August 19, 2019 / 5:50 AM / a month ago

India Ratings for Indian debt instruments – Aug 19

    Aug 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
August 16, 2019.

COMPANY                         INSTRUMENT             RATING          AMOUNT    MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------    ---------
SHORT TERM RATINGS:
-------------------
Aurobindo Realty &              WC loans               IND A2           500      Assigned
Infrastructure Pvt Ltd
Dashmesh Educational Charitable Non-FB facility        IND A4+          177
Trust
(Maintained in non-cooperating category; Issuer Not Cooperating)
Super Spintex Pvt Ltd           Non-FB limit            IND A4+         50       Assigned

LONG TERM RATINGS:
-------------------
Aurobindo Realty &              TL                     IND BBB+/ IND A2 906.7    Assigned
Infrastructure Pvt Ltd
Aurobindo Realty &              Loan against securitiesIND BBB+/IND A2  1000     Assigned
Infrastructure Pvt Ltd
Bell Finvest (I) Ltd            Bk loans               IND BBB-         250      Withdrawn
Dashmesh Educational Charitable TL                     IND BB+          1383.6
Trust
(Maintained in non-cooperating category; Issuer Not Cooperating)
Dashmesh Educational Charitable FB WC facility         IND BB+          150
Trust
(Maintained in non-cooperating category; Issuer Not Cooperating)
Dashmesh Educational Charitable Proposed FB WC facilityProvisional  IND 389.4
Trust                                                  BB+
(Maintained in non-cooperating category; Issuer Not Cooperating)
Haigreeva Infratech Projects LtdFB WC limits#          WD               750
#Maintained at ‘IND BB+ (ISSUER NOT COOPERATING)’/‘IND A4+ (ISSUER NOT COOPERATING)’ before
being withdrawn
Haigreeva Infratech Projects LtdNon-FB WC limits$      WD               1400
$Maintained at ‘IND A4+ (ISSUER NOT COOPERATING)’ before being withdrawn
Haigreeva Infratech Projects LtdTL>                    WD               33
>Maintained at ‘IND BB+ (ISSUER NOT COOPERATING)’/before being withdrawn
Haigreeva Infratech Projects LtdProposed FB WC limits< WD               100
<Maintained at ‘Provisional IND BB+ (ISSUER NOT COOPERATING)/‘Provisional IND A4+ (ISSUER NOT
COOPERATING)’ befo
Haigreeva Infratech Projects LtdProposed non-FB WC     WD               617
                                limits^
^Maintained at ‘Provisional IND A4+ (ISSUER NOT COOPERATING)’ before being withdrawn
Irb Infrastructure Developers   Non-FB Bk Fac          IND A+/RWP/IND   12000    placed on
Ltd                                                    A1+                       RWP/Affirmed
Irb Infrastructure Developers   TL                     IND A+/RWP/IND   18254    placed on
Ltd                                                    A1+                       RWP/Affirmed
Kaithal Tollway Pvt Ltd         Senior project Bk loan IND A+(SO)/RWP   8500     Placed on RWP
Kaithal Tollway Pvt Ltd         Senior, secured,       IND A+(SO)/RWP   5500     Placed on RWP
                                unlisted NCDs (NCDs)
Saral Home Finance Ltd          Bk loans               IND BB+          43.45    Affirmed
(reduced from INR207.55mlns)
Sterling And Wilson Solar Ltd   CP#                    IND A1+/RWE      3000     Placed on RWE
#Yet to be issued.
Sterling And Wilson Solar Ltd   Non-FB limits          IND AA/RWE/IND   9180     Placed on RWE
                                                       A1+/RWE
Sterling And Wilson Solar Ltd   Proposed FB limits     Prov IND         3000     Placed on RWE
                                                       AA/RWE/Prov IND
                                                       A1+/RWE
Sterling And Wilson Solar Ltd   Proposed non-FB limits Prov IND         87820    Placed on RWE
                                                       AA/RWE/Prov IND
                                                       A1+/RWE
Super Spintex Pvt Ltd           TL                     IND BB           870      Assigned
Super Spintex Pvt Ltd           FB limit               IND BB / IND A4+ 220      Assigned
Udaipur Tollway Pvt Ltd         Senior project Bk loansIND BBB-         14609    Placed on RWP
Welspun Road Infra Pvt Ltd      TL                     IND A-           4380     Assigned
Yedeshi Aurangabad Tollway Pvt  Senior project Bk loan IND A+(SO)/RWP   8500     Placed on RWP
Ltd
Yedeshi Aurangabad Tollway Pvt  Senior, secured,       IND A+(SO)/RWP   5500     Placed on RWP
Ltd                             unlisted NCDs (NCDs)
-----------------------------------------------------------------------------------------------
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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