August 1, 2019 / 5:35 AM / 18 days ago

India Ratings for Indian debt instruments – Aug 1

    Aug 1 (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
July 31, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Mufg Bank, Ltd.                 Certificates of        IND A1+          20000    Affirmed
                                deposit*
*Yet to be issued
Ravi Foods Pvt Ltd              Non-FB limits          IND A1           20       Assigned
Shree Vardhman Developers Pvt   Non-FB limits          IND A4           98.9
Ltd
Migrated to non-cooperating category,Issuer Not Cooperating
Trident Chemphar Ltd            Non-FB WC limits       IND A2+          6675     Affirmed
(increased from INR4,510 mlns)

LONG TERM RATINGS:
-------------------
A.P. Greig Foundation Trust`S   Bk loans               WD               139.68
Bank Loan
Maintained in non-cooperating category; Issuer Not Cooperating and Withdrawn
Adani Green Energy Tamil Nadu   Rupee TL               IND A+(SO)       10787    Affirmed
Ltd
Adani Green Energy Tamil Nadu   WC facility^           IND A+(SO)       430      Upgraded and
Ltd                                                                              reassigned
^Reassigned to ‘IND A+(SO)/Stable after being upgraded to ‘IND A+/(reduced from INR 660 mlns)
Adani Green Energy Tamil Nadu   Proposed WC facility*  Provisional IND  230      Assigned
Ltd                                                    A+(SO)
*The final rating for the proposed working capital facility will be assigned following the
closure of the loan issue upon the receipt of final documentation, conforming to the information
already received by Ind-Ra.
Adani Green Energy Tamil Nadu   Senior Bk loan#        WD               10680    Withdrawn
Ltd
#Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no-dues certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies./(outstanding INR8,639 mlns)
Adani Green Energy Tamil Nadu   Loan equivalent risk   WD               920      Withdrawn
Ltd                             limit#
#Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no-dues certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies./(outstanding INR8,639 mlns)
Adani Green Energy Tamil Nadu   NFB facility#          WD               996.2    Withdrawn
Ltd
#Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no-dues certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies./(outstanding INR8,639 mlns)
Advance Sme Trust July 2019     Series A1 pass-through Provisional IND  751      Assigned
                                certificates (PTCs)    AAA(SO)
Dukes Consumer Care Ltd         FB limits              IND A            145      Assigned
Dukes Consumer Care Ltd         TL                     IND A            47       Assigned
General Computer Services       Bk loans*              WD               253.99
International’S
* Maintained at ‘IND BBB+(ISSUER NOT COOPERATING)’ before being withdrawn
General Computer Services       FB WC Fac*             WD               32.4
International’S
* Maintained at ‘IND BBB+(ISSUER NOT COOPERATING)’ before being withdrawn
Kamuthi Renewable Energy Ltd    Rupee TL               IND A+(SO)       3669     Affirmed
Kamuthi Renewable Energy Ltd    WC facility^           IND A+(SO)       130      Upgraded and
                                                                                 reassigned
^Reassigned to ‘IND A+(SO)/Stable after being upgraded to ‘IND A+/ (reduced from INR200 mlns)
Kamuthi Renewable Energy Ltd    Proposed WC facility*  Provisional IND  70       Assigned
                                                       A+(SO)
*The final rating for the proposed working capital facility will be assigned following the
closure of the loan issue upon the receipt of final documentation, conforming to the information
already received by Ind-Ra.
Kamuthi Renewable Energy Ltd    Senior Bk loan#        WD               3560     Withdrawn
(outstanding INR3,123.1mlns )# Ind-Ra is no longer required to maintain the rating for senior
bank loan, loan equivalent risk limit and non-fund based facility as the agency has received a
no-dues certificate from all the consortium banks. This is consistent with the Securities and
Exchange Board of India’s circular dated 31 March 2017 for credit rating agencies.
Kamuthi Renewable Energy Ltd    Loan equivalent risk   WD               320      Withdrawn
                                limit#
# Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no-dues certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies.
Kamuthi Solar Power Ltd         Rupee TL               IND A+(SO)       11012    Affirmed
Kamuthi Solar Power Ltd         WC facility^           IND A+(SO)       390      Upgraded and
                                                                                 reassigned
^Reassigned to ‘IND A+(SO)/Stable after being upgraded to ‘IND A+
Kamuthi Solar Power Ltd         Proposed WC facility*  Provisional IND  210      Assigned
                                                       A+(SO)
*The final rating for the proposed working capital facility will be assigned following the
closure of the loan issue upon the receipt of final documentation, conforming to the information
already received by Ind-Ra.
Kamuthi Solar Power Ltd         Senior Bk loan#        WD               7620     Withdrawn
#Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no due certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies.
