April 19, 2019 / 4:31 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 19

    Apr 19 (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 18, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Reliance Industries Ltd.        CP                     IND A1+          50000    Affirmed
Ceat Specialty Tyres Ltd        CP (carved out of WC   IND A1+/ RWP     250
                                limits) ^
Placed on RWP; ^ Yet to be issued.

MEDIUM TERM RATINGS:
-------------------
Export-Import Bank Of India     Term deposit programme IND tAAA         -        Affirmed

LONG TERM RATINGS:
-------------------
Ceat Specialty Tyres Ltd        TL #                   IND AA(SO)/ RWP  2280
Placed on RWP; # Term loans are backed by an unconditional and irrevocable guarantee by the
parent, CEAT Limited (‘IND AA’/Stable).
Ceat Specialty Tyres Ltd        FB/non-FB WC limits    IND AA-/ RWP/    500
                                                       IND A1+/ RWP
Placed on RWP
Ceat Specialty Tyres Ltd        Proposed unsecured     Provisional IND  250
                                non-FB limits *        A1+/ RWP
Placed on RWP; * The rating is provisional and shall be confirmed upon the sanction and
execution of loan documents for the above facilities by CSTL to the satisfaction of Ind-Ra.
Elysium Pharmaceuticals Ltd     TL (LT)                IND D            267.36   Downgraded
Elysium Pharmaceuticals Ltd     FB limits (LT)         IND D            150      Downgraded
Elysium Pharmaceuticals Ltd     Non-FB limit (ST)      IND D            62       Downgraded
(reduced from INR65)
Embassy Industrial Parks Pvt    TL#                    IND A-(SO)       1820     Assigned
Ltd
# Lease Rental Discounting (LRD) loans
Embassy Industrial Parks Pvt    TL                     IND BBB+         2000     Assigned
Ltd
Embassy Industrial Parks Pvt    Non-FB WC limits       IND BBB+/ IND A2 500      Assigned
Ltd
Embassy Industrial Parks Pvt    Overdraft facility     IND BBB+/ IND A2 2000     Assigned
Ltd
Garg Acrylics Ltd               Long-TL                IND BBB+         2517     Affirmed
reduced from INR2,819 mln
Garg Acrylics Ltd               FB limits              IND BBB+/ IND A2 3350     Affirmed
Garg Acrylics Ltd               Non-FB limits          IND BBB+/ IND A2 155      Affirmed
Kaithal Tollway Pvt Ltd         Senior project Bk loan IND A+(SO)       8500     Affirmed
reduced from INR14,000 mln
Kaithal Tollway Pvt Ltd         Senior, secured,       IND A+(SO)       5500     Assigned
                                unlisted NCDs (NCDs)
Mytrah Energy (I) Pvt Ltd       FB limits              IND A-/ RWN/ IND 1450
                                                       A2+/ RWN
Placed on RWN
Mytrah Energy (I) Pvt Ltd       Non-FB limits          IND A-/ RWN/ IND 6050
                                                       A2+/ RWN
Placed on RWN
Mytrah Energy (I) Pvt Ltd       Proposed FB WC limits* Provisional IND  50
                                                       A-/ RWN/
                                                       Provisional IND A2+/ RWN
Placed on RWP; * The ratings are provisional and shall be confirmed upon the sanction and
execution of the loan documents for the above facilities by MEIPL to the satisfaction of Ind-Ra.
Mytrah Energy (I) Pvt Ltd       Proposed NFB WC limits*Provisional IND  2950
                                                       A-/ RWN/
                                                       Provisional IND A2+/ RWN
Placed on RWP; * The ratings are provisional and shall be confirmed upon the sanction and
execution of the loan documents for the above facilities by MEIPL to the satisfaction of Ind-Ra.
Reliance Industries Ltd.        NCDs (NCDs)            IND AAA          5000     Affirmed
reduced from INR10,033.3 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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