              TL                     IND BBB          156.6
Constructions (I) Pvt Ltd
Affirmed; Off RWE; Outlook Stable
Sri Raja Rajeswari              FB WC limits           IND BBB/ IND A3+ 250
Constructions (I) Pvt Ltd
Affirmed; Off RWE; Outlook Stable
Sri Raja Rajeswari              Proposed FB WC limits* Provisional IND  200
Constructions (I) Pvt Ltd                              BBB/ Provisional
                                                       IND A3+
Affirmed; Off RWE; Outlook Stable; * The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facilities by SRRCPL to the
satisfaction of Ind-Ra.
Sterlite Power Transmission Ltd NCDs                   IND A-           3500     Assigned
Touch Tone Teleservices         FB WC Fac              IND BB-          80
Migrated to non-cooperating category; (Issuer Not Cooperating)
Vibrant Cotfab Pvt Ltd          Long-TL                IND BB           354.18   Upgraded
increased from INR100 mln
Vibrant Cotfab Pvt Ltd          FB limits              IND BB/ IND A4+  134
Long-term rating upgraded and short-term rating affirmed; increased from INR100 mln

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