July 9, 2018 / 8:59 AM / 5 months ago

India Ratings for Indian debt instruments – Jul 9

    Jul 9 (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 6, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Ashish Infracon Pvt Ltd         Non-FB WC limits       IND A3           600      Affirmed
Dantal Hydraulics Pvt Ltd       Non FB limits          IND A3+          315      Upgraded
Gridco Ltd                      Non-FB WC limit        IND A2           2250     Affirmed
Hpl Electric & Power Ltd        CP (CP)                IND A1           3200     Affirmed
Indian Oil Corporation Ltd      CP programme           IND A1+          400000   Affirmed
National Peroxide Ltd           Non-FB WC limits       IND A1           210      Affirmed
Phoeniix                        Non-FB Fac             IND A4           3        Affirmed
Phoeniix                        Proposed non-FB Fac*   Provisional IND  7.5      Assigned
                                                       A4
* The ratings are provisional and shall be confirmed upon the sanction 
   and execution of loan documents for the above facilities by
   Phoeniix to the satisfaction of Ind-Ra.
Trident Ltd                     CP                     IND A1+          500      Affirmed
Welcome Footwears               Non-FB WC limits       IND A4+          70       Affirmed


LONG TERM RATINGS:
-------------------
Adani Green Energy (Tamil Nadu) Senior Bk loan         IND A-           10680    Upgraded
Ltd
Adani Green Energy (Tamil Nadu) WC facility            IND A-           660      Upgraded
Ltd
Adani Green Energy (Tamil Nadu) Loan equivalent risk   IND A-           920      Upgraded
Ltd                             (LER) limit
Adani Green Energy (Tamil Nadu) Non-FB facility        IND AAA(SO)      996.2    Upgraded
Ltd
Ashish Infracon Pvt Ltd         FB WC limits           IND BBB- /IND A3 100      Affirmed
Axis Wind Farms (Anantapur) Pvt Senior Bk loan         IND BBB          5910*    Upgraded
Ltd
* The disbursed amount is limited to INR5,831.1 million
Axis Wind Farms (Anantapur) Pvt WC facility            IND BBB          500      Upgraded
Ltd
Ballarpur Industries Ltd        CP (ST)                -                2470     Withdrawn
                                                                                 (converted
                                                                                 into equity)
Ballarpur Industries Ltd        NCDs (NCDs)^ (LT)      IND D            840.3    Affirmed
Ballarpur Industries Ltd        TL (LT)                IND D            460      Affirmed
Ballarpur Industries Ltd        FB and non-FB WC       IND D            2860.7   Affirmed
                                limits (LT/ST)
Bhubaneshwar Power Pvt Ltd      WC Fac                 IND AA           460      Upgraded; Off
                                                                                 RWP
Bhubaneshwar Power Pvt Ltd      Non-FB Fac             IND AA           460      Upgraded; Off
                                                                                 RWP
Bhubaneshwar Power Pvt Ltd      Proposed TL*           Provisional IND  6043.8   Upgraded; Off
                                                       AA                        RWP
* The final rating is contingent upon the receipt of final documents conforming 
to the information already received by Ind-Ra. The final documents include but 
are not limited to loan agreements, accession deed, trust and retention 
agreements and no dues certificate from all the banks before assigning the final rating. 
Clover Energy Pvt Ltd           Proposed rupee TL      Provisional IND  2260     Assigned
                                                       BBB(SO)
Dantal Hydraulics Pvt Ltd       Proposed FB limits     -                90.04    Withdrawn 
(the issuer did not proceed with the instrument as envisaged)
Dantal Hydraulics Pvt Ltd       TL                     IND BBB          300      Upgraded
Dantal Hydraulics Pvt Ltd       FB limits              IND BBB /IND A3+ 385      Upgraded
Dheera Retail Infra Pvt Ltd     TL                     -                268.3    Affirmed &
                                                                                 withdrawn
Gridco Ltd                      Bond                   IND A-(SO)       1275     Affirmed
Gridco Ltd                      FB WC limit            IND BBB+         6250     Affirmed
Himachal Energy Pvt Ltd         FB WC limits           IND A- /IND A1   350      Long-term
                                                                                 rating
                                                                                 downgraded; 
                                                                                 Short-term
                                                                                 rating
                                                                                 affirmed
Himachal Energy Pvt Ltd         Non-FB WC limits       IND A- /IND A1   800      Long-term
                                                                                 rating
                                                                                 downgraded; 
                                                                                 Short-term
                                                                                 rating
                                                                                 affirmed
Hpl Electric & Power Ltd        Proposed WC Fac        -                470      Withdrawn (the
                                                                                 company did
                                                                                 not proceed 
                                                                                 with the 
                                                                                 instrument 
                                                                                 as envisaged)
Hpl Electric & Power Ltd        FB WC limits           IND A- /IND A1   6410     Long-term
                                                                                 rating
                                                                                 downgraded; 
                                                                                 Short-term
                                                                                 rating
                                                                                 affirmed
                                                                                 (increased 
