April 17, 2018 / 5:01 AM / 3 months ago

India Ratings for Indian debt instruments – Apr 17

    Apr 17 (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 16, 2018.

COMPANY                         INSTRUMENT                  RATING       AMOUNT   MOVEMENT
                                                                         (RS.MLN)
------                          ----------                  ------       ------   ---------
SHORT TERM RATINGS:
-------------------
3G Telecom Infra India Pvt Ltd  Non-FB WC limits       IND A4           30.4     -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
3G Telecom Infra India Pvt Ltd  Proposed non-FB WC     IND A4           29.6     -
                                limits
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Bamnipal Steel Ltd              Proposed ST borrowings*IND A1+          165      Assigned
* The rating is provisional and shall be confirmed upon the sanction and execution of financing
documents for the above facilities by Bamnipal to the satisfaction of Ind-Ra. 
Global Powersource (I) Pvt Ltd  Non-FB WC limit        IND A3           635      -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Steelfur System Pvt Ltd         Non-FB WC limit        IND A4+          5        -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Steelfur System Pvt Ltd         Proposed non-FB WC     Provisional IND  5        -
                                limit                  A4+
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Tata Power Trading Co. Ltd      CP                     IND A1+(SO)      1500     Affirmed
 Ml Trust - 1 (An Abs           Series A pass-through  IND AA(SO)       120      Affirmed
Transaction)                    certificates (PTCs)
3G Telecom Infra India Pvt Ltd  FB WC limits           IND B+ / IND A4  30       -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
3G Telecom Infra India Pvt Ltd  Proposed FB WC limits  IND B+ / IND A4  10       -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)

LONG TERM RATINGS:
-------------------
Ad Hydro Power Ltd              TL                     IND A-           5197     Affirmed
(reduced from INR5,612)
Ad Hydro Power Ltd              Non-FB WC              IND A- / IND A2+ 75       Affirmed
Ad Hydro Power Ltd              NCDs (NCDs)            IND A(SO)        1244.3   Affirmed
(reduced from INR1,309.7)
Axis Clinicals Llc (Alc)        TL                     IND A-           486.25   Assigned
F T Textiles Pvt Ltd            Long-TL                IND BBB-         44.6     Assigned
F T Textiles Pvt Ltd            FB Fac                 IND BBB-/IND A3  75       Assigned
Global Powersource (I) Pvt Ltd  FB WC limit            IND BBB-         300      -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Gold Mohar Gramudyog Sansthan   FB WC limits           IND BB-/IND A4+  57.5     -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Gold Mohar Gramudyog Sansthan   Non-FB WC limits       IND BB-/IND A4+  10       -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Hdfc Da December 2010 – Ii'S    Second loss credit     IND AA-(SO)      59.2     Upgraded from
(An Abs Transaction)            facility (SLCF)                                  IND A+(SO)
Hdfc Da December 2010 – Ii'S    Purchaser payouts      IND AAA(SO)      383.2    Affirmed
(An Abs Transaction)
Kalyanpur Cements Ltd           Zero-coupon NCDs       IND C            794.6    -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Karnataka Water And Sanitation  TL^                    IND AA-(SO)      3000     Assigned
Pooled Fund Trust
^The assignment of final rating follows the receipt of the sanction letter and tripartite
agreement.
Karnataka Water And Sanitation  Proposed TL*           Provisional IND  1550     Assigned
Pooled Fund Trust                                      AA-(SO)
*The rating is provisional and shall be confirmed upon the sanction and execution of loan
facilities by KWSPF and is to the satisfaction of Ind-Ra.
Malana Power Co. Ltd            TL                     IND A            1853     Affirmed
(reduced from INR1,918)
Ml Trust - 2 (An Abs            Series A pass-through  IND AA(SO)       67.3     Affirmed
Transaction)                    certificates (PTCs)
Mm Trust Feb 15 (An Abs         Series A pass-through  IND AA+(SO)      21.18    Affirmed
Transaction)                    certificates (PTCs)
Pvn Tex Industries              FB WC limits (LT)      IND D            120      -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Pvn Tex Industries              TL (LT)                IND D            13.3     -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Pvn Tex Industries              Non-FB WC limits (ST)  IND D            60       -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Sansar Trust March 2016 V’S (An Second loss credit     IND A-(SO)       311.25   Affirmed
Abs Transaction)                facility SLCF
Sansar Trust March 2016 V’S (An Series A pass-through  IND AAA(SO)      891.61   Affirmed
Abs Transaction)                certificates (PTCs)
Shubhang Oils Pvt Ltd           FBL                    IND B            85       -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Silver Enterprise               TL                     IND BB           155.2    -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Steelfur System Pvt Ltd         TL limits              IND BB-          18.6     -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Steelfur System Pvt Ltd         FB WC limits           IND BB-/IND A4+  28.5     -
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Steelfur System Pvt Ltd         Proposed FB WC limit   Provisional IND  1.5      -
                                                       BB-/IND A4+
Migrated to Non- Cooperating Category(Issuer Not Cooperating)
Tata Power Trading Co. Ltd      TL                     IND A            347      Affirmed
Outlook revised to Stable,(reduced from INR370)
Tata Power Trading Co. Ltd      FB limit*              IND A / IND A1   3550     Affirmed
Outlook revised to Stable,(increased from INR2,750),
* INR1,250 million interchangeable with the non-fund based limits
Tata Power Trading Co. Ltd      Non-FBL                IND A / IND A1   3000     Affirmed
Outlook revised to Stable,(reduced from INR4,600)
U.P. Power Corporation Ltd      NCDs (Series 2 Tranche IND A+(SO)       54910    Assigned
                                2)
Vaishnodevi Oil Seeds           FB limits              IND BB           140      Assigned
Processing Industries
Vaishnodevi Oil Seeds           TL                     IND BB           6        Assigned
Processing Industries
-----------------------------------------------------------------------------------------------
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 GuaranteeCC-Cash CreditCCPS-Cumulative Convertible Preference ShareCD-Certificate
of DepositCLO-Collateralized Loan ObligationCPA-Claims Paying AbilityCP-Commercial
PaperCPS-convertible preference sharesCRPS- Cumulative Redeemable Convertible Preference
sharesDDB-Deep Discount BondEPBI-Exchange premium bondFBL-Fund Based LimitsFRB/FRN
-Floating Rate Bond/NoteICD -Inter Corporate DepositITD-Immediate Term DebtLOC-Letter of
CreditLT -Long TermLTB -Long Term BorrowingLTD -Long Term DebtMOCD-multiple option
convertible debentureMTD -Medium term DebentureMTN-medium term notesNCD(SO) -
Non-Convertible Debenture-(Structured Obligation)NCD-Non-convertible DebenturesNCRB-Non
Convertible Redeemable BondsNM-Not MeaningfulOCD-optionally convertible debentureOD-Over
DraftOFCD-Optionally Fully Convertible DebenturePCD-Partially Convertible Debenture;
PCN-partly convertible notesPCPS-Partly Convertible Preference SharePOCD-partly optional;
PP-privately placedPSPC-Post Shipment & Packing CreditPS-Preference SharesPTC-Pass
Through CertificatesRPS-Redeemable Preference SharesSCPN-secured convertible preference
notesSDO-Structured Debt ObligationSLR-Statutory Liquidity RatioSO-Structured
ObligationSPCD - Secured Partly Convertible DebenturesSPN-secured premium notesSTB-Short
Term BondSTD-Short Term DebenturesST-Short TermSub. Bonds-Subordinate BondsTB-Taxable
BondTFB-Tax Free BondTL-Term LoanTOCD-triple option convertible debenturesRWN- 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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