December 2, 2019 / 6:10 AM / 5 days ago

India Ratings for Indian debt instruments – Dec 2

    Dec 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
November 29, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Dalmia Cement (Bharat) Ltd      CP (CP)                IND A1+          12000    Affirmed
Gemini Edibles & Fats India Pvt Non-FB limits          IND A1           5970     Assigned
Raviraj Foils Ltd               Non-FBL                IND A4+          67.5     -
Downgraded and migrated to non-cooperating category
S. Narendra                     FB limits              IND A3           370      Assigned
S. Narendra                     FB limits              IND A3           525      Affirmed

Acme Bhiwadi Solar Power Pvt LtdSenior project TL      IND BBB+/Stable  2566     Assigned
Acme Hisar Solar Power Pvt Ltd  Senior project TL      IND BBB+/Stable  2579.5   Assigned
Acme Karnal Solar Power Pvt Ltd Senior project TL      IND BBB+/ Stable 2580.1   Assigned
Afcons Infrastructure Ltd       CP*                    IND A1+/RWN      9000     Placed on RWN
*To be utilised for working capital purposes
Continental Coffee Pvt Ltd      WC limits              IND BBB+ /       150      Assigned
                                                       Positive / IND
Dalmia Cement (Bharat) Ltd      NCDs (NCDs)            IND AA+/Stable   1050     Affirmed
Dalmia Cement (Bharat) Ltd      TL                     IND AA+/Stable   16971.5  Affirmed
Dalmia Cement (Bharat) Ltd      TL                     IND AA+/Stable   20000    Affirmed
Gemini Edibles & Fats India Pvt TL                     IND A/Stable     1100     Assigned
Gemini Edibles & Fats India Pvt FB limits              IND A/Stable     630      Assigned
Ltd                                                    /IND A1
India Standard Loan Trust - LviiSeries A pass-through  Provisional IND  3051.5   Assigned
                                certificates (PTCs)    AAA (SO)/Stable
India Standard Loan Trust - LviiLiquidity facility (LF)Provisional IND  30.51    Assigned
India Standard Loan Trust - LviiSecond loss credit     Provisional IND  190.7    Assigned
                                facility (SLCF)        BBB(SO)/Stable
Northern Arc 2019 Mfi Allende   Series A1 pass-through Provisional IND  249.1    Assigned
                                certificates (PTCs)    A(SO)/Stable
Northern Arc 2019 Mfi Allende   Series A2 PTCs         Provisional IND  9.8      Assigned
Raviraj Foils Ltd               Long-TL                IND BB+          54.3     -
Downgraded and migrated to non-cooperating category
Raviraj Foils Ltd               FB limit               IND BB+          140      -
Downgraded and migrated to non-cooperating category
Tata Power Co. Ltd              NCDs                   IND AA/Stable    15       Assigned
Touax Texmaco Railcar Leasing   TL                     IND A-/RWN       1500     Placed on RWN
Pvt Ltd
Touax Texmaco Railcar Leasing   Proposed TL*           Provisional IND  500      Placed on RWN
Pvt Ltd                                                A-/RWN
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above.
Udaipur Tollway Pvt Ltd         Senior project Bk loansIND BBB-/RWP     14609    -
Maintained on RWP
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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