                                                                                 from INR3,750)
Hpl Electric & Power Ltd        Non-FB WC limits       IND A- /IND A1   6650     Long-term
                                                                                 rating
                                                                                 downgraded; 
                                                                                 Short-term 
                                                                                 rating 
                                                                                 affirmed
(increased from INR5,780)
IIERT June 2018                 Series A pass-through  Provisional IND  1476.5   Assigned
                                certificates (PTCs)    AA(SO)
India Standard Loan Trust -     Series A pass-through  IND A (SO)       886.1    Affirmed
XLIX’S                          certificates (PTCs)
India Standard Loan Trust -     Liquidity facility (LF)IND AAA(SO)      12.85    Affirmed
XLIX’S
India Standard Loan Trust -     Second loss credit     IND BBB(SO)      46.25    Affirmed
XLIX’S                          facility (SLCF)
Indian Oil Corporation Ltd      NCDs                   IND AAA          10700    Affirmed
Institute Of Management Studies Proposed TL            -                200      Withdrawn 
(the company did not proceed with the instrument as envisaged)
Institute Of Management Studies TL                     IND A+           698.15   Affirmed
Institute Of Management Studies ST Fac/WC and          IND A+ /IND A1+  290      Affirmed
                                overdraft Fac
Iris Ecopower Venture Pvt Ltd   Proposed rupee TL      Provisional IND  1280     Assigned
                                                       BBB(SO)
Kamuthi Renewable Energy Ltd    Senior Bk loan         IND BBB+         3560     Upgraded
(outstanding INR3,261.2)
Kamuthi Renewable Energy Ltd    WC facility            IND BBB+         200      Upgraded
Kamuthi Renewable Energy Ltd    Loan equivalent risk   IND BBB+         320      Upgraded
                                (LER) limits
Kamuthi Solar Pvt Ltd           Senior Bk loan         IND A-           7620     Upgraded
Kamuthi Solar Pvt Ltd           WC facility            IND A-           600      Upgraded
Kamuthi Solar Pvt Ltd           Loan equivalent risk   IND A-           940      Upgraded
                                (LER) limits
Kamuthi Solar Pvt Ltd           Non-FB facility        IND A-           444      Upgraded
                                (interim LOC facility)
Kothari Products Ltd            FB WC Fac              IND BBB /IND A2  1100     Downgraded
Kothari Products Ltd            Non-FB WC Fac          IND BBB /IND A2  13523    Downgraded
Kothari Products Ltd            Proposed non-FB        Provisional IND  477      Downgraded
                                facility*              BBB /Provisional
                                                       IND A2
* The rating is provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facility by KPL to the satisfaction of Ind-Ra. 
Kpl Exports Pvt Ltd             Fund- and non-FB WC FacIND BBB(SO) /IND 3150     Downgraded
                                                       A2(SO)
Kpl Exports Pvt Ltd             Proposed fund- and     Provisional IND  2100     Downgraded
                                non-FB WC Fac          BBB(SO)
                                                       /Provisional IND A2(SO)
Lotus Clean Power Venture Pvt   Proposed rupee TL      Provisional IND  1380     Assigned
Ltd                                                    BBB(SO)
Maple Renewable Power Pvt Ltd   Proposed rupee TL      Provisional IND  1770     Assigned
                                                       BBB(SO)
Mfl Securitisation Trust Liii   Series A1 pass-through IND AA(SO)       1617.9   Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust Liii   Series A2 PTCs         IND AA(SO)       85.2     Affirmed
Mfl Securitisation Trust Liii   Liquidity facility (LF)IND AAA(SO)      43.5     Affirmed
Mfl Securitisation Trust Liii   Second loss credit     IND BBB(SO)      198.9    Affirmed
                                facility (SLCF)
National Peroxide Ltd           TL                     -                100      Withdrawal
                                                                                 (fully repaid)
National Peroxide Ltd           FB WC limits           IND A+ /IND A1   166      Affirmed
Olive Ecopower Pvt Ltd          Proposed rupee TL      Provisional IND  1470     Assigned
                                                       BBB (SO)
Phoeniix                        FB Fac                 IND B+ /IND A4   160      Affirmed
Phoeniix                        Proposed FB Fac*       Provisional IND  90       Assigned
                                                       B+ /Provisional
                                                       IND A4
Ramnad Renewable Energy Ltd     Senior Bk loan         IND A-           2540     Upgraded
(outstanding INR2,439.7 million)
Ramnad Renewable Energy Ltd     WC facility            IND A-           200      Upgraded
Ramnad Renewable Energy Ltd     Loan equivalent risk   IND A-           300      Upgraded
                                (LER) Limits
Ramnad Solar Power Ltd          Senior Bk loan         IND A-           3560     Upgraded
Ramnad Solar Power Ltd          WC facility            IND A-           220      Upgraded
Ramnad Solar Power Ltd          Loan equivalent risk   IND A-           320      Upgraded
                                (LER) limits
Satin Creditcare Network Ltd’   NCD                    IND A-           270      Upgraded
Tulip Renewable Powertech Pvt   Proposed rupee TL      Provisional IND  2070     Assigned
Ltd                                                    BBB(SO)
Violet Green Power Pvt Ltd      Proposed rupee TL      Provisional IND  650      Assigned
                                                       BBB(SO)
Welcome Footwears               Proposed FB limits     -                34       Withdrawn
 (the issuer did not proceed with the instrument as envisaged)
Welcome Footwears               Proposed non-FB limits -                30       Withdrawn
(the issuer did not proceed with the instrument as envisaged)
Welcome Footwears               TL                     IND BB+          43       Affirmed
(increased from INR26)
Welcome Footwears               FB WC limits           IND BB+ /IND A4+ 60       Affirmed
-----------------------------------------------------------------------------------------------
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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