February 27, 2020 / 7:15 AM / a month ago

India Ratings for Indian debt instruments – Feb 27

    Feb 27 - 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
February 26, 2020.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Hyquip Systems Ltd              Non-FB Fac             IND A4           102      Assigned
Patel Integrated Logistics Ltd  Non-FB limits          IND A3+          74       Affirmed
Sagar Cements Ltd               Non-FB WC limit        IND A2+          1000     Affirmed



LONG TERM RATINGS:
-------------------
Agrawal Distilleries Pvt Ltd    TL *                   WD               23.8     -
Migrated to the non- cooperating category and withdrawn
*Migrated to ‘IND BB+(ISSUER NOT COOPERATING)’ before withdrawn.
Agrawal Distilleries Pvt Ltd    FB limit**             WD               40       -
Migrated to the non- cooperating category and withdrawn
**Migrated to ‘IND BB+(ISSUER NOT COOPERATING)’ before withdrawn.
Agrawal Distilleries Pvt Ltd    Non-FBL***             WD               20       -
Migrated to the non- cooperating category and withdrawn
***Migrated to ‘IND A4+(ISSUER NOT COOPERATING)’ before withdrawn.
Chandukaka Saraf & Sons Pvt Ltd FB CC facility         IND              500      -
                                                       A-/Stable/IND A2
Long-term rating upgraded; Short-term rating affirmed
Chandukaka Saraf & Sons Pvt Ltd TL*                    WD               7.5      Withdrawn
*Ind-Ra is no longer required to maintain the ratings, as the agency has received no dues
certificate from the lender for the above facility.
Doaba Khalsa Trust              TL (LT)                IND D            336      -
Maintained in non-cooperating category(ISSUER NOT COOPERATING)
Elin Electronics Ltd            Long-TL                IND A-/RWE       518.9    -
Placed on RWE(increased from INR517.1)
Elin Electronics Ltd            FB WC limits           IND A-/RWE/IND   450      -
                                                       A2+/RWE
Placed on RWE
Elin Electronics Ltd            Non-FB WC limits       IND A2+/RWE      110      -
Placed on RWE(increased from INR115)
Hyquip Systems Ltd              FB Fac                 IND              86.6     Assigned
                                                       B-/Stable/IND A4
Ongc Mangalore Petrochemicals   LT Issuer Rating       IND AAA/Stable   -        Affirmed
Ltd
Ongc Mangalore Petrochemicals   External commercial    IND AAA/Stable   -        Affirmed
Ltd                             borrowings (ECBs)
Ongc Mangalore Petrochemicals   Foreign currency TL    IND AAA/Stable   -        Affirmed
Ltd
Ongc Mangalore Petrochemicals   Proposed CCDs*         Provisional IND  10000    Assigned
Ltd                                                    AAA(CE)/Stable
* The final rating will be assigned following the closure of the issue upon the receipt of final
documentation, conforming to the information already received by Ind-Ra. The final documentation
includes all finalised financing, transaction and project documents, including legal opinion on
the validity of transaction and structure, and an opinion on taxation.
Patel Integrated Logistics Ltd  Finance lease          IND BBB/Negative 90.9     Affirmed
Outlook revised to Negative from Stable
Patel Integrated Logistics Ltd  TL                     IND BBB/Negative 50       Affirmed
Outlook revised to Negative from Stable
Patel Integrated Logistics Ltd  FB limits              IND              416      Affirmed
                                                       BBB/Negative/IND
                                                       A3+
Outlook revised to Negative from Stable
Patel Integrated Logistics Ltd  Term deposit           IND tA-/Negative 159.9    Affirmed
Outlook revised to Negative from Stable
Pcp International Ltd           FB limit               IND              150      Assigned
                                                       BB/Stable/IND A4+
Pcp International Ltd           Non-FB limit           IND              370      Assigned
                                                       BB/Stable/IND A4+
Religare Finvest Ltd            Lower Tier 2 sub-debt  IND C            4000     Affirmed
Religare Finvest Ltd            LT Bk loans            IND D            150000   Affirmed
Sagar Cements Ltd               TL                     IND A-/Stable    1607.4   Affirmed
(reduced from INR1,715.8)
Sagar Cements Ltd               FB WC limits*          IND              1320     Affirmed
                                                       A-/Stable/IND A2+
*The working capital demand loan has been re-classified as fund-based working capital limits.
Sansar Trust                    Series A pass-through  IND              4004.9   Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Solar Edge Power And Energy Pvt Rupee TL               IND A/Stable     6130.98  Affirmed
Ltd
(reduced from INR6,391.8)
Sspdl Ltd                       TL*                    WD               61.15    -
Maintained in non- cooperating and withdrawn/*Maintained in ‘IND BB(ISSUER NOT COOPERATING)’
before being withdrawn.
Star School Samiti              TL(LT)                 IND D            89.5     -
Maintained in non-cooperating category(ISSUER NOT COOPERATING)
Star School Samiti              FB WC facility (LT)    IND D            20       -
Maintained in non-cooperating category(ISSUER NOT COOPERATING)
Swaraj India Agro Ltd           LT loans (LT)          IND D            1904.3   Downgrade
Swaraj India Agro Ltd           FB limits (LT/ST)      IND D            230      Downgrade
Zamil Steel Buildings India Pvt FB facility*           IND              1485     Assigned
Ltd                                                    BBB-/Stable/IND
                                                       A3
*Fund-based facility is a sublimit of non-fund based facility
Zamil Steel Buildings India Pvt Non-FB facility        IND              1851     Assigned
Ltd                                                    BBB-/Stable/IND
                                                       A3

-----------------------------------------------------------------------------------------------
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@refinitiv.com)
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