Kamuthi Solar Power Ltd         Loan equivalent risk   WD               940      Withdrawn
                                limit#
#Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no due certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies.
Kamuthi Solar Power Ltd         NFB facility#          WD               444      Withdrawn
#Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no due certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies.
Mfl Securitisation Trust Lxxxvi Series A1 pass-through Provisional IND  981.2    Assigned
                                certificates (PTCs)    AA-(SO)
Mfl Securitisation Trust Lxxxvi Series A2 PTCs         Provisional IND  20       Assigned
                                                       BBB(SO)
National Education Society’S    Bk loans*              WD               571.47   Withdrawb
* Maintained at ‘IND BBB+(ISSUER NOT COOPERATING)’ before being withdrawn
Northern Arc 2019 Sbl Moneta    Series A2 PTCs         Provisional IND  15.07    Assigned
                                                       A-(SO)
Northern Arc 2019 Sbl Moneta    Series A1 pass-through Provisional IND  678.15   Assigned
                                certificates (PTCs)    A+(SO)
Phthalo Colours & Chemicals (I) TL                     IND BB           204.95   Affirmed
Ltd
 (reduced from INR211.00 mlns)
Phthalo Colours & Chemicals (I) FB WC limits           IND BB /IND A4+  107.5    Affirmed
Ltd
Phthalo Colours & Chemicals (I) FB WC limits           IND BB /IND A4+  20       Assigned
Ltd
Ramnad Renewable Energy Ltd     Rupee TL               IND A+(SO)       3704     Affirmed
Ramnad Renewable Energy Ltd     WC facility^           IND A+(SO)       130      Upgraded and
                                                                                 reassigned
(reduced from INR200 mlns)/ ^Reassigned to ‘IND A+(SO)/Stable after being upgraded to ‘IND
A+/Stable
Ramnad Renewable Energy Ltd     Proposed WC facility*  Provisional IND  70       Assigned
                                                       A+(SO)
*The final rating for the proposed working capital facility will be assigned following the
closure of the loan issue upon the receipt of final documentation, conforming to the information
already received by Ind-Ra.
Ramnad Renewable Energy Ltd     Senior Bk loan#        WD               2540     Withdrawn
# Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no due certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies. 
Ramnad Renewable Energy Ltd     Loan equivalent risk   WD               300      Withdrawn
                                limit#
# Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no due certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies.
Ramnad Solar Power Ltd          Rupee TL               IND A+(SO)       3879     Affirmed
Ramnad Solar Power Ltd          WC facility^           IND A+(SO)       150      Upgraded and
                                                                                 reassigned
^Reassigned to ‘IND A+(SO)/Stable after being upgraded to ‘IND A+’/ (reduced from INR 220 mlns)
Ramnad Solar Power Ltd          Proposed WC facility*  Provisional IND  70       Assigned
                                                       A+(SO)
*The final rating for the proposed working capital facility will be assigned following the
closure of the loan i
Ramnad Solar Power Ltd          Senior Bk loan#        WD               3560     Withdrawn
(outstanding INR3,186.5mlns) # Ind-Ra is no longer required to maintain the rating for senior
bank loan, loan equivalent risk limit and non-fund based facility as the agency has received a
no due certificate from all the consortium banks. This is consistent with the Securities and
Exchange Board of India’s circular dated 31 March 2017 for credit rating agencies.
Ramnad Solar Power Ltd          Loan equivalent risk   WD               320      Withdrawn
                                limit#
# Ind-Ra is no longer required to maintain the rating for senior bank loan, loan equivalent risk
limit and non-fund based facility as the agency has received a no due certificate from all the
consortium banks. This is consistent with the Securities and Exchange Board of India’s circular
dated 31 March 2017 for credit rating agencies.
Ravi Foods Pvt Ltd              FB limits              IND A            800      Assigned
Ravi Foods Pvt Ltd              Proposed FB limits*    Provisional IND A180      Assigned
*The rating is provisional and shall be confirmed upon the receipt of sanctioned and executed
loan documents for the above facility by Ind-Ra.
Shree Vardhman Developers Pvt   FB limits              IND B /IND A4    1
Ltd
Migrated to non-cooperating category,Issuer Not Cooperating
Sml Properties Pvt Ltd          Bk loans               WD               103.13
Maintained in non-cooperating category; Issuer Not Cooperating and Withdrawn
Trident Chemphar Ltd            FB WC limits           IND A- /IND A2+  530      Affirmed
(increased from INR520 mlns)
Ubl Trust 6                     Series A1 pass-through Provisional IND  856.3    Assigned
                                certificates (PTCs)    AA(SO)
Vivriti Balrog 05 2019          Series A1 pass-through IND A(SO)        749.99   Assigned
                                certificates (PTCs)
-----------------------------------------------------------------------------------------------
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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