March 1, 2017 / 8:13 AM / 6 months ago

India Ratings for Indian debt instruments – Mar 1

    Mar 1 (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
February 28, 2017.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Ballarpur Industries            CP                     IND D            2470*    Downgraded
                                                                                 from IND A4
*Outstanding amount is INR1100million
Dineshchandra R Agrawal         Non-FB WC facility     IND A1+          10650    Assigned
Infracon
Dineshchandra R Agrawal         Proposed non-FB WC     Provisional IND  1150     Assigned
Infracon                        facility*              A1+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by DRAIPL to the satisfaction of Ind-Ra.
Haldia Nirman Projects          Non-FB Limit           IND A4+          20       Assigned
Himalayan Road Construction     Non- FB limit          IND A4+          170      Assigned
Kaizen Industries               Non-FB limits          IND A4           25       Assigned
Mahitechs                       Non-FB working capita  IND A4           70       Affirmed
Pragati Spinners                Non-FB Fac             IND A4+          6        Assigned
Safety Control & Devices        Non-FB WC limit        IND A3           325      Affirmed
Safety Control & Devices        Non-FB WC limit*       IND A3           375      Assigned
*The assignment of final ratings follows the receipt of transaction documents conforming to the
information already received by Ind-Ra. The final ratings are, therefore, the same as the
provisional ratings assigned in December 2015.
Safety Control & Devices        Non-FB WC limit        IND A3           92.2     Assigned
Sai Infraconstructions          Non-FB limits          IND A4+          70       Assigned
Survival Technologies           LOC                    IND A3+          100      Affirmed
T C Communication               Non-FB limit           IND A4           30       Assigned
Ujala Mineral                   Proposed non FB limits*Provisional IND  150      Assigned
                                                       A4+
*Outstanding amount is INR1100million


LONG TERM RATINGS:
-------------------
Dineshchandra R Agrawal         FB CC limit            IND A+           1100     Assigned
Infracon
Dineshchandra R Agrawal         Proposed FB CC limit*  Provisional IND  100      Assigned
Infracon                                               A+
* The ratings are provisional and shall be confirmed upon the sanction and execution of loan
documents for the proposed facilities by DRAIPL to the satisfaction of Ind-Ra.
Classic Foods                   Long-TL                IND B+           3.4      Assigned
Classic Foods                   FB Fac                 IND B+/ IND A4   68       Assigned
Haldia Nirman Projects          FB limit               IND BB-          56.5     Assigned
Hanuman Impex                   FB WC limit            IND BB           99       Assigned
Himalayan Road Construction     FB limits              IND BB / IND A4+ 60       Assigned
Irb Surat Dahisar Tollway       *Senior project Bk     Provisional IND  8977     Assigned
                                loans                  BBB+
*The final ratings are contingent upon the receipt of the pending final documents conforming to
the information already received.
Irb Surat Dahisar Tollway       Senior project Bk loansWD               9889     Withdrawn
Kaizen Industries               FB limits              IND B+           45       Assigned
Mahitechs                       FB WC                  IND B+           27.5     Affirmed
Mfl Securitisation Trust - XxxivSeries A1 pass-through IND AA (SO)      460.4    Affirmed
                                certificates (PTCs)
Mfl Securitisation Trust - XxxivSeries A2 PTCs         IND AA (SO)      24.23    Affirmed
Mfl Securitisation Trust - XxxivLiquidity facility (LF)IND AAA (SO)     14.02    Affirmed
Mfl Securitisation Trust - XxxivSecond loss credit     IND BBB (SO)     66.1     Affirmed
                                facility (SLCF)
Oswal Extrusion                 LT loan                IND BBB-         310      Assigned
Oswal Extrusion                 FB WC limits           IND BBB-         650      Assigned
Oswal Extrusion                 *Proposed FB WC Limits Provisional IND  290      Assigned
                                                       BBB-
*The final rating will be assigned upon receipt of sanction letter by the agency.
Pilot 2 Wheelers                FB WC                  IND BB+ / IND A4+200      Assigned
Pilot 2 Wheelers                Proposed FB WC*        Provisional IND  50       Assigned
                                                       BB+ /
                                                       Provisional IND A4
* The ratings are provisional and the final ratings will be assigned subject to execution of
sanction letter for the above facilities to the satisfaction of Ind-Ra.
Platinum Trust                  Series A pass-through  Provisional IND  2944     Assigned
                                certificates (PTCs)    AAA
Platinum Trust                  Second loss credit     Provisional IND  154.6    Assigned
                                facility (SLCF)        BBB
Pragati Spinners                TL                     IND BB+          237.828  Assigned
Pragati Spinners                FB Fac - CC            IND BB+/A4+      180      Assigned
Safety Control & Devices        FB WC limit            IND BBB- / IND A315       Affirmed
Safety Control & Devices        FB WC limit*           IND BBB- / IND A335       Assigned
*The assignment of final ratings follows the receipt of transaction documents conforming to the
information already received by Ind-Ra. The final ratings are, therefore, the same as the
provisional ratings assigned in December 2015.
Safety Control & Devices        FB WC limit            IND BBB- / IND A35        Assigned
Sai Infraconstructions          FB WC limits           IND BB- / IND A4+65       Assigned
Soni Ginning Factory            Fund based WC limit    IND B+           60       Assigned
Survival Technologies           TL                     IND BBB          90.3     Affirmed
Survival Technologies           CC                     IND BBB          70       Affirmed
Survival Technologies           Packing credit         IND BBB          90       Affirmed
                                limit/pre-shipment
                                credit in foreign currency
Survival Technologies           TL                     IND BBB          135.5    Affirmed
Survival Technologies           FB limit               IND BBB/A3+      50       Assigned
T C Communication               FB limit               IND B+ / IND A4  120      Assigned
Ujala Mineral                   FB limits              IND BB-          100      Assigned
Vakrangee Foundation            TL                     IND B+           35.3     Affirmed
-----------------------------------------------------------------------------------------------
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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