India Ratings for Indian debt instruments – Jun 6

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 4 and June 5, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Eastman Exports Global Clothing Non-FB WC limits       IND A1           30       Affirmed
(P) Ltd
reduced from INR270 MLN
Eastman Spinning Mills (P) Ltd  Non-FB WC limits       IND A2           341.4    Affirmed
increased from INR234.6 MLN
Sara Suole Pvt Ltd              Non-FB WC limits       IND A3+          150      Downgraded
Shri Kannan Departmental Store  Short-TL               IND A3           110      Affirmed
Pvt Ltd
The Himalaya Drug Company       Non-FB WC limits       IND A1+          0.2      Affirmed
Vijaynath Roof And Wall         Non-FB WC limit        IND A4+          180      Assigned

LONG TERM RATINGS:
-------------------
Cladding Systems Pvt Ltd
Bhagyanagar Green Energy Ltd    Senior Bk  loan        WD               145
outstanding INR79.5 million MLN; Affirmed & Withdrawn*; * Affirmed at ‘IND BBB’/Stable before
withdrawal
Continental Warehousing         TL                     IND A/ RWE       3875
Corporation (Nhava Seva) Ltd
Placed on RWE
Continental Warehousing         FB WC Fac              IND A/ RWE/ IND  700
Corporation (Nhava Seva) Ltd                           A1/ RWE
Placed on RWE
Continental Warehousing         NFB WC Fac             IND A1/ RWE      450
Corporation (Nhava Seva) Ltd
Placed on RWE
Continental Warehousing         Proposed FB WC Fac*    Provisional IND  175
Corporation (Nhava Seva) Ltd                           A/ RWE/
                                                       Provisional IND A1/ RWE
Placed on RWE; *The rating is provisional and shall be confirmed upon the sanction and execution
of the loan documents for the above facilities by CWCNSL to the satisfaction of Ind-Ra.
Delta Jewellers Pvt Ltd         FB WC limit            IND BB+/ IND A4+ 100
(Issuer Not Cooperating); Migrated to non-cooperating category
Dixcy Textiles Pvt Ltd          FB WC limits           IND A+           500      Affirmed
Eastman Exports Global Clothing TL                     IND A            786      Affirmed
(P) Ltd
increased from INR303.7 MLN
Eastman Exports Global Clothing FB WC limits           IND A/ IND A1    6456     Affirmed
(P) Ltd
increased from INR6,106 MLN
Eastman Spinning Mills (P) Ltd  TL                     IND BBB+         25       Affirmed
reduced from INR54.8 MLN
Eastman Spinning Mills (P) Ltd  FB WC limits           IND BBB+ / IND A2920      Affirmed
reduced from INR970 MLN
Gp Wind (Jangi) Pvt Ltd         NCDs                   IND AA-(SO)      2820     Affirmed
reduced from INR2,920 MLN
Hindupur Solar Park Pvt Ltd     Rupee TL               IND A(SO)        4715     Affirmed
Mahabubnagar Solar Parks Pvt LtdRupee TL               IND A(SO)        562.5    Affirmed
My Box Technologies Pvt. Ltd.   FB and non-FB limits   IND BBB-/ IND A3 150      Downgraded
reduced from INR400 MLN
Orbit Electro Equipments Pvt LtdFund -based Fac        IND BB/ IND A4+  127.5    Affirmed
Patel Integrated Logistics Ltd  FB limits              IND BBB/ RWE/    100
                                                       IND A3+/ RWE
Assigned; Placed on RWE
Polepally Solar Parks Pvt Ltd   Rupee TL               IND A(SO)        1342.5   Affirmed
Ravindra Bharathi Educational   Bk loans  (LT)         IND D            1765.33  Downgraded
Society
Ravindra Bharathi Educational   FB WC limits (LT)      IND D            250      Downgraded
Society
Sai Enterprises                 Proposed TL            Provisional IND  1300     Assigned
                                                       BB
Sara Suole Pvt Ltd              TL                     IND BBB          519.2    Downgraded
Sara Suole Pvt Ltd              FB WC limits           IND BBB/ IND A3+ 2200     Downgraded
Shri Kannan Departmental Store  TL                     IND BBB-         156.7
Pvt Ltd
reduced from INR167 MLN; Affirmed; Outlook revised to Negative from Stable
Shri Kannan Departmental Store  FB WC limits           IND BBB-/ IND A3 545
Pvt Ltd
increased from INR505 MLN; Affirmed; Outlook revised to Negative from Stable
The Himalaya Drug Company       FB WC limits           IND A+           1.2      Affirmed
The Himalaya Drug Company       Proposed TL*           Provisional IND  1.25     Affirmed
                                                       A+
increased from INR1.2 MLN; * The rating is provisional and shall be confirmed upon the sanction
and execution of loan documents for the above facility by HDC to the satisfaction of Ind-Ra.
Transmarinus                    FB WC limit            IND BB/ IND A4+  20
(Issuer Not Cooperating); Migrated to non-cooperating category
Vijaynath Roof And Wall         FB WC limit            IND BB-/ IND A4+ 30       Assigned
Cladding Systems Pvt Ltd
Western Up Tollway Ltd          TL                     IND A-           1598.95  Affirmed
reduced from INR2,220 MLN
Western Up Tollway Ltd          NCDs                   IND A-           1193.77  Affirmed
reduced from INR1,570 MLN
Winsol Solar Fields (Polepally) Rupee TL               IND A(SO)        4665     Affirmed
Pvt Ltd

-----------------------------------------------------------------------------------------------
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)

Source: reuters