July 11, 2019 / 6:02 AM / a month ago

India Ratings for Indian debt instruments – Jul 11

    Jul 11 (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
July 10, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Bmw Enterprises                 Non-FB WC limit        IND A4+          20       -
Migrated to non-cooperating category,Issuer did not cooperate.

LONG TERM RATINGS:
-------------------
Aarohi Solar Pvt Ltd            Rupee TL (RTL)*        IND A-(SO)       2970     Assigned
*The ratings are assigned based on the receipt of final documentation and disbursal against both
RTL and ECB. ECB lender has provided a no-objection certificate for RTL. Although certain
documents such as amendment of a common loan agreement, execution of an inter-creditor agreement
and security/undertakings related documents are yet to be executed, management has confirmed
that there will be no change in terms and conditions of the documents provided for all the
facilities rated above.
Aarohi Solar Pvt Ltd            External commercial    IND A-(SO)       585.4    Assigned
                                borrowing (ECB)*
*The ratings are assigned based on the receipt of final documentation and disbursal against both
RTL and ECB. ECB lender has provided a no-objection certificate for RTL. Although certain
documents such as amendment of a common loan agreement, execution of an inter-creditor agreement
and security/undertakings related documents are yet to be executed, management has confirmed
that there will be no change in terms and conditions of the documents provided for all the
facilities rated above 
Aarohi Solar Pvt Ltd            WC facility            IND A-(SO)       210      Assigned
Aarohi Solar Pvt Ltd            LER hedging facility   IND A-(SO)       100      Assigned
Aarohi Solar Pvt Ltd            Rupee TL (RTL)         IND BBB+(SO)/RWN 2970     Downgraded
Placed on Rating Watch Negative (RWN)
Aarohi Solar Pvt Ltd            External commercial    IND BBB+(SO)/RWN 585.4    Downgraded
                                borrowing (ECB)
Placed on Rating Watch Negative (RWN)
Aarohi Solar Pvt Ltd            WC facility            IND BBB+(SO)/RWN 210      Downgraded
Placed on Rating Watch Negative (RWN)
Aarohi Solar Pvt Ltd            LER hedging facility   IND BBB+(SO)/RWN 100      Downgraded
Placed on Rating Watch Negative (RWN)
Acme Jaisalmer Solar Power Pvt  Rupee TL (RTL)         IND BBB+(SO)/RWN 1110     Downgraded
Ltd
Placed on Rating Watch Negative (RWN)
Acme Jaisalmer Solar Power Pvt  External commercial    IND BBB+(SO)/RWN 267.1    Downgraded
Ltd                             borrowing (ECB)
Placed on Rating Watch Negative (RWN)
Acme Jaisalmer Solar Power Pvt  WC facility            IND BBB+(SO)/RWN 80       Downgraded
Ltd
Placed on Rating Watch Negative (RWN)
Acme Jaisalmer Solar Power Pvt  LER hedging facility   IND BBB+(SO)/RWN 75       Downgraded
Ltd
Placed on Rating Watch Negative (RWN)
Bmw Enterprises                 FB WC limit            IND BB           420      -
Migrated to non-cooperating category,Issuer did not cooperate
Bmw Logistics Pvt Ltd           FB WC limits           IND BB+          110      -
Migrated to non-cooperating category,Issuer did not cooperate
Bmw Logistics Pvt Ltd           Proposed FB WC limits  Provisional IND  30       -
                                                       BB+
Migrated to non-cooperating category,Issuer did not cooperate
Dayanidhi Solar Power Pvt Ltd   Rupee TL (RTL)         IND BBB+(SO)/RWN 2100     Downgraded
Placed on Rating Watch Negative (RWN)
Dayanidhi Solar Power Pvt Ltd   External commercial    IND BBB+(SO)/RWN 538.3    Downgraded
                                borrowing (ECB)
Placed on Rating Watch Negative (RWN)
Dayanidhi Solar Power Pvt Ltd   WC facility            IND BBB+(SO)/RWN 180      Downgraded
