February 8, 2019 / 4:39 AM / 12 days ago

India Ratings for Indian debt instruments – Feb 8

    Feb 8 (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
February 7, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Model Infra Corporation Pvt Ltd Non-FB WC limits       IND A2           580      Assigned
Neeraj Paper Marketing Ltd      Non-FB WC limits       IND A4+          150      Affirmed
reduced from INR200 mln
Pafetech Enterprises Pvt Ltd    Non-FB Fac             IND A4+          200      Affirmed
increased from INR150 mln
Pollutech Engineering           Non-FB WC limit        IND A3           30
Migrated to non- cooperating category; (Issuer Not Cooperating)
Srinivas Infrastructure Pvt Ltd Non-FB Fac             IND A4+          100      Downgraded
increased from INR70 mln
Srinivas Infrastructure Pvt Ltd Proposed non-FB Fac*   Provisional IND  100      Downgraded
                                                       A4+
increased from INR40 mln; * The ratings are provisional and shall be confirmed upon the sanction
and execution of loan documents for the above facilities by SIPL to the satisfaction of Ind-Ra.
Uttamenergy Ltd                 Non-FB WC limits*      IND A2           630      Affirmed
*There is 100% interchangeability between fund- based and non- fund- based working capital.
Uttamenergy Ltd                 FB WC facility*        IND BBB IND A2   200
Rating affirmed; Outlook revised to Negative from Stable; *There is 100% interchangeability
between fund-based and non-fund-based working capital.

LONG TERM RATINGS:
-------------------
Aizant Drug Research Solution   Long-TL                IND BBB-         222      Affirmed
Pvt Ltd
reduced from INR234.7 mln
Aizant Drug Research Solution   FB WC limits           IND BBB-/ IND A3 115      Affirmed
Pvt Ltd
GMR Hyderabad International     Proposed rupee TL*     Provisional IND  42000    Assigned
Airport Ltd                                            AA
* The rating is provisional and shall be confirmed upon the execution of loan documents for the
above facility by GHIAL to the satisfaction of Ind-Ra.
GMR Hyderabad International     Proposed WC limits     WD               1300
Airport Ltd
Withdrawn (issuer did not proceed with the instrument as envisaged)
M R Diamond                     FB limits              IND BB/ IND A4+  120
Migrated to non- cooperating category; (Issuer Not Cooperating)
Manchukonda Agrotech Pvt Ltd    TL                     IND BB+          288.8    Upgraded
reduced from INR366.5 mln
Manchukonda Agrotech Pvt Ltd    FB limit               IND BB+/ IND A4+ 400
Long- term rating upgraded; Short- term rating affirmed; reduced from INR406.25 mln
Model Infra Corporation Pvt Ltd FB WC limits           IND BBB+         500      Assigned
Model Infra Corporation Pvt Ltd TL                     IND BBB+         200      Assigned
Neeraj Paper Marketing Ltd      FB WC limits           IND BB+/ IND A4+ 400
Rating affirmed; Outlook revised to Negative from Stable; reduced from INR600 mln
Pafetech Enterprises Pvt Ltd    FB Fac                 IND BB-          50       Affirmed
reduced from INR100 mln
Patdiam Jewellery Ltd           FB WC limits           IND BB-/ IND A4+ 210      Affirmed
Pollutech Engineering           FB WC limit            IND BBB-         180
Migrated to non- cooperating category; (Issuer Not Cooperating)
Pollutech Engineering           TL                     IND BBB-         66.11
Migrated to non- cooperating category; (Issuer Not Cooperating)
R. Sheladia Construction        TL                     IND BB           175
Migrated to non- cooperating category; (Issuer Not Cooperating)
S J Exports                     FB Fac                 IND BB-/ IND A4+ 175      Upgraded
reduced from INR180 mln
Sri Raja Rajeswari              Non-FB WC limits       IND A3+/ RWE     650
Constructions (I) Pvt Ltd
Placed on RWE
Sri Raja Rajeswari              TL                     IND BBB/ RWE     156.6
Constructions (I) Pvt Ltd
Placed on RWE; reduced from INR202.3 mln
Sri Raja Rajeswari              FB WC limits           IND BBB/ RWE/    250
Constructions (I) Pvt Ltd                              IND A3+/ RWE
Placed on RWE
Sri Raja Rajeswari              Proposed non-FB WC     Provisional IND  400
Constructions (I) Pvt Ltd       limits*                A3+/ RWE
Assigned and placed on RWE; * The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facilities by SRRCPL to the
satisfaction of Ind-Ra.
Sri Raja Rajeswari              Proposed FB WC limits* Provisional IND  200
Constructions (I) Pvt Ltd                              BBB/ RWE/
                                                       Provisional IND A3+/ RWE
Assigned and placed on RWE; * The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above facilities by SRRCPL to the
satisfaction of Ind-Ra.
Srinivas Infrastructure Pvt Ltd FB Fac                 IND BB+          70       Downgraded
increased from INR50 mln
Srinivas Infrastructure Pvt Ltd Proposed FB Fac*       Provisional IND  30       Downgraded
                                                       BB+
reduced from INR40 mln; * The ratings are provisional and shall be confirmed upon the sanction
and execution of loan documents for the above facilities by SIPL to the satisfaction of Ind-Ra.
Sterlite Grid 2 Ltd             NCDs*                  IND A(SO)        2500     Assigned
*The final rating has been assigned following the signing of a debenture trustee deed and
sponsor undertakings.
Tamil Nadu Generation And       CC WC limits           IND BBB          60000
Distribution Corporation Ltd
Downgraded and Off RWE
Tamil Nadu Generation And       Non-FB WC limits       IND BBB          27654
Distribution Corporation Ltd
Downgraded and Off RWE
Tamil Nadu Generation And       Non-FB WC limits*      Provisional IND  8346
Distribution Corporation Ltd                           BBB
Downgraded and Off RWE; * The rating is provisional and shall be confirmed upon the sanction and
execution of the loan documents for the above facility by TANGEDCO to the satisfaction of
Ind-Ra.
Uttamenergy Ltd                 Long-TL                IND BBB          88
Rating affirmed; Outlook revised to Negative from Stable; reduced from INR90 mln
-----------------------------------------------------------------------------------------------
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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