January 25, 2018 / 6:43 AM / 7 months ago

India Ratings for Indian debt instruments – Jan 25

   Jan 25 (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
January 24, 2018.

COMPANY                         INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
D.P. Garg Exports (Pvt.) Ltd    Non-FB limits          IND A4           5        Affirmed
L&T Finance Holdings Ltd        CP*                    IND A1+          15000    Assigned
*Yet to be issued
Riya Impex                      Non-FB WC limit        IND A4           180      Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Utracon Structural Systems Pvt  Non-FB limit           IND A3           270      Affirmed
Ltd


LONG TERM RATINGS:
-------------------
Adani Green Energy (Up) Ltd     TL                     IND BBB          10740    Assigned
Adani Green Energy (Up) Ltd     WC loan                IND BBB          850      Assigned
Adani Green Energy (Up) Ltd     BG                     IND BBB          240      Assigned
Akin Chemicals Pvt. Ltd         Non-FB WC limits*      IND BBB-/IND A3  1100     Affirmed
* Includes INR150 million sub-limit of cash credit limit
D.P. Garg Exports (Pvt.) Ltd    Fund based WC limit    IND B+/IND A4    115      Affirmed
Geetanjali Vastralaya           FB WC limits           IND B+           100      Assigned
Idaa Infrastructure Pvt Ltd     Senior project Bk loan  -               4,077.8* Withdrawn
* outstanding INR3,284.6 million on 30 June 2016
Irb Jaipur Deoli Tollway Pvt LtdSenior project Bk loans -               7000     Withdrawn
Irb Jaipur Deoli Tollway Pvt LtdExternal commercial     -                        Withdrawn
                                borrowing
Irb Surat Dahisar Tollway Pvt   Senior project Bk loans -               8977     Withdrawn
Ltd
Iskcon Strips Pvt Ltd           Long-TL                IND BB+          7.4      Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Iskcon Strips Pvt Ltd           FB limits              IND BB+          70       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
L&T Finance Holdings Ltd        NCDs*                  IND AAA          5000     Assigned
*Yet to be issued
L&T Finance Ltd                 NCDs*                  IND AAA          60000    Assigned
*Yet to be issued
L&T Housing Finance Ltd         NCDs*                  IND AAA          30000    Assigned
*Yet to be issued
L&T Infrastructure Finance Co.  NCDs*                  IND AAA          20000    Assigned
Ltd
*Yet to be issued
Riya Impex                      FB limit               IND B+           20       Migrated to
                                                                                 Non
                                                                                 Cooperating
                                                                                 Category
Utracon Structural Systems Pvt  FB limit               IND BBB-/IND A3  100      Affirmed
Ltd
-----------------------------------------------------------------------------------------------
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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