April 2, 2019 / 6:38 AM / in 3 months

India Ratings for Indian debt instruments – Apr 2

   Apr 2 (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 1, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Northern Arc 2019 CSL           Series A1 pass-through Provisional IND  992.2    Assigned
Shubharambh                     certificates (PTCs)    A1(SO)
Northern Arc 2019 CSL           Series A2 PTCs         Provisional IND  21.8     Assigned
Shubharambh                                            A2(SO)
Western India Cashew Company    Non-FB WC facility     IND A3           16.5     Affirmed
Pvt Ltd

LONG TERM RATINGS:
-------------------
Metalloys Recycling Ltd         FB WC limits (LT/ST)   IND D            100      Downgraded and
                                                                                 migrated to
                                                                                 non cooperating
                                                                                 category
Metalloys Recycling Ltd         Non-FB WC limits (ST)  IND D            50       Downgraded and
                                                                                 migrated to
                                                                                 non cooperating
                                                                                 category
Metalloys Recycling Ltd         Proposed FB WC limit   Provisional IND D 50      Downgraded and
                                (LT/ST)                                          migrated to
                                                                                 non cooperating
                                                                                 category
Metalloys Recycling Ltd         Proposed non- fund     Provisional IND D 250     Downgraded and
                                based WC limit (ST)                              migrated to
                                                                                 non cooperating
                                                                                 category
Mumbai Aviation Fuel Farm       TL*                    -                3137.4   Affirmed and
Facility Pvt Ltd                                                                 Withdrawn
*Affirmed at IND AA-/ before being withdrawn
Northern Arc 2019 Mfi Glyph     Series A1 pass-through Provisional IND  591.58   Assigned
                                certificates (PTCs)    A-(SO)
Punjab State Transmission Co.   FB WC facility         IND BBB-         2000     Affirmed
Ltd
Punjab State Transmission Co.   TL                     IND BBB(SO)      5081.2   Affirmed
Ltd
Shalimar Ksmb Projects          TL                     IND BB+          500      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 Category
Western India Cashew Company    TL                     IND BBB-         37.06    Affirmed
Pvt Ltd
Western India Cashew Company    FB WC facility         IND BBB-/IND A3  1300     Affirmed
Pvt Ltd
-----------------------------------------------------------------------------------------------
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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