August 23, 2018 / 5:00 AM / 9 months ago

India Ratings for Indian debt instruments – Aug 23

    Aug 23 (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 21&22, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Baghmari Tea Co                 Non-FB limit           IND A4+          1        -
(Maintained in non-cooperating category)
Jubilant Life Sciences Ltd      Non-FB WC limits       IND A1+          8400     Affirmed
Jubilant Life Sciences Ltd      ST debt/CP programme*  IND A1+          4000     Affirmed
* Carved out of the fund-based working capital limits
Northern Arc 2018 Csl Mercury   Series A1 pass-through IND A3+          124.82   Assigned
                                certificates (PTCs)
Rural Electrification Corp      ST borrowing programme IND A1+          70       Assigned
Sterling And Wilson Solar       CP#                    IND A1+          3000     Assigned
# Yet to be issued

Adani Cma Mundra Terminal Pvt   Foreign currency loan  IND A+           -        Assigned
Amri Hospitals                  TL                     IND A-           1000     Reassigned
Amri Hospitals                  TL*                    IND A-           2100     Reassigned
* The final rating has been assigned following the receipt of executed financing documents by
Amri Hospitals                  FB Fac                 IND A- / IND A2+ 500      Reassigned
Amri Hospitals                  Non-FB Fac             IND A- / IND A2+ 100      Assigned
Aurad Solar                     TL                     IND BB           129.2    -
(Migrated to Non-Cooperating Category)
Baghmari Tea Co                 FB limit               IND BB-          90       -
(Maintained in non-cooperating category)
Baghmari Tea Co                 Proposed FB limit      Provisional IND  40       -
(Maintained in non-cooperating category)
Clover Energy                   Rupee TL               IND BBB+         939.4    Assigned
Coastal Gujarat Power           NCDs*                  IND AA           27000    Assigned
* NCDs are yet to be issued. The rating has been assigned after the receipt of executed
financing documents including the corporate guarantee, term sheet and debenture trustee
agreement. Though debenture trustee deed is not yet signed, according to the management, there
would not be any material changes from the draft version shared with Ind-Ra.
Dbl Yavatmal Wardha             Rupee TL               IND A-           3082.5   Assigned
Dbl Yavatmal Wardha             Performance BG         IND A-           521.7    Assigned
Dhuni Polymers                  TL                     IND BBB-         237.5    Assigned
Dhuni Polymers                  WC Limit               IND BBB-/A3      100      Assigned
Green Infra Wind Energy         NCDs                   IND AA           10000    Assigned
Jubilant Life Sciences Ltd      Long-TL                IND AA           1575     Upgraded
Jubilant Life Sciences Ltd      NCDs (NCDs)            IND AA           4950     Upgraded
Jubilant Life Sciences Ltd      FB WC limits           IND AA/A1+       5500     -
(Long-term rating upgraded; Short-term rating affirmed)
Jubilant Life Sciences Ltd      Proposed NCDs^         Provisional IND  3500     Assigned
^ The final rating will be assigned following the final issuance and the receipt of the final
documentation, conforming to the information already received by Ind-Ra.
Karnataka Water And Sanitation  TL                     IND AA-          12500    Affirmed
Karnataka Water And Sanitation  Proposed TL*           Provisional IND  1550     Affirmed
Pool’S                                                 AA-
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
facilities by KWSPF to the satisfaction of Ind-Ra.
Kec Bikaner Sikar Transmission  Non-FBL (BG)^          -                100      Withdrawn
Pvt Ltd
^ The bank guarantee is unutilised and has been carved out of senior secured term loan. No
objection certificate has been received from the lenders.
Kec Bikaner Sikar Transmission  Rupee TL               IND A            1710     Upgraded
Pvt Ltd
Lifelong India                  TL                     IND A            142.5    Upgraded
Lifelong India                  FB WC limit            IND A / IND A1   82       Upgraded
Lifelong India                  Non-FB WC limit        IND A / IND A1   52       Upgraded
Maple Renewable Power Pvt Ltd’S Rupee TL               IND BBB+         850      Assigned
Maya Saha                       FB limits              IND BB           85       Downgraded
Rural Electrification Corp      LT annual borrowing    IND AAA          530      Assigned
                                programme (FY19)
Sansar Trust                    Second loss credit     IND A-           375.68   Assigned
                                facility (SLCF)
Sansar Trust                    Series A pass-through  IND AAA          6590.89  Assigned
                                certificates (PTCs)
Satin Creditcare Network        NCDs*                  -                270      Affirmed &
* Affirmed at ‘IND A-’/Stable before being withdrawn; there is no debt outstanding against the
rated limits
Satin Creditcare Network        NCDs#                  IND A-           500      Assigned
# Yet to be issued
Sterling And Wilson Solar       Proposed FB limits*    Provisional IND  3000     Assigned
                                                       AA / Provisional
                                                       IND A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by SWSPL to the satisfaction of Ind-Ra.
Sterling And Wilson Solar       Proposed non-FBL*      Provisional IND  97000    Assigned
                                                       AA / Provisional
                                                       IND A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by SWSPL to the satisfaction of Ind-Ra.
Tata Capital Financial Services LT Bk loans            IND AAA          10000    Assigned
Tata Capital Housing Finance    Retail bonds*          IND AAA          50000    Assigned
*Unutilised; combination of non-convertible debentures and subordinated bonds
Tata Capital Housing Finance    LT Bk loans            IND AAA          15000    Assigned
Tata Capital                    Non-convertble         IND AAA          2500     Assigned
V S Education Foundation        TL                     IND B            75       -
(Migrated to Non-Cooperating Category)

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

$: 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

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
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