April 13, 2018 / 4:13 AM / 5 months ago

India Ratings for Indian debt instruments – Apr 13

    Apr 13 (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 12, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Blend Colours Pvt Ltd           Non-FB WC limits       IND A3           100      -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Innoven Capital India Pvt Ltd   CP                     IND A1+          750      Affirmed
Kejriwal Bee Care India Pvt Ltd NFBL                   IND A3+          20       Affirmed
Mgi India Pvt Ltd               Non-FB WC limits       IND A4           50       -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Oasys Cybernetics Pvt Ltd       Non-FB Fac             IND A3+          185      Assigned
Sumeru Processors Pvt Ltd       Proposed non-FB limit  Provisional IND  50       -
                                                       A4+
(ISSUER NOT COOPERATING,Maintained in Non-Cooperating Category
Time Technoplast Ltd            SBLC                   IND A1+(SO)      -        Affirmed
Urvival Technologies Pvt. Ltd   LOC                    IND A3+          100      -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)

LONG TERM RATINGS:
-------------------
Ad Hydro Power Ltd              TL                     IND A-           5582     Affirmed
(reduced from INR5,612)
Ad Hydro Power Ltd              NCDs (NCDs)*           IND A(SO)        1309.7   Affirmed
* Details are provided in Annexure
Ad Hydro Power Ltd              Non-FB WC              IND A-/IND A2+   75       Affirmed
Blend Colours Pvt Ltd           Long-TL                IND BBB-         230      -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Blend Colours Pvt Ltd           FB WC limits           IND BBB-         360      -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Ghanta Foods Pvt Ltd            TL                     IND BB           18       -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Ghanta Foods Pvt Ltd            FB WC limits           IND BB/IND A4+   77       -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Govardanagiri Agro Industries   Proposed  TL           Provisional IND  140      -
Pvt Ltd                                                B+
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Govardanagiri Agro Industries   Proposed FB Fac        Provisional IND  100      -
Pvt Ltd                                                B+
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Innoven Capital India Pvt Ltd   BL                     IND AA-          5000     Affirmed
Kejriwal Bee Care India Pvt Ltd TL                     IND BBB          80       Affirmed
(reduced from INR124)
Kejriwal Bee Care India Pvt Ltd FBL                    IND BBB/IND A3+  530      Affirmed
Kirti Solar Ltd                 FBL                    WD               60       Withdrawn
Kirti Solar Ltd                 Non-FB WC limits       WD               40       Withdrawn
Lyka Bdr International Ltd      FBF                    IND B/IND A4     134      Assigned
M.T. Patil Builders And         FBF                    WD               45       Withdrawn
Contractors Pvt Ltd
M.T. Patil Builders And         NFBF                   WD               45       Withdrawn
Contractors Pvt Ltd
M.Venkatarao Infra Projects Pvt FB WC facility         WD               775      Withdrawn
Ltd
M.Venkatarao Infra Projects Pvt Non-FB WC facility     WD               2280     Withdrawn
Ltd
M.Venkatarao Infra Projects Pvt Proposed non-FB WC     WD               400      Withdrawn
Ltd                             facility
M/S Bellatrix Infrastructure    TL                     IND B+           35.5     -
Pvt Ltd
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
M/S Bellatrix Infrastructure    FBF                    IND B+           25       -
Pvt Ltd
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Malana Power Co. Ltd            TL                     IND A            1896.5   Affirmed
(reduced from INR1,918)
Mbl (Gsy) Road Ltd              Rupee TL               IND A            6694     Assigned
Mbl (Gsy) Road Ltd              Performance BG         IND A            592      Assigned
Mgi India Pvt Ltd               Long-TL                IND B+           3.54     -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Mgi India Pvt Ltd               FB WC limits           IND B+           40       -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Oasys Cybernetics Pvt Ltd       FB WC Fac              IND BBB          80       Assigned
Ravis Exports                   TL                     IND B            40.63    -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Ravis Exports                   FB WC limits           IND B / IND A4   100      -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Solve Plastic Products Pvt Ltd  FB Fac                 WD               86       Withdrawn
Solve Plastic Products Pvt Ltd  Non-FB Fac             WD               7.5      Withdrawn
Solve Plastic Products Pvt Ltd  TL                     WD               21.993   Withdrawn
Sumeru Processors Pvt Ltd       FBL                    IND BB / IND A4+ 100      -
(ISSUER NOT COOPERATING,Maintained in Non-Cooperating Category
Sumeru Processors Pvt Ltd       Proposed FB limit      Provisional IND  50       -
                                                       BB
(ISSUER NOT COOPERATING,Maintained in Non-Cooperating Category
Tata Teleservices (Maharashtra) NCD                    WD               2500     Withdrawn
Ltd
Tata Teleservices (Maharashtra) NCD                    WD               2500     Withdrawn
Ltd
Tata Teleservices (Maharashtra) NCD                    WD               2500     Withdrawn
Ltd
Urvival Technologies Pvt. Ltd   TL                     IND BBB          225.8    -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Urvival Technologies Pvt. Ltd   CC                     IND BBB          70       -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Urvival Technologies Pvt. Ltd   Packing credit         IND BBB          90       -
                                limit/pre-shipment
                                credit in foreign currency
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Urvival Technologies Pvt. Ltd   FB limit               IND BBB / IND A3+50       -
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Vanta Bioscience Ltd            TL                     IND B+           140      Assigned
Vanta Bioscience Ltd            FB WC limits           IND B+           20       Assigned
Vanta Bioscience Ltd            Proposed FB Fac*       IND B+           90       Assigned
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by VBL to the satisfaction of Ind-Ra.
Velaven Polymers Pvt Ltd        Long-TL (LT)           IND D            144      Downgraded
                                                                                 from B+
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Velaven Polymers Pvt Ltd        FB WC Fac (long- and   IND D            50       Downgraded
                                ST)                                              from B+/IND
                                                                                 A4
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Velaven Polymers Pvt Ltd        Non-FB WC Fac (ST)     IND D            5        Downgraded
                                                                                 from A4
(ISSUER NOT COOPERATING,Migrated to Non - Cooperating Category)
Vivaana Designers Pvt Ltd       FB WC limits           IND B-           84       -
(ISSUER NOT COOPERATING,Maintained in Non-Cooperating Category
-----------------------------------------------------------------------------------------------
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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