November 12, 2019 / 3:37 AM / a month ago

India Ratings for Indian debt instruments – Nov 12

    Nov 12 (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
November 11, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Adhunik Corporation             Non-FB limits          IND A3           35       Upgraded
Adhunik Industries              Non-FB limits          IND A3           376.5    Upgraded
Arcil                           ST debt/CP# (CP)       IND A1+          2000     Affirmed
#The short-term debt has been carved out of the overall debt limit of INR7.5 billion; no amount
is outstanding.
Electrosteel Castings           Non-FB WC limits       IND A2+          5.53     Affirmed
Electrosteel Castings           Proposed non-FB WC     Provisional IND  0.76     Affirmed
                                limits*                A2+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by ECL to the satisfaction of Ind-Ra
Essel Propack                   CP (CP)*               IND A1+          1000     Affirmed; Off
                                                                                 RWE
*The CP has been carved out of the existing working capital facility
Royal Latex                     Non-FB Fac             IND A4+          17.5     -
(Migrated to non-cooperating category)
Sharmanji Yarns                 Non-FB WC limits       IND A2           25       -
(Migrated to non-cooperating category)
Sri Jayajothi                   Non-FB limits          IND A2           63.5     Upgraded
Tata Steel Long Products        Non-FB limits^         IND A1+          3280     Assigned
^ The assignment of the final ratings follows the receipt of the final documents conforming to
the information already received by Ind-Ra.
Tata Steel Long Products        CP (CP)                IND A1+          7000     Affirmed
V.K.A. Polymers                 Non-FB limits          IND A3+          310      Affirmed

LONG TERM RATINGS:
-------------------
Adhunik Corporation             FB limits              IND BBB-/Stable  100      Upgraded
Adhunik Industries              FB limits              IND BBB-/Stable  373      Upgraded
Ambica Jute Mills               FB WC limit            IND BBB/Stable   150      Assigned
Ambica Jute Mills               TL                     IND BBB/Stable   64.1     Assigned
Arcil                           LT Bk loans            IND A+/Stable    7500     Affirmed
Axis Wind Farms (Anantapur)     Senior Bk  loan        IND A-/RWN       5431     Placed on RWN
Axis Wind Farms (Anantapur)     WC facility            IND A-/RWN       500      Placed on RWN
Bally Jute Company              FB WC limit            IND BBB/Stable   100      Assigned
Bally Jute Company              TL                     IND BBB/Stable   15.4     Assigned
Electrosteel Castings           Long-TL                IND A-/Stable    14.67    Affirmed
Electrosteel Castings           FB WC limits           IND              4.85     Affirmed
                                                       A-/Stable/IND A2+
Electrosteel Castings           Proposed FB WC limits* Provisional      0.55     Affirmed
                                                       IND A-/Stable/
                                                       Provisional
                                                       IND A2+
* The ratings are provisional and shall be confirmed upon the sanction and execution of the loan
documents for the above facilities by ECL to the satisfaction of Ind-Ra.
Insta Sme Trust                 Series A1 pass-through IND              1253     Assigned
                                certificates (PTCs)    AAA(SO)/Stable
Jsw Steel                       NCDs (NCDs)            IND AA/Negative  53510    Affirmed
(Outlook revised to Negative)
Kalanjiam Development Financial Bk loans               IND B+/Stable    450      Downgraded
Service
Mangalore Minerals              TL                     IND B+           133.87   -
(Migrated to non-cooperating category)
Mangalore Minerals              FB Fac                 IND B+/A4        110      -
(Migrated to non-cooperating category)
Mangalore Minerals              Proposed FB limits     Provisional IND  50       -
                                                       B+/ Provisional
                                                       IND A4
(Migrated to non-cooperating category)
Royal Latex                     Long-TL                IND BB-          0.883    -
(Migrated to non-cooperating category)
Royal Latex                     FB Fac                 IND BB-/A4+      140      -
(Migrated to non-cooperating category)
Sharmanji Yarns                 TL                     IND BBB+         753.9    -
(Migrated to non-cooperating category)
Sharmanji Yarns                 FB WC limits           IND BBB+/A2      1400     -
(Migrated to non-cooperating category)
Sri Jayajothi                   TL                     IND BBB/Stable   667.6    Upgraded
Sri Jayajothi                   FB limits              IND BBB/Stable / 727.5    Upgraded
                                                       A2
Tata Steel Long Products        TL                     IND AA/Stable    29000    Affirmed
Tata Steel Long Products        FB limits$^            IND AA/Stable    4700     Assigned
$ Fully interchangeable with non-fund based limits
^ The assignment of the final ratings follows the receipt of the final documents conforming to
the information already received by Ind-Ra.
Tata Steel Long Products        Proposed WC limits*#   Provisional IND  12020    Affirmed
                                                       AA/ Stable/
                                                       Provisional IND A1+
* The ratings are provisional and shall be confirmed upon the execution of the loan documents
for the above facility by TSLPL to the satisfaction of Ind-Ra.
 # Interchangeable between fund-based and non-fund-based limits
Tata Steel Long Products        Proposed long-TL*      Provisional IND  1000     Affirmed
                                                       AA/Stable
* The ratings are provisional and shall be confirmed upon the execution of the loan documents
for the above facility by TSLPL to the satisfaction of Ind-Ra.
V.K.A. Polymers                 FB limits              IND BBB/Stable   425      Affirmed
V.K.A. Polymers                 TL                     IND BBB/Stable   473      Affirmed
Vivriti Valhalla 09 2019        Series A2 PTCs         IND A(SO)/Stable 51.9     Assigned
Vivriti Valhalla 09 2019        Series A1 pass-through IND AA(SO)/Stable266.4    Assigned
                                certificates (PTCs)

-----------------------------------------------------------------------------------------------
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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