March 28, 2017 / 7:51 AM / 5 months ago

India Ratings for Indian debt instruments – Mar 28

   Mar 28 (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
March 27, 2017.

COMPANY                         INSTRUMENT             RATING        AMOUNT     MOVEMENT
                                                                     (RS.MLN) 
------                          ----------             ------        ------     ---------
SHORT TERM RATINGS:
-------------------
Anand Teknow Aids Engineering   Non-FB limits          IND A3+          970      Downgraded
India Ltd
Blend Colours Pvt Ltd           Non- FB WC limits      IND A3           100      Affirmed
EMC Ltd                         Non-FB limits          IND A3+          46250    Downgraded
EMC Ltd                         *Proposed Non-FB limitsProvisional IND  6313     Downgraded
                                                       A3+
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above 
facilities by EMC to the satisfaction of Ind-Ra.

Eshyan Infratech                Non-FB WC              IND A4           20       Assigned
Eshyan Infratech                *Proposed Non-fund     Provisional IND  35       Assigned
                                -based WC              A4
*The rating is provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities by EI 
to the satisfaction of Ind-Ra.
Kandui Industries Pvt Ltd       Non-FB WC limits       IND A3           230      Affirmed
Rajesh Power Services Pvt Ltd   Non-FB WC limit        IND A2           300      Assigned
Renewsys India Pvt Ltd          Non-FB Fac             IND A4+          150      Affirmed
Sdm Projects Pvt Ltd            Non-FB Fac             IND A4+          50       Affirmed
Tata Advanced Systems Ltd       Non-FB Fac             IND A1           150      Assigned

LONG TERM RATINGS:
-------------------
Anand Teknow Aids Engineering   TL                     IND BBB          350      Downgraded
India Ltd
Anand Teknow Aids Engineering   FB limits              IND BBB          710      Downgraded
India Ltd
Anand Teknow Aids Engineering   Proposed NCDs (NCDs)#  Provisional BBB  250      Downgraded
India Ltd
#The final rating will be assigned following the closure of the issue
 upon the receipt of final documentation, conforming to the 
 information already received by Ind-Ra.
Anand Teknow Aids Engineering   Proposed non-FB limits*Provisional BBB/ 80       Downgraded
India Ltd                                              Provisional IND
                                                       A3+
*The rating is provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities
by ATAEIL to the satisfaction of Ind-Ra. 
Bank Of India                   Basel III Tier 2 bonds IND AA+          10       Assigned
Blend Colours Pvt Ltd           LT loan                IND BBB-         230      Affirmed
Blend Colours Pvt Ltd           FB WC limits           IND BBB- /IND A3 360      Affirmed
Emc Ltd                         Long-TL                IND BBB          931.2    Downgraded
Emc Ltd                         FB limits              IND BBB          7860     Downgraded
Eshyan Infratech                FB WC                  IND B+ /IND A4   10       Assigned
Eshyan Infratech                *Proposed FB WC        Provisional IND  15       Assigned
                                                       B+ /Provisional
                                                       IND A4
*The rating is provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities by EI 
to the satisfaction of Ind-Ra.
Healthcare Medi-Surge Hospitals TL                     WD               178.2    Withdrawn, as
Pvt Ltd                                                                          the facility
                                                                                 was repaid 
                                                                                 in full
Healthcare Medi-Surge Hospitals FB WC limits           WD               25       Withdrawn, as
Pvt Ltd                                                                          the facility
                                                                                 was repaid 
                                                                                 in full
Healthcare Medi-Surge Hospitals Non-FB WC limits       WD               19.8     Withdrawn, as
Pvt Ltd                                                                          the facility
                                                                                 was repaid
                                                                                 in full
Heidelbergcement India Ltd      Bonds                  IND AA+          3700     Upgraded
India Standard Loan Trust - XV  Liquidity facility (LF)IND AAA(SO)      5.9      Affirmed
India Standard Loan Trust - XV  Series A Pass-through  IND AAA(SO)      170.6    Affirmed
                                Certificates (PTCs)
India Standard Loan Trust - XV  Second loss credit     IND BBB(SO)      22.3     Affirmed
                                facility (SLCF)
India Standard Loan Trust – XX  Liquidity facility (LF)IND AAA(SO)      8.9      Affirmed
India Standard Loan Trust – XX  Series A PTC (PTCs)    IND AAA(SO)      517.2    Affirmed
India Standard Loan Trust – XX  Second loss credit     IND BBB(SO)      46.3     Affirmed
                                facility (SLCF)
Kalyan-Dombivli Municipal       Proposed Bk loan*      Provisional IND  3000     Assigned
Corporation                                            A+
*The rating is provisional and shall be confirmed upon the sanction and 
execution of loan documents for the above facilities
by KDMC to the satisfaction of Ind-Ra 
Kandui Industries Pvt Ltd       FB WC limits           IND BBB-         90       Affirmed
Kandui Industries Pvt Ltd       TL                     IND BBB-         283.5    Affirmed
Kvk Bio Energy Pvt Ltd          WC facility            IND D            35       Affirmed
Neogrowth Credit Pvt Ltd        NCDs                   IND BBB          175      Assigned
Neogrowth Credit Pvt Ltd        NCDs                   IND BBB          500      Assigned
Rajesh Power Services Pvt Ltd   FB WC limit            IND BBB          170      Assigned
Regenerative Medical Service    TL                     IND BB-          43.68    Upgraded
Pvt Ltd
Regenerative Medical Service    FBWC limit             IND BB- /IND A4+ 25       Upgraded
Pvt Ltd
Renewsys India Pvt Ltd          LT loan                IND BB+          280      Affirmed
Renewsys India Pvt Ltd          FB Fac                 IND BB+ / IND    100      Affirmed
                                                       A4+
Sdm Projects Pvt Ltd            FB Fac                 IND BB /IND A4+  20       Assigned
Shirpur Power Pvt Ltd           Rupee TL               IND BB+          15140    Downgraded
Sm-Jdb Estate Pvt.Ltd           LT loan                IND BB-          800      Assigned
Sumeru Energy Pvt Ltd           Senior project Bk loan IND BB+          203.1    Assigned
Supreme Infraprojects Pvt Ltd   TL                     IND D            646.9    Affirmed
Supreme Suyog Funicular         Bk loans               IND D            600      Affirmed
Ropeways Pvt Ltd
Tata Advanced Systems Ltd       FB Fac                 IND A            700      Assigned
Vaibhav Edibles Pvt Ltd         LT loan                IND BBB-         35.73    Assigned
Vaibhav Edibles Pvt Ltd         *Proposed LT loan      IND BBB-         34.27    Assigned
* The above ratings are provisional and shall be confirmed upon the sanction
 and execution of loan documents for the above facilities 
 by VEPL to the satisfaction of Ind-Ra. 
Vaibhav Edibles Pvt Ltd         FB WC limit            IND BBB- /IND A3 65       Assigned
Vaibhav Edibles Pvt Ltd         *Proposed FB WC limit  IND BBB-         115      Assigned
                                                       /Provisional IND
                                                       A3
* The ratings are provisional and shall be confirmed upon the sanction 
and execution of loan documents for the above facilities 
by VEPL to the satisfaction of Ind-Ra 
Welspun Energy Rajasthan Pvt    TL*                    IND BBB+         6300     Affirmed
Ltd
* INR5,965.2 million outstanding as on 31 December 2016
-----------------------------------------------------------------------------------------------
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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