March 7, 2019 / 8:10 AM / 7 months ago

India Ratings for Indian debt instruments – Mar 7

    Mar 7 (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 6, 2019.

COMPANY                         INSTRUMENT             RATING           AMOUNT   MOVEMENT
                                                                       (RS.MLN)
------                          ----------             ------           ------   ---------
SHORT TERM RATINGS:
-------------------
Adani Transmission Ltd          CP                     IND A1+          10000    Affirmed
Armstrong Spinning Mills Pvt LtdNon-FB WC limits       IND A3           20       Affirmed
M P Agarwala                    Non-FB Fac             IND A4+          270      Affirmed
Mohit Ventures Pvt Ltd          Non-FB WC limits       IND A4+          22.5     Upgraded

LONG TERM RATINGS:
-------------------
Aarvee Cold Chain Logistics Pvt TL*                    -                90       Maintained in
Ltd                                                                              non
                                                                                 cooperating 
                                                                                 category and
                                                                                 withdrawn
* Maintained in ‘IND BB(ISSUER NOT COOPERATING)’ before being withdrawn
Aarvee Cold Chain Logistics Pvt Proposed TL#           -                80       Maintained in
Ltd                                                                              non
                                                                                 cooperating 
                                                                                 category and
                                                                                 withdrawn
# Maintained in ‘Provisional IND BB(ISSUER NOT COOPERATING)’ before being withdrawn
Adani Transmission Ltd          NCDs (NCDs)            IND AA+          26650    Affirmed
Armstrong Spinning Mills Pvt LtdFB WC limits           IND BBB-/IND A3  250      Affirmed
B. D. Memorial Institute        Bk loans               IND BBB-         162.76   Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category and
                                                                                 withdrawn
Doaba Khalsa Trust              TL (LT)                IND D            336      Maintained in
                                                                                 non
                                                                                 cooperating 
                                                                                 category
Emaar Mgf Land Ltd              WC demand loan         -                1000     Withdrawn
ESS Kay Fincorp Ltd             NCDs                   IND A+(SO)       137.5    Upgraded
ESS Kay Fincorp Ltd (Ifmr       NCDs                   IND A+(SO)       91.67    Upgraded
Capital Ceb I 2017)
Ess Kay Fincorp Ltd (Esskay     NCDs                   IND A+(SO)       175      Upgraded
Ifmr Capital Ceb Iii 2018)
Ess Kay Fincorp Ltd (Northern   NCDs                   IND A+(SO)       125      Upgraded
ARC Capital Esskay Spice IV
2018)
Gupta Builders And Promoters    Proposed TL*           Provisional IND  650      Assigned
Pvt Ltd                                                BBB-
* The rating is provisional and shall be confirmed upon the sanction and execution 
of the loan documents for the above facility by GBPPL to the satisfaction of Ind-Ra.
M P Agarwala                    FB Fac                 IND BB/IND A4+   105      Affirmed
MFL Securitisation Trust LXXI   Series A1 pass-through IND AA(SO)       2935.7   Assigned
                                certificates (PTCs)
MFL Securitisation Trust LXXI   Series A2 PTCs         IND AA(SO)       187.4    Assigned
MFL Securitisation Trust LXXI   Second loss credit     IND BBB(SO)      265.5    Assigned
                                facility 
MFL Securitisation Trust LXXIII Series A1 pass-through IND AA(SO)       1645.2   Assigned
                                certificates (PTCs)
MFL Securitisation Trust LXXIII Series A2 PTCs         IND AA(SO)       86.6     Assigned
MFL Securitisation Trust LXXIII Second loss credit     IND BBB-(SO)     155.9    Assigned
                                facility (SLCF)
Mid India Creations Llp         TL                     IND BB+          600      Assigned
Mid India Creations Llp         Proposed TL*           Provisional IND  400      Assigned
                                                       BB+
*The rating is provisional and shall be confirmed upon the sanction and execution 
of loan documents for the above facilities by MIC to the satisfaction of Ind-Ra. 
Mohit Ventures Pvt Ltd          TL                     IND BB           110.3    Upgraded
Mohit Ventures Pvt Ltd          FB WC limits           IND BB           77.5     Upgraded
Northern Arc 2019 Sbl InterlakenSeries A1 pass-through Provisional IND  200.26   Assigned
                                certificates (PTCs)    A(SO)
Northern Arc 2019 Sbl InterlakenSeries A2 PTCs         Provisional IND  4.6      Assigned
                                                       BBB+(SO)
NRSS Xxix Transmission Ltd      Rupee TL (phase I)     -                2325     Withdrawn
NRSS Xxix Transmission Ltd      Rupee TL (phase II)    -                20175    Withdrawn
Platinum Trust March 2017       Series A pass-through  IND AAA(SO)      1816.2   Affirmed
                                certificates (PTCs)
Platinum Trust March 2017       Second loss credit     IND BBB(SO)      162.3    Affirmed
                                facility (SLCF)
San Marine Exports              Long-TL^               -                1        Affirmed and
                                                                                 withdrawn
^Affirmed at ‘IND B-’ before being withdrawn
San Marine Exports              FB Fac*                -                135      Affirmed and
                                                                                 withdrawn
*Affirmed at ‘IND B-’/‘IND A4’ before being withdrawn
San Marine Exports              Non-FB Fac#            -                12       Affirmed and
                                                                                 withdrawn
#Affirmed at ‘IND A4’ before being withdrawn
Shree Tribhuvan Ispat Pvt Ltd   FB WC limit            IND BB-/IND A4+  100      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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