July 22, 2019 / 9:10 AM / 4 months ago

India Ratings for Indian debt instruments – Jul 22

    Jul 22 (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
July 19, 2019.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
------                          ----------                  ------       ------   ---------
Batliboi Ltd                    Non-FB Fac             IND A4           541.5    Affirmed
Issuer did not cooperate
Kec International Ltd           CP                     IND A1+          10       Affirmed
M/S Mechano Engineering Company Non-FB Fac             IND A4+          30       Assigned
St. Shirdi Sai Education SocietyFB WC                  IND A3           50       Assigned

Batliboi Ltd                    FB Fac                 IND B-           186      Affirmed
Issuer did not cooperate
Corporation Bank                Basel III Compliant    IND AA-          5        Affirmed
                                Tier 2 Bonds
Corporation Bank                Basel III Compliant    IND AA-          10       Affirmed
                                Tier 2 Bonds*
*Yet to be issued
Dukes Products (I) Ltd          FB limits              IND A            590      Assigned
Dukes Products (I) Ltd          TL                     IND A            106.7    Assigned
Insta Sme Trust July 2019       Series A1 pass-through Provisional IND  561.2    Assigned
                                certificates (PTCs)    AAA(SO)
Kamala Consumer Care Pvt Ltd    FB limits              IND A            70       Assigned
Kamala Consumer Care Pvt Ltd    TL                     IND A            270.9    Assigned
Kamala International Exim Pvt   FB limits              IND A            136      Assigned
M/S Mechano Engineering Company TL                     IND BB-          45       Assigned
M/S Mechano Engineering Company FB Fac                 IND BB-/IND A4+  60       Assigned
Magadh Industries Pvt Ltd       TL                     WD               200      Withdrawn
Magadh Industries Pvt Ltd       FB WC limit            WD               1110     Withdrawn
Magadh Industries Pvt Ltd       Proposed FB WC limit   WD               410      Withdrawn
Mm Trust Mar 19 Ii              Series A PTC (PTCs)    IND AAA(SO)      3790.2   Assigned
Paragon Consumer Care Pvt Ltd   FB limits              IND A            50       Assigned
Paragon Consumer Care Pvt Ltd   TL                     IND A            251.3    Assigned
Pioneer Torsteel Mills Pvt Ltd  FB WC limits (LT)      IND D            100      Affirmed
Issuer did not cooperate; based on best-available information.
Pioneer Torsteel Mills Pvt Ltd  TL limits (LT)         IND D            185      Affirmed
Issuer did not cooperate; based on best-available information.
Pioneer Torsteel Mills Pvt Ltd  Non-FB limits (ST)     IND D            40       Affirmed
Issuer did not cooperate; based on best-available information.
Polycab India Ltd               CP                     WD               1000     Withdrawn
Singhania Foods International   FBL                    IND A-           50       Assigned
Singhania Foods International   TL                     IND A-           160.9    Assigned
Sn Jyoti Associates Pvt Ltd     FB WC limit            WD               100      Withdrawn
St. Shirdi Sai Education SocietyBk loans               IND BBB-         539.5    Affirmed
Outlook revised to Positive from Stable, (increased from 474.57)
Tata Projects Ltd               Proposed NCD           Provisional IND  10000    Assigned
Vilander March 2019             Series A pass-through  IND A-(SO)       876.3    Assigned
                                certificates (PTCs)
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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