December 18, 2018 / 3:56 AM / 9 months ago

India Ratings for Indian debt instruments – Dec 18

    Dec 18 (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
December 17, 2018.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
------                          ----------             ------           ------   ---------
Hindustan Concretes             Non-FB limits          IND A4           4        Affirmed
Knr Constructions Ltd           CP (CP)^               IND A1+          500      Affirmed
^ The CP has been carved out of existing cash credit facilities. The proceeds of the CP will be
used to fund the company’s working capital requirements.
Mil Industries Ltd              Non-FB Fac             IND A4+          65       Affirmed
Shaarc Projects Ltd             Non-FB limits          IND A4+          40
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)

Azeem Infinite Dwelling India   NCDs – Series 1        IND BB           2000
Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Azeem Infinite Dwelling India   NCDs – Series 2        IND BB           1950
Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Balaji Powertronics             FB limit               IND A+/ IND A1+  650      Affirmed
Balaji Powertronics             Non-FB limit           IND A+/ IND A1+  100      Affirmed
Hindustan Concretes             FB limits              IND B+           75       Affirmed
Hyderabad Educational           Bk loans               WD               584.88   Withdrawn
Institutions Pvt Ltd
Knr Constructions Ltd           Bk Fac                 IND A+/ IND A1+  17954.4
Affirmed; Outlook revised to Positive from Stable
Maharashtra Patbandhare Vittiya Series IV bond         IND A(SO)        505      Affirmed
Co. Ltd                         programme
Mil Industries Ltd              FB Fac                 IND BB+          22       Affirmed
Olive Tex Silk Mills Pvt Ltd    Long-TL*               IND BB           4.6
*Awaiting information; (Issuer Not Cooperating); Migrated to non-cooperating category
Olive Tex Silk Mills Pvt Ltd    FB Fac                 IND BB/ IND A4+  300
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Precision Infomatic (M) Pvt Ltd FB WC limits           WD               140      Withdrawn
Precision Infomatic (M) Pvt Ltd Non-FB WC limits       WD               20       Withdrawn
Sanstar Biopolymers Ltd         FB WC limit            IND BBB-         450
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Shaarc Projects Ltd             FB limits              IND BB+/ IND A4+ 35
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Shivalik Industries             FB limit               IND A+/ IND A1+  250      Affirmed
Shivalik Industries             Non-FB limit           IND A+/ IND A1+  105      Affirmed
Shri Lakshmi Ganapathy          FB WC limit            IND B            215
Industries Pvt Ltd
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Sunshine Vegetables Pvt Ltd     TL                     IND BB           43.4     Upgraded
reduced from 59.10 mln
Sunshine Vegetables Pvt Ltd     FB WC limit            IND BB/ IND A4+  22.5
increased from 15.00 mln; Long-term rating upgraded; short-term rating affirmed
Toshniwal Enterprises Controls  FB WC limit            IND BB+          270
Migrated to Non-Cooperating Category; (Issuer Not Cooperating)
Universal Power Products        FB limit               IND A+/ IND A1+  240      Affirmed
increased from 160 mln
Universal Power Products        Non-FB limit           WD               80
Withdrawn (paid in full)

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

$: 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

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
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