July 31, 2019 / 7:44 AM / 5 months ago

India Ratings for Indian debt instruments – Jul 31

   Jul 31 (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 30, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
A B Composites Pvt Ltd          Non-FB limits          IND A4+          15       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Auckland International Ltd      Non-FB WC limit        IND A3           15       Affirmed
Glenmark Pharmaceuticals Ltd    Non-FB limits          IND A1+          4400     Affirmed
(increased from INR1,100)
Glenmark Pharmaceuticals Ltd    Proposed non-FB limits*Provisional IND  2100     Assigned
                                                       A1+
*The rating is provisional and shall be confirmed upon the sanction and execution
of loan documents for the above facilities by Glenmark to the satisfaction of Ind-Ra.
Northern Arc 2019 Mca Quintilis Series A1 pass-through Provisional IND  112.86   Assigned
                                certificates (PTCs)    A3+(SO)
S.S. Infrazone Pvt Ltd          Non-FB limits          IND A4+          495      Migrated to
                                                                                 non cooperating
Sai Pavani Constructions Pvt LtdNon-FB Fac             IND A3           250      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Sai Pavani Constructions Pvt LtdProposed non-FB Fac    Provisional IND  100      Migrated to
                                                       A3                        non
                                                                                 cooperating 
                                                                                 category
Vinyl Chemicals (I) Ltd         Non-FB limits          IND A1+          730      Affirmed
York Print Pvt Ltd              Non-fund limits        IND A3+          18       Assigned

LONG TERM RATINGS:
-------------------
A B Composites Pvt Ltd          FB limits              IND BB-          40       Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Aphelion Finance Pvt. Ltd       Bk loan                IND BB           38.52    Affirmed
Aphelion Finance Pvt. Ltd       CC                     IND BB           200      Affirmed
Auckland International Ltd      FB WC limit            IND BBB-         82.5     Affirmed
Baleshwar Kharagpur Expressway  Senior project Bk      IND D            3936.2   Downgraded
Ltd                             loans (LT)
Barwa Adda Expressway Ltd       TL (LT)                IND D            14400    Downgraded
Chenani Nashri Tunnelway Ltd    Senior LT Bk loans     IND D            29760    Downgraded
                                (LT)*
* including USD43 million external commercial borrowings. (INR28,074.3 outstanding on 31 August
2018)
Chenani Nashri Tunnelway Ltd    Subordinated LT Bk     IND D            3720     Downgraded
                                loans (LT)
(INR3,391.20 outstanding on 31 August 2018)
Drs Dilip Road Lines Pvt Ltd    FB Fac                 IND BB-          150      Migrated to
                                                                                 non cooperating
Glenmark Pharmaceuticals Ltd    FB WC demand loans     -                3500     Withdrawn
                                                                                 (paid in full)
Glenmark Pharmaceuticals Ltd    Proposed TL            -                1000     Withdrawn (the
                                                                                 company did
                                                                                 not proceed
                                                                                 with the 
                                                                                 instrument
                                                                                 as envisaged)
Glenmark Pharmaceuticals Ltd    FB WC limits           IND AA-          4500     Affirmed
(increased from INR3,500)
Glenmark Pharmaceuticals Ltd    Proposed FB limits*    Provisional IND  7500     Affirmed
                                                       AA-
*The rating is provisional and shall be confirmed upon the sanction and execution of 
loan documents for the above facilities by Glenmark to the satisfaction of Ind-Ra.
(reduced from INR9,400)
Icc Realty India Pvt Ltd        NCDs (NCDs)*           IND AA-          4000     Assigned
* The final rating has been assigned following the receipt of the final documents, 
including the debenture trustee deed by Ind-Ra. The final terms and conditions are 
in line with the information already received by Ind-Ra, based on which the 
provisional rating was assigned.
India Standard Loan Trust Liv   Series A pass-through  Provisional IND  4366.5   Assigned
                                certificates (PTCs)    AAA (SO)
India Standard Loan Trust Liv   Liquidity facility (LF)Provisional IND  43.66    Assigned
                                                       AAA(SO)
India Standard Loan Trust Liv   Second loss credit     Provisional IND  266.35   Assigned
                                facility               BBB(SO)
Karyavattom Sports Facilities   Senior project Bk      IND D            2415     Downgraded
Ltd                             loans (LT)
M/S Mukti Gold Pvt Ltd          FB WC Fac              IND BBB-/IND A3  180      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
M/S Mukti Gold Pvt Ltd          Proposed FB WC Fac     Provisional IND  70       Migrated to
                                                       BBB-/Provisional          non
                                                                                 cooperating 
                                                                                 category
S.S. Infrazone Pvt Ltd          FB limits              IND BB/IND A4+   5        Migrated to
                                                                                 non cooperating
Sai Pavani Constructions Pvt LtdFB Fac                 IND BBB-/IND A3  200      Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Sai Pavani Constructions Pvt LtdProposed FB Fac        Provisional IND  100      Migrated to
                                                       BBB-/Provisional          non
                                                                                 cooperating 
                                                                                 category
Sansar Trust July 2019 II       Second loss credit     Provisional IND  217.8    Assigned
                                facility               A-(SO)
Sansar Trust July 2019 II       Series A pass-through  Provisional IND  3820.5   Assigned
                                certificates (PTCs)    AAA(SO)
Sikar Bikaner Highway Ltd       Senior project Bk      IND D            4000     Downgraded
                                loans (LT)
(ISSUER NOT COOPERATING)
Vee Aar Life Space Llp          TL                     IND BB+          1000     Migrated to
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Vinyl Chemicals (I) Ltd         FB limits              IND A+           90       Affirmed
York Print Pvt Ltd              FB limits              IND BBB          40       Assigned
York Print Pvt Ltd              Proposed FB limits*    Provisional IND  50       Assigned
                                                       BBB
* The ratings are provisional and shall be confirmed upon the sanction and execution
 of the loan documents for the above facility by YPPL to the satisfaction of Ind-Ra.
York Print Pvt Ltd              Proposed TL*           Provisional IND  30       Assigned
                                                       BBB
* The ratings are provisional and shall be confirmed upon the sanction and execution
 of the loan documents for the above facility by YPPL to the satisfaction of Ind-Ra.
-----------------------------------------------------------------------------------------------
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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