November 6, 2018 / 8:00 AM / 8 months ago

India Ratings for Indian debt instruments – Nov 6

    Nov 6 (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 5, 2018.

COMPANY                         INSTRUMENT             RATING        AMOUNT     MOVEMENT
                                                                     (RS.MLN)
------                          ----------             ------         ------    ---------
SHORT TERM RATINGS:
-------------------
Ahlada Engineers Ltd            Non-FB WC limits       IND A3+          65       Upgraded;
                                                                                 Off RWP
Brilliant Etoile Pvt Ltd        LOC (sub-limit of TL)  Provisional      250      Assigned
                                                       A2+(SO)
Kaytee Corporation Pvt Ltd      Non-FB WC limit        IND A4+          35       Upgraded
P.K. & Company                  Non-FB limits          IND A4+          150      Affirmed
P.K. & Company                  Non-FB limits          IND A4+          100      Affirmed
Religare Enterprises Ltd        ST debt (CP)           IND A4+/RWN      500      Downgraded;
                                                                                 Maintained on
                                                                                 RWN

Religare Finvest Ltd            ST Bk loans            IND A4+/RWN      30000    Downgraded;
                                                                                 maintained on
                                                                                 RWN

Religare Housing Development    ST Bk loan             IND A4+/RWN      2000     Downgraded;
Finance Corporation Ltd                                                          Maintained on
                                                                                 RWN
Religare Broking Ltd            ST Issuer Rating       IND A4+          -        Downgraded
                                                                                 from IND A3
Sri Vishnu Granites Ltd         Non-FB limits          IND A4           6        Upgraded
Welcast India Pvt Ltd           FB WC limits           IND A4           200      Affirmed
Welcast India Pvt Ltd           Non-FB WC limits       IND A4           100      Affirmed


LONG TERM RATINGS:
-------------------
Ahlada Engineers Ltd            TL                     IND BBB          220      Upgraded;
                                                                                 Off RWP
Ahlada Engineers Ltd            FB WC limits           IND BBB //IND A3+260      Upgraded;
                                                                                 Off RWP
Brilliant Etoile Pvt Ltd        TL                     Provisional IND  2500     Assigned
                                                       A-(SO)
Brilliant Etoile Pvt Ltd        Overdraft (sub-limit   Provisional IND  250      Assigned
                                of TL)                 A-(SO)
                                                       /Provisional A2+(SO)
Jaipan Industries Ltd           FB Fac                 IND BB-          70       Affirmed
Kaytee Corporation Pvt Ltd      TL                     IND BB           17.3     Upgraded
Kaytee Corporation Pvt Ltd      FB WC limit            IND BB /IND A4+  242      Upgraded
Mahindra Renewables Pvt Ltd     Senior project TL*     IND A-           9500     Assigned
*The final rating is assigned based on receipt of final executable version of 
financing documents including loan agreement, sponsor support agreement, trust
and retention account agreement and other security agreements for 
the above mentioned facility.
P.K. & Company                  FB limits              IND BB-          50       Affirmed
Pragati Power Corporation Ltd   FB limits              IND A- /IND A2+  2000     Affirmed
(reduced from INR3,000)
Pragati Power Corporation Ltd   Non-FB limits          IND A- /IND A2+  1000     Affirmed
Pragati Power Corporation Ltd   Proposed TL*           Provisional IND  12000    Assigned
                                                       A-
Pragati Power Corporation Ltd   Proposed fund/non-FB   Provisional IND  1000     Assigned
                                WC facility*           A- /Provisional
                                                       IND A2+
* The rating is provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by PPCL to the satisfaction of Ind-Ra.    
Religare Enterprises Ltd        Senior secured NCDs    -                1760     Withdrawn
                                (NCDs)                                           (paid in full)
Religare Finvest Ltd            CP^                    IND A4+/RWN      30000    Downgraded;
                                                                                 maintained on
                                                                                 RWN
^Unutilised
Religare Finvest Ltd            Lower Tier 2 sub-debt  IND BB/RWN       7500     Downgraded;
                                                                                 maintained on
                                                                                 RWN
Religare Finvest Ltd            LT Bk loans            IND BB/RWN       150000   Downgraded;
                                                                                 maintained on
                                                                                 RWN
Religare Finvest Ltd            LT debentures          IND BB/RWN       30000    Downgraded;
                                                                                 maintained on
                                                                                 RWN
Religare Housing Development    CP^                    IND A4+/RWN      2000     Downgraded;
Finance Corporation Ltd                                                          Maintained on
                                                                                 RWN
^ unutilised
Religare Housing Development    LT Bk loan             IND BB-/RWN      10000    Downgraded;
Finance Corporation Ltd                                                          Maintained on
                                                                                 RWN
Religare Housing Development    NCDs (NCDs)            IND BB-/RWN      1000     Downgraded;
Finance Corporation Ltd                                                          Maintained on
                                                                                 RWN
Sadguru Sri Sri Sakhar Karkhana TL                     IND BB-          207      Assigned
Ltd
Sandhar Han Sung Technologies   Long-TL                IND A-           95       Assigned
Pvt Ltd
Sandhar Han Sung Technologies   Proposed long-TL *     Provisional IND  55       Assigned
Pvt Ltd                                                A-
* The ratings are provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by SHTPL to the satisfaction of Ind-Ra.
Sepc Power Pvt Ltd              LT senior project Bk   IND BBB-         24.491.6 Affirmed
                                loan
Sri Vishnu Granites Ltd         TL                     -                5.27     Withdrawn
                                                                                 (paid in full)
Sri Vishnu Granites Ltd         FB limits              IND B            64       Upgraded
Talwandi Sabo Power Ltd         Proposed NCDs*         Provisional IND  2        Assigned
                                                       AA(SO)
* The final rating will be assigned following the closure of the issue upon the receipt
 of the final documentation, conforming to the information already received by Ind-Ra.
U. S. Srivastava Memorial       TL                     IND BB           42.9     Maintained in
Educational Society                                                              non
                                                                                 cooperating 
                                                                                 category
U. S. Srivastava Memorial       Bk overdraft facility  IND BB           30       Maintained in
Educational Society                                                              non
                                                                                 cooperating 
                                                                                 category
-----------------------------------------------------------------------------------------------
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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