June 20, 2018 / 8:44 AM / 3 months ago

India Ratings for Indian debt instruments – Jun 20

    Jun 20 (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
June 19, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Frost & Sullivan India          FB limits              IND A2           120      Affirmed
Kedia Steels                    Non-FB limits          IND A3+          20       Assigned
Lifestyle International         CP (CP)*               IND A1+          1000     Assigned
*The CP proceeds would be used to finance working capital requirements.
N Swarna                        Non-FB Fac             IND A4+          85       -
Nirmala Polyropes India         Non-FB Fac             IND A4+          34       -
(Migrated to non-cooperating category0
Ultratech Cement                Non-FB limits          IND A1+          46150    Affirmed
Ultratech Cement                CP                     IND A1+          35000    Affirmed
Ultratech Cement                Short-TL               IND A1+          15000    Affirmed



LONG TERM RATINGS:
-------------------
Aditya Infotech                 FB WC limits           -                550      Withdrawn
Aditya Infotech                 Non-FB WC limits       -                800      Withdrawn
Air Works India Engineering     FB limits              -                700      Withdrawn
Air Works India Engineering     Non-FBL                -                100      Withdrawn
Air Works India Engineering     Non-FB stand-by LOC    -                -        Withdrawn
D.M. Jewellers                  FB WC limits           IND BB-          187      Assigned
Earth Solar                     Proposed senior        Provisional IND  262      Assigned
                                project TL*            A-
*The final rating is subject to the receipt of executed financing documents, including loan
agreement, trust and retention agreement, borrower and promoter undertakings, among others in
conformance to the information already received by Ind-Ra. 
International Solar Corp        Proposed senior        Provisional IND  251      Assigned
                                project TL*            A-
*The final rating is subject to the receipt of executed financing documents, including loan
agreement, trust and retention agreement, borrower and promoter undertakings, among others in
conformance to the information already received by Ind-Ra. 
Jawahar Sahakari Soot Girni     Bk loans               IND B+           286.26   Affirmed
Jawahar Sahakari Soot Girni     FB WC Fac              IND B+           90       Affirmed
Jawahar Sahakari Soot Girni     Non-FB WC Fac          IND B+           25       Affirmed
Kavit Green Energy              Proposed senior        Provisional IND  221      Assigned
                                project TL*            A-
*The final rating is subject to the receipt of executed financing documents, including loan
agreement, trust and retention agreement, borrower and promoter undertakings, among others in
conformance to the information already received by Ind-Ra. 
Kedia Steels                    FB limits              IND BBB          80       Assigned
Lifestyle International         WC limits              IND AA+ / A1+    3550     Assigned
Lifestyle International         Proposed TL            Provisional IND  1450     Assigned
                                                       AA+
Lifestyle International         Proposed FB limits     Provisional IND  900      Assigned
                                                       AA+
N Swarna                        FB Fac                 IND BB-          15       -
Nirmala Polyropes India         TL                     IND BB+          38       -
(Migrated to non-cooperating category)
Nirmala Polyropes India         FB Fac                 IND BB+          35       -
(Migrated to non-cooperating category)
Progressive Homes               Proposed long-TL*      Provisional IND B220      Assigned
*The final rating is subject to the receipt of executed financing documents, including loan
agreement, trust and retention agreement, borrower and promoter undertakings, among others in
conformance to the information already received by Ind-Ra. 
Rivu Enterprises                Long-TL (LT)           IND D            27.4     -
(Maintained in non-cooperating category)
Rivu Enterprises                FB WC limit (LT)       IND D            25       -
(Maintained in non-cooperating category)
Southern Petrochemical          Proposed FB WC limits *Provisional IND  5000     Upgraded from
Industries Corporation                                 BBB                       Provisional
                                                                                 IND BBB-
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by SPIC to the satisfaction of Ind-Ra 
Sun Power (Telangana)           Proposed senior        Provisional IND  527      Assigned
                                project TL*            A-
*The final rating is subject to the receipt of executed financing documents, including loan
agreement, trust and retention agreement, borrower and promoter undertakings, among others in
conformance to the information already received by Ind-Ra. 
Sunheti Solar Projects          Proposed senior        Provisional IND  200      Assigned
                                project TL*            A-
*The final rating is subject to the receipt of executed financing documents, including loan
agreement, trust and retention agreement, borrower and promoter undertakings, among others in
conformance to the information already received by Ind-Ra. 
Tamra Dhatu Udyog               Long-TL                IND BBB+         415      Upgraded from
                                                                                 IND BBB
Tamra Dhatu Udyog               FB WC                  IND BBB+ /INDA2  1470     Upgraded from
                                                                                 IND BBB
Tamra Dhatu Udyog               Non-FB WC              IND BBB+ /IND A2 2390     Upgraded from
                                                                                 IND BBB / A3+
Ultratech Cement                NCDs (NCDs)            IND AAA          5000     Affirmed
Ultratech Cement                FB limits              IND AAA / IND    13850    Affirmed
                                                       A1+
-----------------------------------------------------------------------------------------------
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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