April 11, 2018 / 6:45 AM / 4 months ago

India Ratings for Indian debt instruments – Apr 11

    Apr 11 (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 10, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Northern India Leather Cloth    Non-FB WC limits       IND A4           40       Assigned
Manufacturing Co. Pvt Ltd
Rohan Builders India Pvt Ltd    Non-FB limits          IND A2           1380     Affirmed
Shree Sita Ram Paper Mills Ltd  Non-FB WC limits       IND A4           26       -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)

LONG TERM RATINGS:
-------------------
Antech Construction Company     FBF                    IND B+/IND A4    120      -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)
Brahmani River Pellets Ltd      TL                     IND D            4614     -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)
Brahmani River Pellets Ltd      NCD                    IND D            1140     -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)
Continental Warehousing         TL                     IND A-/RWP       3850     Placed on RWN
Corporation
(increased from INR3,400)
Continental Warehousing         FB WC Fac              IND A-/RWP/IND   200      Placed on RWN
Corporation                                            A2+/RWP
(increased from INR150)
Continental Warehousing         Non-FB WC Fac          IND A2+/RWP      500      Placed on RWN
Corporation
(reduced from INR1,000)
Ganpati Agri Business Pvt Ltd   FB WC limit            IND BB           120      Affirmed
Ganpati Agri Business Pvt Ltd   TL                     IND BB           37.82    Affirmed
(reduced from INR65.68)
Harra Polyflex Pvt Ltd          TL                     IND BB-          36.66    Assigned
Harra Polyflex Pvt Ltd          FB Fac*                IND BB-/IND A4+  50       Assigned
(*There is 100% interchangeability between fund-based and non-fund-based working capital
facilities.)
Il&Fs Transportation Investment Senior debt LT         WD               -        withdrawal
Trust
Iot Engineering Projects Ltd    NFBL                   IND BB- / IND A4+20       Affirmed
(reduced from INR500)
Jorbat Shillong Expressway Ltd  Senior NCDs            IND AAA(SO)      6412     Assigned
Jorbat Shillong Expressway Ltd  Subordinated NCDs      IND AAA(SO)      2421.6   Assigned
Jorbat Shillong Expressway Ltd  Senior LT rupee loans  WD               7000     Withdrawn
                                                                                 (paid in full)
Jorbat Shillong Expressway Ltd  Subordinated loans     WD               400      Withdrawn
                                                                                 (paid in full)
M/S Patodia Ginning Factory     TL (LT)                IND D            8.69     -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)
M/S Patodia Ginning Factory     FB Fac (LT)            IND D            141.31   -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)
Northern India Leather Cloth    TL                     IND B            189.6    Assigned
Manufacturing Co. Pvt Ltd
Northern India Leather Cloth    FB WC limit            IND B / A4       150      Assigned
Manufacturing Co. Pvt Ltd
Platinum Trust February 2018 –  Series A Pass-through  IND AAA(SO)      3155.91  Assigned
Tranche Ii                      certificates (PTCs)
Platinum Trust February 2018 –  Second loss credit     IND BBB(SO)      246.16   Assigned
Tranche Ii                      facility (SLCF)
Rohan Builders India Pvt Ltd    FB limits              IND BBB+         300      Affirmed
Shree Sita Ram Paper Mills Ltd  FB WC limits           IND B / IND A4   81.5     -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)
Solapur Tollways Pvt Ltd        Senior project TL      IND BBB-/RWN     5884.2   Placed on RWN
Synergy Agri Products Pvt Ltd   FB limit (LT)          IND D            22.5     -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)
Synergy Agri Products Pvt Ltd   TL (LT)                IND D            78.79    -
(ISSUER NOT COOPERATING, Migrated to Non - Cooperating Category)
West Bengal State Electricity   Long-TL                IND A            878.1    Affirmed
Transmission Co. Ltd
(reduced from INR1,283.8)
West Bengal State Electricity   FB limits              IND A            3250     Affirmed
Transmission Co. Ltd
West Bengal State Electricity   Bonds programme        IND A            2866     Affirmed
Transmission Co. Ltd
(reduced from INR3,232)
-----------------------------------------------------------------------------------------------
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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