September 13, 2019 / 5:03 AM / 8 days ago

India Ratings for Indian debt instruments – Sep 13

    Sep 13 (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
September 12, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Bhola Ram Steel Pvt Ltd         Non-FB facility        IND A4+          27.5
(Issuer Not Cooperating); Migrated to non-cooperating category
Hindustan Adhesives Ltd         NFB WC limit           IND A3           75       Affirmed

LONG TERM RATINGS:
-------------------
B D Motors Ltd                  Long-TL (LT)           IND D            12
(Issuer Not Cooperating); Migrated to non-cooperating category
B D Motors Ltd                  FB Fac  (LT)           IND D            340
(Issuer Not Cooperating); Migrated to non-cooperating category
B D Motors Ltd                  Non-FB Fac (ST)        IND D            1
(Issuer Not Cooperating); Migrated to non-cooperating category
Bhola Ram Steel Pvt Ltd         FB limits              IND BB-          80
(Issuer Not Cooperating); Migrated to non-cooperating category
DBL Kalmath Zarap Highways Ltd  Rupee TL               IND A/ Stable    3152.1   Upgraded
DBL Kalmath Zarap Highways Ltd  Performance BG (PBG)*  WD               457
Withdrawn (limits cancelled); *The PBG was released by Concession Authority on the completion of
30% construction works (physical progress) in accordance with the concession agreement signed
between DKZHL and Concession Authority. The PBG limits were subsequently cancelled by the
lenders and there is no amount outstanding against this facility as on date.
DBL Mahagaon Yavatmal Highways  Rupee TL               IND A/ Stable    4217.9   Upgraded
Pvt Ltd
DBL Mahagaon Yavatmal Highways  Performance BG (PBG)*  WD               580.4
Pvt Ltd
Withdrawn (limits cancelled); *The PBG was released by Concession Authority on the completion of
30% construction works (physical progress) in accordance with the concession agreement signed
between DKZHL and Concession Authority. The PBG limits were subsequently cancelled by the
lenders and there is no amount outstanding against this facility as on date.
Emaar Mgf Land Ltd              TL                     IND BBB-/ Stable 10.644   Assigned
Emaar Mgf Land Ltd              Overdraft              IND BBB-/        3        Assigned
                                                       Stable/ IND A3
Emaar Mgf Land Ltd              Non-FB limits          IND BBB-/        2.5      Assigned
                                                       Stable/ IND A3
Hindustan Adhesives Ltd         TL                     IND BBB-/ Stable 196.4    Affirmed
reduced from INR224.20 mln
Hindustan Adhesives Ltd         FB WC limit            IND BBB-/        208      Affirmed
                                                       Stable/ IND A3
Karnataka Water And Sanitation  TL                     IND AA-(SO)/     12500    Affirmed
Pooled Fund Trust                                      Stable
Karnataka Water And Sanitation  TL*                    IND AA-(SO)/     1550     Assigned
Pooled Fund Trust                                      Stable
*The assignment of the final rating is based on the receipt of the sanction letter, tripartite
agreement and government order by Ind-Ra. 
MFL Securitisation Trust LXXXII Series A1 pass-through IND AA(SO)/      3679.4   Assigned
(An Asset-Backed Securities     certificates (PTCs)    Stable
Transaction)
MFL Securitisation Trust LXXXII Series A2 PTCs         IND AA(SO)/      153.3    Assigned
(An Asset-Backed Securities                            Stable
Transaction)
MFL Securitisation Trust LXXXII Second loss credit     IND BBB-(SO)/    199.3    Assigned
(An Asset-Backed Securities     facility (SLCF)        Stable
Transaction)
MFL Securitisation Trust LXXXIV Series A1 pass-through IND AA(SO)/      1317.9   Assigned
(An Abs Transaction)            certificates (PTCs)    Stable
MFL Securitisation Trust LXXXIV Series A2 PTCs         IND AA(SO)/      40.8     Assigned
(An Abs Transaction)                                   Stable
MFL Securitisation Trust LXXXIV Second loss credit     IND BBB-(SO)/    50.9     Assigned
(An Abs Transaction)            facility (SLCF)        Stable
MFL Securitisation Trust LXXXVI Series A1 pass-through IND AA-(SO) /    981.2    Assigned
(An Asset-Backed Transaction)   certificates (PTCs)    Stable
MFL Securitisation Trust LXXXVI Series A2 PTCs         IND BBB(SO) /    20       Assigned
(An Asset-Backed Transaction)                          Stable
NLC India Ltd                   NCDs*                  IND AAA/ Stable  14.75    Assigned
* The assignment of the final rating follows the receipt of the executed financing documents,
including the term sheet, debenture trustee agreement and debenture trustee deed, by Ind-Ra.
Petro & Agroways                FB WC limits           IND BB/ IND A4+  35
(Issuer Not Cooperating); Migrated to non-cooperating category
Petro & Agroways                Proposed overdraft     Provisional IND  150
                                limit (dropline)       BB
(Issuer Not Cooperating); Migrated to non-cooperating category
Rejeuvine Enterprises Pvt Ltd   TL                     IND B            123.3
(Issuer Not Cooperating); Migrated to non-cooperating category
Rejeuvine Enterprises Pvt Ltd   FB WC limit            IND B/ IND A4    30
(Issuer Not Cooperating); Migrated to non-cooperating category
Solapur Tollways Pvt Ltd        Senior project TL      IND D            5884.2
Downgraded; off Rating Watch Negative (RWN)
-----------------------------------------------------------------------------------------------
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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