May 8, 2020 / 6:13 PM / a month ago

RPT-India Ratings for Indian debt instruments – May 8

 (Repeating to add additional ratings)
   May 8 - 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
May 7, 2020.

COMPANY                        INSTRUMENT             RATING          AMOUNT   MOVEMENT
                                                                      (RS.MLN)
------                         ----------             ------          ------   ---------
SHORT TERM RATINGS:
-------------------
Sapl Industries Pvt Ltd        Non-FB WC limit        IND A4+          316     Downgraded
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information)
M. E. Infra Projects Pvt Ltd   Non-FB WC limit       IND A3          550
(Issuer Not Cooperating); Maintained in non-cooperating category
Shashi Catering Services       Non-FB limit          IND A3          40
(Issuer Not Cooperating); Maintained in non-cooperating category


LONG TERM RATINGS:
-------------------
Dedicated Freight Corridor     LT Issuer Rating       IND AAA          -       Affirmed
Corporation Of India Ltd
Midas Golden Distilleries Pvt  FB WC limit            IND BBB          300     -
Ltd
(Maintained in non-cooperating category.  ISSUER NOT COOPERATING: The ratings were last reviewed
on 23 May 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate
information to review the ratings.)
Raichur Power Corporation Ltd  WC loans (LT)*         IND D            1000    Assigned
(* The final rating has been assigned following the receipt of the sanction letter by Ind-Ra.)
Raichur Power Corporation Ltd  Proposed WC loans (LT) Provisional IND D 16120  Affirmed
(reduced from INR17,120)
Sapl Industries Pvt Ltd        FB WC limit            IND BB+ / IND A4+ 480    Downgraded
(Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on the best available
information)
Bagur Logistics Park Pvt Ltd   TL                    IND BBB/ Stable 2300    Assigned
Dev-Dwarka Windproject Ltd     Rupee TL              IND A-/ Stable  2420    Affirmed
INR2,147.7 outstanding as on 1 April 2020
Greater Visakhapatnam MunicipalBonds*                IND AA/ Stable  800
Corporation
Affirmed and reassigned; *The frequency of interest payment is semi-annual (21 June and 21
December of each year) and the principal will be repaid in four equal instalments at the end of
seventh, eighth, ninth and 10th year.
Greater Visakhapatnam MunicipalProposed bonds**      Provisional IND 200
Corporation                                          AA/ Stable
Affirmed and reassigned; **The final rating will be assigned following the final issuance and
the receipt of the final documentation
Indostar Capital Finance Ltd   NCDs (NCDs)           IND AA-/ Stable 2.25    Affirmed
reduced from INR3.0 mln
Indostar Capital Finance Ltd   Proposed NCDs^        IND AA-/ Stable 3.5     Affirmed
^unutilised
Indostar Capital Finance Ltd   Bk loans              IND AA-/ Stable 0.47    Affirmed
reduced from INR1.34 mln
Indostar Home Finance Pvt Ltd  LT debt               IND AA-/ Stable 5000    Affirmed
Pragati Milk Products Pvt Ltd  FB limits             IND BBB/ Stable 50
Affirmed; Outlook revised to Stable from Positive
Pragati Milk Products Pvt Ltd  TL                    IND BBB/ Stable 165
reduced from INR235.38 mln; Affirmed; Outlook revised to Stable from Positive
Shashi Catering Services       FB limit              IND BBB-/ IND A330
(Issuer Not Cooperating); Maintained in non-cooperating category
Solar Edge Power And Energy PvtRupee TL              IND A/ RWE      6066.59
Ltd
reduced from INR6,130.98 mln; Placed on RWE
Swami Yoganand Charitable TrustTL (LT)               IND D           49.5
(Issuer Not Cooperating); Maintained in non-cooperating category
Swami Yoganand Charitable TrustWC facility (LT)      IND D           30
(Issuer Not Cooperating); Maintained in non-cooperating category
Torrent Pharmaceuticals Ltd    LT Issuer Rating      IND AA/ Stable          Affirmed
Torrent Pharmaceuticals Ltd    TL                    IND AA/ Stable  23.5    Affirmed
Torrent Pharmaceuticals Ltd    NCDs (NCDs)           IND AA/ Stable  14.95   Affirmed
Torrent Pharmaceuticals Ltd    NCDs#$                IND AA/ Stable  2       Assigned
#The NCDs are secured, redeemable, rated and listed in nature. The proceeds of the issue will be
used for the general corporate purposes.; $ISIN yet to be issued
Torrent Pharmaceuticals Ltd    Proposed NCDs#$       Provisional IND 0.05    Affirmed
                                                     AA/ Stable
reduced from INR 2.05 mln; #The NCDs are secured, redeemable, rated and listed in nature. The
proceeds of the issue will be used for the general corporate purposes.; $ISIN yet to be issued
-----------------------------------------------------------------------------------------------
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@refinitiv.com)
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