April 5, 2017 / 4:28 AM / in 7 months

India Ratings for Indian debt instruments – Apr 5

    Apr 5 (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
April 4, 2017.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                        (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
ICA Edu Skills Pvt. Ltd         Non-FB limits          IND A4+          50       Affirmed
IFB Agro Industries Ltd         Non-FB limits          IND A1+          50       Affirmed
KCT Trading Pvt. Ltd            FB limits              IND A2           925      Affirmed
Konark Synthetic Ltd            Non- FB WC limits      IND A4           87       Assigned
M/S Fortune Group (Fortune)     Non-FB limit           IND A4+          100      Assigned
M/S Trans Conduct (I)           Non-FB WC limits       IND A4           40       Assigned
Radha Smelters Ltd              FB WC limit            A4+              410      Affirmed
Radha Smelters Ltd              Non-FB WC limit        IND A4+          60       Affirmed
Tasec Ltd                       Non-FB WC              IND A1           350      Affirmed
(reduced from INR435)
Viraj Construction Pvt Ltd      Non-FB limit*          IND A4+          67.5     Assigned
*The final rating has been assigned following the receipt of sanction letter by Ind- Ra.

LONG TERM RATINGS:
-------------------
Ad Hydro Power Ltd              TL                     IND A-           5612     Affirmed
(reduced from INR6,026)
Ad Hydro Power Ltd              NCDs (NCDs)            IND A(SO)        1309.76  Affirmed
Ad Hydro Power Ltd              Non-FB WC              IND A-/ IND A2+  75       Affirmed
Amber Enterprises (I) Pvt Ltd   TL                     IND A-           1201.6   Affirmed
(reduced from INR1,660.1)
Amber Enterprises (I) Pvt Ltd   FB WC limits           IND A-/ IND A2+  2012.5   Affirmed
(increased from INR1,812.5)
Amber Enterprises (I) Pvt Ltd   Non-FB WC limits       IND A-/ IND A2+  2102.5   Affirmed
(increased from INR1,812.5)
Amber Enterprises (I) Pvt Ltd   Proposed non-FB Bk     IND A-/ IND A2+  141      Provisional
                                limits
(reduced from INR172.5)
Balajee Loha Ltd                Fund based WC limit    IND BBB          88       Affirmed
(decreased from  INR100)
Balajee Structural (I) Ltd.     FB WC limit            IND BBB-         200      Downgraded
Gold Mohar Gramudyog Sansthan   FB WC limits           IND BB-/ IND A4+ 57.5     Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
Gold Mohar Gramudyog Sansthan   Non-FB WC limit        IND BB-/ IND A4+ 10       Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
IB - Inabensa (JV)’S (IBJV)     FB limits              IND B+/ IND A4   110      Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
IB - Inabensa (JV)’S (IBJV)     Non-FBL                IND B+/ IND A4   100      Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
Ica Edu Skills Pvt. Ltd         Non-FB limits          IND BB+          50       Upgraded
Ifb Agro Industries Ltd         TL                     IND A+           429      Affirmed
(reduced  from INR490.8)
Ifb Agro Industries Ltd         CC limits              IND A+           500      Affirmed
Ifb Agro Industries Ltd         FB limits              IND A+/ IND A1+  250      Affirmed
India Standard Loan Trust – XIIISeries A PTC (PTCs)    IND AA(SO)       150.8    Affirmed
India Standard Loan Trust – XIIISecond loss credit     IND BBB(SO)      36.3     Affirmed
                                facility (SLCF)
India Standard Loan Trust –     Series A PTC (PTCs)    IND A(SO)        455.1    Affirmed
XXIII
India Standard Loan Trust –     Liquidity Facility (LF)IND AAA(SO)      8.1      Affirmed
XXIII
India Standard Loan Trust –     Second loss credit     IND BBB(SO)      30.9     Affirmed
XXIII                           facility (SLCF)
Irb Talegaon Amravati Tollway   Senior project Bk loan IND BBB-         3765     Affirmed
Pvt Ltd
(reduced from INR3,870)
Juno Ifmr Capital 2015          PTC (PTCs)-Series A1   IND A(SO)        29.53    Affirmed
Juno Ifmr Capital 2015          PTCs-Series A2         IND BB+(SO)      23.19    Affirmed
Konark Synthetic Ltd            FB WC limits           IND B-/IND A4    192.5    Assigned
M/S Fortune Group (Fortune)     FB limit               IND BB+          60       Assigned
M/S Trans Conduct (I)           FB WC limits           IND B/ IND A4    65       Assigned
Malana Power Co. Ltd            TL                     IND A            1918     Affirmed
(reduced from INR1,950)