Placed on Rating Watch Negative (RWN)
Dayanidhi Solar Power Pvt Ltd   LER hedging facility   IND BBB+(SO)/RWN 156      Downgraded
Placed on Rating Watch Negative (RWN)
Everest Infra Ventures (I) Pvt  FB WC limit (LT/ST)    IND D            700      -
Ltd
Downgraded and migrated to non-cooperating category,Issuer did not cooperate
Everest Infra Ventures (I) Pvt  Non-FB WC limit (ST)   IND D            1800     -
Ltd
Downgraded and migrated to non-cooperating category,Issuer did not cooperate
Hercules Automobiles            FB WC limits (LT/ST)   IND D            280      Downgraded
International Pvt Ltd
Migrated to non-cooperating category,Issuer did not cooperate
Hercules Automobiles            TL (LT)                IND D            125.97   Downgraded
International Pvt Ltd
Migrated to non-cooperating category,Issuer did not cooperate
Kerala State Electronics        WC limits              IND B+/IND A4    100      Affirmed
Development Corporation Ltd
Krishna Hydro Energy Ltd        Rupee TL (RTL)         IND BBB-(SO)/RWE 420.68   Placed on RWE
(reduced from 442.04)
Lakshmi Jalavidyut ( Krishna)   Rupee TL               IND BBB-(SO)/RWE 1553.75  Placed on RWE
Ltd
(reduced from 1605.31)
Neckar Cv Northern Arc 2018 (An Series A1 PTCs         IND A(SO)        45.5     Affirmed
Abs Transaction)
Niranjana Solar Energy Pvt Ltd  Rupee TL (RTL)         IND BBB+(SO)/RWN 1110     Downgraded
Placed on Rating Watch Negative (RWN)
Niranjana Solar Energy Pvt Ltd  External commercial    IND BBB+(SO)/RWN 270.5    Downgraded
                                borrowing (ECB)
Placed on Rating Watch Negative (RWN)
Niranjana Solar Energy Pvt Ltd  WC facility            IND BBB+(SO)/RWN 90       Downgraded
Placed on Rating Watch Negative (RWN)
Niranjana Solar Energy Pvt Ltd  LER hedging facility   IND BBB+(SO)/RWN 75       Downgraded
Placed on Rating Watch Negative (RWN)
Pioneer Genco Ltd               Rupee TL (RTL)         IND BBB-(SO)/RWE 962.02   Placed on RWE
(reduced from 1,044.22)
Pioneer Power Corporation Ltd   Rupee TL (RTL)         IND BBB-(SO)/RWE 883.18   Placed on RWE
(reduced from 947.96)
Pioneer Power Ltd               Rupee TL (RTL)         IND BBB-(SO)/RWE 2150     Placed on RWE
Power Ltd                       Non-FB LOC facility*   WD               160      Withdraw
* The rating on the letter of credit facility has been withdrawn, as Ind-Ra has received a no
dues certificate from the sole lender. 
Prajwal Promoters Pvt Ltd       TL limit               IND B            68       Affirmed
(decreased from 195 million)
Setubandhan Infrastructure Ltd  FB WC limits (LT/ST)   IND D            350      Downgraded;Off
                                                                                 RWN
Issuer did not cooperate
Setubandhan Infrastructure Ltd  Non-FB WC limits (ST)  IND D            550      Downgraded;Off
                                                                                 RWN
Issuer did not cooperate
Terai Tea Co. Ltd               FB WC limit*           WD               216.03    Affirmed and
                                                                                 withdrawn
* Affirmed at ‘IND BB+(ISSUER NOT COOPERATING)’ before being withdrawn
Terai Tea Co. Ltd               Non-FB WC limit#       WD               20       Affirmed and
                                                                                 withdrawn
# Affirmed at ‘IND A4+(ISSUER NOT COOPERATING) ’ before being withdrawn
Zemira Renewable Energy Ltd     TL                     IND BBB/RWN      3460     Placed on RWE
-----------------------------------------------------------------------------------------------
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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