December 21, 2018 / 3:41 AM / a month ago

India Ratings for Indian debt instruments – Dec 21

    Dec 21 (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
December 20, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Abhishek Solar Industries Pvt   Non-FB WC limit        IND A4+          60
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Advance Infrastructures Pvt Ltd Non-FB WC limit        IND A4           115
(Issuer Not Cooperating); Migrated to non-cooperating category
Crompton Greaves Consumer       WC Fac                 IND A1+          4400     Affirmed
Electricals Ltd
increased from 2,900 mln
Crompton Greaves Consumer       Proposed WC Fac*       Provisional IND  400      Affirmed
Electricals Ltd                                        A1+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by CGCEL to the satisfaction of Ind-Ra.
Dr. Reddy’S Laboratories Ltd    Non-FB limits*         IND A1+          920      Assigned
* The assignment of final ratings follows the receipt of sanction letters conforming to the
information already received by Ind-Ra. 
H N Construction Pvt Ltd        Non-FB limit           IND A4+          250
(Issuer Not Cooperating); Migrated to non-cooperating category
Heg Ltd                         CP                     IND A1+          1000     Affirmed
Maya Construction Company Pvt   Non-FB WC limit        IND A4+          150      Affirmed
Ltd
Metal Care Alloys Pvt Ltd       Proposed non-FB Fac    Provisional IND  100
                                                       A4+
(Issuer Not Cooperating); Migrated to Non-Cooperating Category

LONG TERM RATINGS:
-------------------
Abhishek Solar Industries Pvt   FB WC limit            IND BB-          60
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Abhishek Solar Industries Pvt   TL                     IND BB-          8.98
Ltd
(Issuer Not Cooperating); Migrated to non-cooperating category
Advance Infrastructures Pvt Ltd FB WC limit            IND B            115
(Issuer Not Cooperating); Migrated to non-cooperating category
Dr. Reddy’S Laboratories Ltd    FB limits*             IND AA+/ Stable  80       Assigned
* The assignment of final ratings follows the receipt of sanction letters conforming to the
information already received by Ind-Ra. 
H N Construction Pvt Ltd        FB limit               IND BB+          50
(Issuer Not Cooperating); Migrated to non-cooperating category
Heg Ltd                         FB WC limits           IND AA/ Stable/  5690
                                                       IND A1+
increased from 5,050 mln; Long-term rating upgraded; Short-term rating affirmed
Heg Ltd                         Non-FB WC limits       IND AA/ Stable/  2133
                                                       IND A1+
increased from 1,950 mln; Long-term rating upgraded; Short-term rating affirmed
Maya Construction Company Pvt   FB WC limit            IND BB-/ Stable/ 50
Ltd                                                    IND A4+
Long-term rating downgraded; Short-term rating affirmed
Metal Care Alloys Pvt Ltd       FB Fac                 IND BB+/ IND A4+ 100
(Issuer Not Cooperating); Migrated to Non-Cooperating Category
Metal Care Alloys Pvt Ltd       Proposed FB Fac        Provisional IND  100
                                                       BB+/ Provisional
                                                       IND A4+
(Issuer Not Cooperating); Migrated to Non-Cooperating Category
Monnet Power Company Ltd        Senior project Bk      IND D            38,190 
                                loans (LT)
(Issuer Not Cooperating); including an external commercial borrowing of USD140; Maintained in
Non-Cooperating Category 
Monnet Power Company Ltd        Subordinated TL (LT)   IND D            3500
(Issuer Not Cooperating); Maintained in Non-Cooperating Category
Sambhaav Media Ltd              Long-TL#               WD               27
Affirmed & withdrawn; # Affirmed at ‘IND BB+’/Stable before being withdrawn
Sambhaav Media Ltd              FB Fac*                WD               132.5
Affirmed & withdrawn; * Affirmed at ‘IND BB+’/Stable/‘IND A4+’ before being withdrawn
Sambhaav Media Ltd              Non-FB Fac@            WD               50
Affirmed & withdrawn; @ Affirmed at 'IND A4+’ before being withdrawn
Sambhaav Media Ltd              Proposed long-TL^      WD               220
Affirmed & withdrawn; ^ Affirmed at ‘Provisional IND BB+’/Stable before being withdrawn
Up Mehrauni Ii Urja Pvt Ltd     TL                     IND BBB-/ RWN    1790
Downgraded; Placed on RWN
Up Sarila Urja Pvt Ltd          Project TL             IND BBB-/ RWN    2000
Downgraded; Placed on RWN
-----------------------------------------------------------------------------------------------
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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