Mumbai Metropolitan Region      LT Issuer Rating       IND AA-                   Assigned
Development Authority
N.R. Ispat & Power Pvt. Ltd     FB limits              IND BB           269      Affirmed
(increased from INR241.5)
N.R. Ispat & Power Pvt. Ltd     TL                     IND BB           279.5    Assigned
Platinum Trust February 2016    Second loss credit     IND A(SO)        220.7    Affirmed
                                facility (SLCF)
Platinum Trust February 2016    Series A pass-through  IND AAA (SO)     3317.5   Affirmed
                                certificates (PTCs)
Poompuhar Shipping Corporation  FB WC limits           IND BBB/ IND A2  100      Placed on
Ltd                                                                              Notice of
                                                                                 Withdrawal
(reduced from INR250)
Poompuhar Shipping Corporation  Non FB WC limits       IND BBB/ IND A2  30       Placed on
Ltd                                                                              Notice of
                                                                                 Withdrawal
Powerwind Ltd                   LT loan                IND BB-          414.9    Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
Powerwind Ltd                   FB WC Fac              IND BB-          580      Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
Powerwind Ltd                   NFB WC Fac             IND BB-          1400     Migrated to
                                                                                 Non-
                                                                                 Cooperating
Category
Radha Smelters Ltd              FB WC limit            IND BB+          410      Upgraded
Radha Smelters Ltd              TL                     WD               17.2     Withdrawn
                                                                                 (repaid in
                                                                                 full)
Ramagundam Fertilizers And      *Long-TL               IND A-           39.4     Assigned
Chemicals Ltd
* Non- fund based limits of INR 11.8 billion sanctioned within the long- term loan limits
Sansar Trust Feb 2016 Ii        Second loss credit     IND A-(SO)       74.3     Affirmed
                                facility (SLCF)
Sansar Trust Feb 2016 Ii        Series A pass-through  IND AAA (SO)     647.1    Affirmed
                                certificates (PTCs)
Sansar Trust March 2017 Iii     Series A pass-through  IND AAA(SO)      3403.8   Provisional
                                certificates (PTCs)
Sansar Trust March 2017 Iii     Second loss credit     IND BBB(SO)      187.3    Provisional
                                facility (SLCF)
Sansar Trust March 2017 Viii    Pass-through           IND AA+(SO)      436.8    Provisional
                                certificates
                                (PTCs)-Series A
Sansar Trust March 2017 Viii    Second loss credit     IND BBB(SO)      23.2     Provisional
                                facility (SLCF)
Shilpi Cable Technologies Ltd   FB WC                  IND A-/ IND A2+  2510     Placed on RWN
Shilpi Cable Technologies Ltd   Non-FB WC              IND A-/ IND A2+  7240     Placed on RWN
Shree Hanuman Loha Ltd.         FB WC limit            IND BBB-         90       Affirmed
(reduced from  INR100)
Tasec Ltd                       FB WC                  IND A / IND A1   150      Affirmed
(increased from INR65)
Viraj Construction Pvt Ltd      TL                     IND BB           615      Upgraded
(reduced from INR1,086.4)
Viraj Construction Pvt Ltd      FB limit               IND BB           238      Upgraded
Viraj Construction Pvt Ltd      FB limit*              IND BB           82       Assigned
*The final rating has been assigned following the receipt of sanction letter by Ind- Ra.
Viraj Construction Pvt Ltd      Proposed TL            WD               175      Withdrawn
(The company did not proceed with the instrument envisaged)
Worldwide Tradelinks            FB limit               IND BB/ IND A4+  300      Affirmed
(Increased from INR200)
Worldwide Tradelinks            Proposed FBL           WD               150      Withdrawn
 (fund based limit is assigned as a final rating )

-----------------------------------------------------------------------------------------------
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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