April 16, 2018 / 5:38 AM / 8 days ago

India Ratings for Indian debt instruments – Apr 16

    Apr 16 (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 13, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
Anshuman Trading Pvt Ltd        Proposed non-FB limit  Provisional IND  200
                                                       A4
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Avichal Multitrade Pvt Ltd      Proposed non-FB limit  Provisional IND  150
                                                       A4
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Finolex Industries Ltd          Non-FB limits          IND A1+          12957.5  Affirmed
Groma Infrastructure Ltd        Non FB WC limits       IND A3+          380      Affirmed
Groma Infrastructure Ltd        Proposed non FB WC     Provisional IND  380      Assigned
                                limits*                A3+
Him Teknoforge Ltd              Non-FB Bk Fac          IND A3           350
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Kec International Ltd           CP                     IND A1+          8000     Affirmed
M/S Ess Pee Knit Wear           Non-FB WC limit        IND A4+          3.5
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
Mauli Metal Industries Pvt Ltd  Non-FB Fac             IND A3           20
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Prasanna Purple Mobility        Non-FB limits          IND A3           166
Solutions Pvt Ltd
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Rain Cements Ltd                Non-FB limits          IND A1           500      Upgraded
increased from 400 MLN
Sri Jayajothi And Co. Ltd       Non-FB limits          IND A4+          63.5     Assigned
Techno Trak Engineers           Non-FB WC limits       IND A4           12.5
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Anshuman Trading Pvt Ltd        Proposed FB WC limit   Provisional IND  50
                                                       B+/Provisional
                                                       IND A4
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Avichal Multitrade Pvt Ltd      Proposed FB WC limit   Provisional IND  50
                                                       B/Provisional
                                                       IND A4
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
B.N.T. Innovations Pvt Ltd      FB limit (LT/ST)       IND D            80
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
B.N.T. Innovations Pvt Ltd      Non-FB limit (ST)      IND D            20
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
Dhanalaxmi Cotton Industries    TL                     IND B+           17.85
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Dhanalaxmi Cotton Industries    FB WC limits           IND B+/IND A4    80
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Finolex Industries Ltd          FB limits              IND AA           1000     Affirmed
Groma Infrastructure Ltd        FB WC limits           IND BBB          120      Affirmed
Groma Infrastructure Ltd        Proposed FB WC limits  Provisional IND  120      Assigned
                                                       BBB
Hercules Automobiles            TL                     IND B+           150
International Pvt Ltd
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Hercules Automobiles            FB WC limits           IND B+/IND A4    280
International Pvt Ltd
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Him Teknoforge Ltd              FB WC limit            IND BBB-         630
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Iiert March 2018 (An Abs        Series A pass-through  IND AA(SO)       1717.4   Assigned
Transaction)                    certificates (PTCs)
Leather World India Ltd         FB limit               IND BBB-         320
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
Leather World India Ltd         TL                     IND BBB-         52.13
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
M/S Ess Pee Knit Wear           FB WC limit            IND BB+/IND A4+  105
Maintained in Non- Cooperating Category; (Issuer Not Cooperating)
Manchukonda Agrotech Pvt Ltd    LT-loan                IND BB           366.5    Assigned
Manchukonda Agrotech Pvt Ltd    FB limits              IND BB/IND A4+   406.25   Assigned
Mauli Metal Industries Pvt Ltd  Long-TL                IND BBB-         18
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Mauli Metal Industries Pvt Ltd  FB Fac                 IND BBB- /IND A3 185
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Mintech Global Pvt Ltd          TL                     IND B+           220
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Mintech Global Pvt Ltd          FB WC limits           IND B+/IND A4    25
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Mishra Polypacks Pvt Ltd        FB WC limits           IND BB-/IND A4+  150
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
My Box Technologies Pvt. Ltd.   FB and non-FB limits   IND BBB+/IND A2+ 400
Long- term downgraded; Short- term affirmed; reduced from 440 MLN
Nagarjuna Hydro Energy Pvt Ltd  Senior project Bk loansWD               610.3    Withdrawn
Nila Infrastructures Ltd        FB limits              WD               626      Withdrawn
Nila Infrastructures Ltd        Non-FB limits          WD               861.2    Withdrawn
Prasanna Purple Mobility        FB WC limits           IND BBB-/IND A3  41.5
Solutions Pvt Ltd
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Pudukkottai Municipality        Issuer rating          IND BB+                   Withdrawn
Rain Cements Ltd                FB limits              IND A            100      Upgraded
Rain Cii Carbon (Vizag) Ltd     FB WC limits           IND              3310     Upgraded
                                                       A+/IND A1+
reduced from 3,550 MLN
Rain Cii Carbon (Vizag) Ltd     FB WC limits           IND              USD34    Upgraded
                                                       A+/IND A1+
increased from USD24 MLN
Rain Cii Carbon (Vizag) Ltd     Non-FB limits          WD               100      Withdrawn
                                                                                 (paid in full)
Rain Industries Ltd             External commercial    IND A            USD50    Upgraded
                                borrowings
increased from USD20 MLN
Rain Industries Ltd             Non-FB limits          WD               230      Withdrawn
                                                                                 (paid in full)
Rj Texcot Pvt Ltd               TL                     IND BBB-         1875     Affirmed
Shri Raj Jewels                 FB Fac                 IND BBB-/IND A3  565.6
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Sri Jayajothi And Co. Ltd       TL                     IND BB+          1140.5   Assigned
Sri Jayajothi And Co. Ltd       FB limits              IND BB+/IND A4+  377.5    Assigned
Techno Trak Engineers           TL                     IND B+           1.8
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Techno Trak Engineers           FB WC limits           IND B+           50
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Undavalli Constructions Pvt Ltd Proposed TL*           Provisional IND  900      Assigned
                                                       BB+
* The rating is provisional and shall be confirmed upon the sanction and execution of loan
documents for the above facilities by UCPL to the satisfaction of Ind-Ra.
Vardhman Wires & Cables         FB Fac                 IND B+/IND A4    28.95
Migrated to Non- Cooperating Category; (Issuer Not Cooperating)
Velankanni Town Panchayat       Issuer rating          IND BB                    Withdrawn
Western India Cashew Company    FB WC facility         IND BBB-/IND A3  302.2    Assigned
Pvt Ltd
Western Transco Power Ltd       TL                     IND AA+(SO)      5500     Assigned
Western Transco Power Ltd       Proposed TL            WD               4991     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
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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